There’s a new kind of space race unfolding. This time it’s not a battle between world superpowers or enterprising tech billionaires, it’s a rush to shore up future energy security. A recent experiment by European aerospace giant Airbus has shown that beaming solar power directly to Earth from outer space could be a real possibility – and it wouldn’t be…
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The European Union tentatively agreed to set the price cap on Russian crude oil at $60 per barrel, an EU diplomat told Reuters on Thursday. The deal must first be agreed to by Poland, who had pushed for capping Russian crude oil prices at the lowest level possible, then by all EU governments by writing by the Friday deadline. The…
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Investment in the upstream oil and gas industry in Russia could decline by $15 billion this year as a result of Western sanctions, Rystad Energy has calculated, saying the total for the year could end up around $35 billion. The analytical firm noted that Russian upstream investments stood at $45 billion last year, increasing from $40 billion in 2020. Before Russia’s…
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Federal Minister of Planning and Development Ahsan Iqbal on Thursday said that the country needed a ten-year economic framework with the consensus of all the stakeholders to steer it out of the crisis. Speaking at the Karachi Chamber of Commerce and Industry (KCCI), Iqbal said that the present government has been focusing on Tax, Investment, Export and Remittances (TIER) policy…
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The federal government has increased petroleum levy on High Speed Diesel (HSD) by 98 percent, 17 percent on Kerosene Oil (SKO) and on Light Diesel Oil (LDO) by 94 percent projected to generate Rs 36.199 billion for the first fortnight of December (1-15). The petroleum levy on petrol remained unchanged as it was already at the highest level possible under…
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The State Bank of Pakistan (SBP) clarified on Thursday that it has not placed any restriction (verbal or otherwise) on opening of Letters of Credit (LCs) or contracts for import of crude oil, LNG and petroleum products. “SBP would like to clarify some misinformation being spread in the media that the import of oil and petroleum products has been restricted…
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The expiry of regulatory duty SRO on the import of electric vehicles (EVs) has triggered a debate about the affordability of EV imports, especially in the middle of fast depleting foreign exchange reserves and who it would benefit. After the expiration of SRO1571(I)/2022 on November 21, 2022, the regulatory duty (RD) on electric vehicles (EVs) has been removed and prices…
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Owing to an increase in the prices of Propane and Butane by Saudi Aramco, Pakistan, being an importer, on Thursday also increased the Liquefied Petroleum Gas (LPG) prices by Rs11.8 per kilogram for domestic and commercial consumers for December 2022. With the increase in prices, the domestic gas cylinder weighing 11.8 kilograms will now cost Rs2,548, and commercial cylinder (45.4kg)…
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Hascol Petroleum Ltd said on Thursday it’s going to hold a meeting of creditors on Dec 22 to seek approval for its plan to rehabilitate the company through “restructuring/rescheduling, settlement and repayment” of financial obligations. The oil marketing company has been in financial trouble since 2018. Its revenues have plummeted, losses risen and loans skyrocketed, sending its share price down…
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