A Saudi Aramco oil facility located in Jeddah, Saudi Arabia, was hit by a missile launched by Yemen’s rebel Houthi militia on Friday, reports on social media suggested. A Yemeni Houthi spokesperson later said that the group would be announcing more details on a wide operation in Saudi Arabia later in the day. The news sent oil prices jumping higher,…
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Burkhan International Development Corporation’s Investment in Supercap Energy StorageDeveloper Demonstrates the Growing Need for Supercap Energy Storage as an Alternativeto Chemical Batteries to Enable Sustainable Energy Transition in Delivering Infrastructureas a Service.Dubai, UAE and Washington D.C., March. 25, 2022 — Burkhan International DevelopmentCorporation (“BIDC”) today announced a US$20 million investment in Enercap Holdings Pte.Limited (“Enercap”), the holding company behind the…
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This is a far bigger development than is being reported. Russia currently supplies about 40% of Europe’s natural gas, which is used to heat homes and power their grid.Current EU sanctions against Russia have conveniently excluded nat gas for this reason. There is no way for Europe to cut off such a significant portion of their own gas supply and…
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There should be effective implementation of laws to crackdown against the extensive use of social and digital media platforms for unabatedly harassing activists striving for the cause of women’s empowerment and female professionals and entrepreneurs who work to utilize their skills for the national economy. This was one of the recommendations at a seminar on women’s empowerment organised by the…
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The EU on Wednesday proposed a law requiring natural gas storage be filled to a minimum 80 percent before next winter as it grapples with soaring energy prices exacerbated by the fallout from Russia’s war in Ukraine. The measure is one of several options the 27-nation bloc is looking at as inflation and projected lower economic growth from the war…
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Oil at $150 a barrel is not “outside the realm” of possibilities, says one energy trader. “It’s hard to take anything off the table right now. Russia is starting to retaliate with its own response to U.S. sanctions, whether that’s demanding payments in rubles or potentially not allowing crude to flow through a very prominent pipeline through Kazakhstan,” Rebecca Babin, senior…
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International chemicals giant Linde has joined a host of Western oil producers, oilfield service providers and technology players in exiting Russia following the country’s invasion of Ukraine, putting in doubt Moscow’sambitions of becoming a major global exporter of liquified natural gas by 2030. As a member of a consortium with Technip Energies and Russia’s Nipigazpererabotka, Linde is a key partner…
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The International Monetary Fund (IMF) is not convinced with the government’s justifications for a recently announced amnesty scheme and has doubts over the financial impact and financing sources of the prime minister’s relief package on electricity and petroleum prices. As a result, the Fund’s mission and the government authorities are unlikely to conclude the ongoing seventh review of the $6 billion Extended…
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Finance ministry on Wednesday said Pakistan’s economy is also facing the inflation headwinds due to record high international energy and food prices. The recent developments in the international markets threaten the recovery of the global economy including Pakistan, the ministry said in a statement “Record high international prices of energy, food and other commodities combined with rising freight costs have…
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The Ministry of finance Wednesday rejected news items published in the international media about the state of Pakistan’s economy, terming them biased and one-sided as the views of the government or the independent assessments of its development partners including the IMF, World Bank and the Asian Development Bank, were not taken into account. “We note with concern that certain international…
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