The oil price rally has really cooled down over the past three weeks, with oil prices declining to levels last seen prior to Russia’s invasion of Ukraine. A massive increase in interest rates by the Fed, pandemic-related lockdowns in Shanghai, slowing U.S. oil demand growth, and a historic strategic petroleum reserve release have all contributed to the selloff. That said,…
Read More
As European LNG buyers are snapping up cargoes from the United States in a race to replace Russian pipeline deliveries, America has become a major supplier to Europe, and its sales to China have dwindled to just a few cargoes shipped so far this year. Chinese imports of LNG from the U.S. plunged by 95% between February and April compared…
Read More
Leaders of Group of Seven (G7) nations have discussed plans to cap the price of Russian oil in order to put the squeeze on Moscow, which is benefiting from soaring energy prices, and cut off its means of financing the invasion of Ukraine. The United States has suggested a price cap decided by consuming countries, a proposal that was discussed…
Read More
AMMAN, Jordan (AP) — A crane loading chlorine tanks onto a ship in Jordan’s port of Aqaba on Monday dropped one of them, causing an explosion of toxic yellow smoke that killed at least 13 people and sickened some 250, authorities said. Video carried on state TV showed the moment the tank exploded, sending dockworkers scrambling to escape the toxic…
Read More
Cash-strapped Sri Lanka on Sunday announced sending ministers to Russia and Qatar to try and secure cheap oil a day after the government said it had all but run out of fuel. The government meanwhile extended a two-week closure of non-essential state institutions until further notice in order to save fuel, maintaining only a skeleton staff to provide minimum services.…
Read More
In the wake of no required action by PTI government to resolve the issue of inclusion of escalated cost in true-up tariff, Korean investors have moved London Court of International Arbitration (LCIA) against the government of Pakistan seeking $94 million (Rs19.6 billion) as compensation. The Korean investors pleaded National Transmission & Despatch Company (NTDC) failed to evacuate electricity from 147MW…
Read More
The introduction of a wholesale electricity market in Pakistan will attract more Chinese investment in the renewable energy sector of the country, an investment expert said. The National Electric Power Regulatory Authority (Nepra) on June 6 awarded market operator licence to Central Power Purchasing Agency-Guarantee (CPPA-G) under the Competitive Trading Bilateral Contract Market (CTBCM) initiative. The new regime allows large…
Read More
Pakistan currently imports liquefied natural gas (LNG) through a government-to-government agreement (15-year contract with Qatar on a take-or-pay basis) and four arrangements with private vendors in Italy and Qatar (also term contracts on take-or-pay basis). Over the last three years, these term agreements have accounted for more than 87% of all LNG shipped into Pakistan. The remainder 13% was made…
Read More
Quadrilateral Traffic and Transit Agreement (QTTA) among Pakistan, China, Kyrgyzstan and Kazakhstan, he replied that due to some certain circumstances, such as the difficulties with transiting goods through the territory of Afghanistan, in past problems with crossing Chinese border because of COVID-19 pandemic and some other issues, the potential of QTTA was not being used in full manner. He said…
Read More
