The production pact OPEC+ struck in April 2020 is set to end a month earlier than initially planned, in August 2022. The oil-producing group, however, is already facing its next dilemma—it has been facing it since the alliance’s key member, Russia, invaded Ukraine in February, sending oil prices above $100 a barrel. The war premium and the sanctions and bans…
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Despite repeated commitments to emission reduction and a switch to cleaner energy sources on the part of governments in Europe and North America, oil investment is about to start growing again. The clearest sign yet was the G7 meeting this week, where the members of the rich club negotiated a delay in the complete halt of investments in fossil fuels in…
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Indian cement maker importing fuel valued at 172.7 mn yuan from SUEK. India’s biggest cement producer, UltraTech Cement, is importing a cargo of Russian coal and paying using Chinese yuan, according to an Indian customs document reviewed by Reuters, a rare payment method that traders say could become more common. UltraTech is bringing in 157,000 tonnes of coal from Russian…
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The government on Thursday announced a hike of Rs14.85 per litre in the price of petrol, the fourth such raise in the last 35 days, taking the cumulative amount of all hikes since May 26 to nearly Rs100. According to a notification issued by the Finance Division, petrol will now be priced at Rs248.74 after the latest hike, followed by…
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The Sindh government on Wednesday announced a reduction in power outages “within 24 hours”. This was announced by Sindh Minister for Energy Imtiaz Sheikh and provincial minister Saeed Ghani during a press conference fowling their meeting with K-Electric (KE) officials in Karachi. Terming the situation “extremely bad”, Imtiaz said that KE – the sole power distribution company in the metropolis…
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Minister for Information and Broadcasting Marriyum Aurangzeb on Wednesday announced that on the occasion of the completion of 75 years of creation of Pakistan, as part of Diamond Jubilee celebrations a special ‘Logo’ has been launched under the title “Azm Aali Shan, Shad Rahey Pakistan”. In a tweet, she said that it was manifestation of the love for Pakistan and…
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The Ministry of Energy has sought analyses from industrial experts for import of cheap oil from Russia, as the country faces a financial crunch. Pakistan’s monthly fuel oil imports are set to hit a four-year high in June, Refinitiv data shows. The country’s fuel oil imports could climb to about 700,000 tonnes this month, after hitting 630,000 tonnes in May,…
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Giving legal effect to the budgetary proposals for the next fiscal year, the National Assembly Wednesday approved the Finance Bill 2022-23. All amendments were moved by Minister of State for Finance and Revenue Dr Aisha Ghous Pasha. The House proceedings commenced after around two-hour delay with Speaker Raja Pervez Ashraf in the chair. The House also approved an amendment to…
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Karot Hydropower Project, the first hydropower investment project under China-Pakistan Economic Corridor (CPEC) invested and developed by China Three Gorges Corporation(CTG), was put into full commercial operation on 29th June 2022. The Karot HPP COD Ceremony was held at Power House yesterday to inaugrate the commercial operation. At the ceremony, Dr. Munawar Iqbal, Acting Managing Director, Private Power and Infrastructure Board…
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Latin America’s largest economy Brazil is experiencing a massive offshore energy boom which has seen the country overtake Venezuela and Mexico in little over a decade to become the region’s largest oil producer. This is driven by pre-salt petroleum discoveries in offshore Brazil, with the first being made by national oil company Petrobras in the Santos Basin in 2006. First…
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