Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August, data from industry and trade sources showed. India, the world’s third largest oil importer and consumer, shipped in 863,950 barrels per day (bpd) of crude from Saudi Arabia, up 4.8% from the…
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As oil prices continue to plunge, with the latest selloff triggered by a surprise crude build and another release from the Strategic Petroleum Reserve, commodity analysts at Standard Chartered say the oil market is not fundamentally broken but is rather merely responding to a surplus. In its latest commodities market update on Thursday, StanChart says that the global oil market…
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Pakistan Water and Power Development Authority (Wapda) Chairman Lt Gen (Retd) Sajjad Ghani on Wednesday visited the Dasu Hydropower Project, being constructed on the river Indus, upstream of Dasu town in Upper Kohistan district of Khyber Pakhtunkhwa. The chairman, accompanied by member (Water) Wapda and Commissioner Hazara division, witnessed construction activities on various sites of the project, including inlet areas…
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Lucky Cement plans to install a 25.3MW captive solar power project in Karachi at an estimated cost of Rs3 billion. “In continuation of our earlier disclosure on June 13, 2022, regarding feasibility study for a renewable energy project, we are pleased to inform that the company has entered into an arrangement with Orient Energy Systems Private Limited for the supply…
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Successive governments have failed to find a Rs96 billion fiscal space for a flood protection project, which had been designed in 2015 to erect protection walls and install early warning systems, contributing to the recent catastrophe owing to misplaced priorities. Though the governments of Pakistan Muslim League-Nawaz (PML-N) and Pakistan Tehreek-e-Insaf (PTI) could not provide Rs96 billion in budget over…
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Indian industrialist Gautam Adani briefly became the world’s second-richest person on the Forbes real-time billionaire tracker on Friday, weeks after becoming the first Asian to break into the top three. The self-made billionaire’s net worth surged $4 billion overnight to $154bn, according to Forbes, ranking him ahead of LVMH’s Bernard Arnault and Amazon’s Jeff Bezos. Tesla founder Elon Musk remained…
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K-Electric’s clients, who paid higher rates for electricity they had consumed in July 2022, will be getting refunds of Rs4.117 per unit in their September bills after the power regulator Friday issued its decision that maintained that the power generation cost was low during the month under review while the users were overcharged. The National Electric Power Regulatory Authority (NEPRA)…
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The Ministry of Foreign Affairs hosted briefingson the China-Pakistan Economic Corridor ( CPEC ) for resident diplomatic missions of several countries from East and Central Asia and the Middle East. Chaired by the Additional Secretary (Asia-Pacific), two rounds of briefings were convened on 15 and 16 September 2022. The panel of briefers also included senior officials of the Ministry of…
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Spokesperson of the Pakistan Water and Power Development Authority (WAPDA), taking strong exception to a news about abandoning of Neelum-Jhelum Hydropower Project in Pakistan by a Chinese firm, published in a section of press, has termed it fabricated, baseless and misleading. The spokesperson has said that the Chinese Contractor has been continuously working at all sites without any interruption. The…
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