Iran has applied to join the BRICS group of major emerging economies, which includes China, Russia, and India, Reuters reported on Tuesday, a move that would help to secure an alternative alliance to the West. Iran is a major oil and gas resource holder, as is Russia, while China is the world’s top oil importer and one of the biggest gas importers.…
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Pakistan Refinery Limited (PSX:PRL) is a hydro skimming refinery designed to process imported and local crude oil, located on the coastal belt of Karachi, Pakistan. It was incorporated in Pakistan as a public limited company in 1960. The refinery’s current capacity stands approximately at 50,000 barrels per day of crude oil into petroleum products, such as furnace oil, high speed…
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The current account deficit (CAD) sharply widened to $15.2 billion in the first 11 months of the outgoing fiscal year compared to just $1.183bn in the corresponding period last year. The State Bank of Pakistan’s (SBP) latest data showed that the CAD was more than doubled when compared with $618 million in April. The May deficit was even higher than…
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Textile sector has urged the government to reset energy prices before June 30, 2022, the date on which existing tariffs were scheduled to lapse, as a late change could affect the pricing for the new orders, causing losses to exporters. The All Pakistan Textile Mills Association (APTMA) made this appeal to Prime Minister Shahbaz Sharif in a letter, suggesting local…
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The 20th World Wind Energy Conference WWEC2022 was opened yesterday in Rimini, discussing a broad variety of the aspects of wind power utilisation, and with a special focus on how to shape a renewable future in peace. On the occasion of the WWEC2022, the World Wind Energy Award 2022 has been given to Hans-Josef Fell and Heinrich Bartelt, announced during…
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Pakistan’s largest vertically-integrated oil refining company and one of the nation’s biggest oil marketing companies, announced today that it is collaborating with Unilever’s flagship ice cream and frozen dessert brand Wall’s to improve service offerings and facilitate customers at the forecourts.Cnergyico is always looking for ways to enhance customer experience at its retail outlets. Through product diversification, the company seeks…
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Prime Minister Shehbaz Sharif Tuesday said Finance Minister Miftah Ismail had informed him that Pakistan could receive up to $2 billion from the International Monetary Fund (IMF). “Miftah Ismail in a message said we will hopefully be receiving $2 billion instead of $1 billion from the IMF,” the premier said, adding that he had told the minister that the ‘real…
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A globally-renowned standards body, BSI is a special adviser to the United Nations Framework Convention on Climate Change and a producer of standards such as the world’s first carbon footprint standard PAS 2050. This CFV proves Huawei’s capability to evaluate the carbon footprint of products throughout their lifecycle and acknowledges Huawei’s efforts in reducing carbon emissions, increasing the share of…
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Canada could expand its energy infrastructure in order to help Europe cut off Russian gas dependence in the medium term, Canadian Prime Minister Justin Trudeau said at the G7 summit in Germany. “We will be there in the short term with any support we can,” Trudeau said, referring to possible Canadian support in energy supply to Europe. Asked about discussions between Germany…
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The Energy Information Administration will not release any further data, the agency said in an update on the heavily anticipated inventory figures that were due to be released last Wednesday. The data was not published last week after the EIA discovered “a voltage irregularity, which caused hardware failures on two of our main processing servers.” This failure prevented the EIA…
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