The prices of petroleum products may increase by up to Rs86 per litre for the next fortnight — with no taxes included — in case the government decides to do away with the subsidy payable to oil companies as price differential claims (PDCs) under IMF conditions. IMF Resident Representative in Islamabad Esther Perez Ruiz said on Friday that an IMF…
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Despite a large majority of cargoes imported at cheaper long term contracts, the basket price for imported Regasified Liquefied Natural Gas (RLNG) has surged 40 per cent to a record $22-24 per million British Thermal Unit (mmBtu) for May owing to a string of spot cargoes procured by the new coalition government in first month in office to meet energy…
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Pakistan is going to be water scarce by 2025, therefore water need to be utilised economically: Federal Minister for Climate Change, Ms. Sherry Rehman. Karachi: Pakistan is going to be water scarce by 2025, therefore water has to be utilised economically, Federal Minister for Climate Change, Ms. Sherry Rehman. This she said while addressing to the ceremony of expedition indus…
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The British oil giants BP and Shell reported huge quarterly profits this month, reigniting calls for a windfall tax to ease the burden of bills on struggling families. Tesco’s chairman, John Allan, this week argued that there was an “overwhelming case” for a one-off levy on North Sea extractors. While the focus was on their oil production businesses, both “supermajors”…
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Slower global economic growth, China’s fight against COVID, and the Russian invasion of Ukraine prompted OPEC to slash for a second month running its global oil demand growth estimate for 2022. In its Monthly Oil Market Report (MOMR) out on Thursday, OPEC revised down—again—its forecast for global economic growth and said oil demand would grow by 310,000 barrels per day (bpd) less…
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Europe’s top oil firms reported blowout earnings for the first quarter as oil and gas prices spiked with the European energy crisis and the Russian invasion of Ukraine. All three major producers and traders—Shell, BP, and TotalEnergies—posted their highest quarterly earnings in years, hailing “outperforming” and “exceptional” trading results for contributing to the high earnings, together with spiking oil and…
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Pakistan has a coastline of about 1050km which touches Iran in the westand India in the east. The Coast is provincially bifurcated into Sindh Coast and MakranCoast. The coast all zone up to 12nauticalmiles(NM) falls unde rthe jurisdiction of Governments of Sindh and Balochistan, while from 12NM upto 200NM fallswith in the federal government jurisdiction
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An international team of astronomers on Thursday unveiled the first image of a supermassive black hole at the centre of our own Milky Way galaxy — a cosmic body known as Sagittarius A*. The image — produced by a global team of scientists known as the Event Horizon Telescope (EHT) Collaboration — is the first, direct visual confirmation of the…
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The unit-1 of Karot hydropower project with production capacity of 180 megawatts of electricity started running after the successful commissioning of “Wet Test”. “The energy produced from the unit-1 will provide support to the national grid in alleviating the energy crisis,” remarked Karot Power Company CEO Wang Minsheng. The unit-1 with capacity of 180MW is continuously running on full load…
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Gwadar is seeking urgent arrangements for power supply to ensure robust economic growth, business ecosystem and logistic activities at Gwadar Port as well as in the Gwadar region. The demand for early supply of electricity was made at the Pakistan Energy Development Conference 2022 held at the China Business Centre at Gwadar Port. China Overseas Port Holding Company (COPHC) Chairman…
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