The energy crisis is fuelling an acceleration of the rollout of renewable power, raising hopes for efforts to meet ambitious targets against global warming, the International Energy Agency said Tuesday. Total renewables capacity worldwide is set to almost double in the next five years and overtake coal as the largest source of electricity generation by 2025, the IEA said in…
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There is no question that the energy crisis has forced governments to reconsider their priorities, with climate change dropping down the list. Energy security is now prioritised and government actions reflect this, even in Europe. That has been reinforced by the final deal reached at COP27. It also explains why COP27 made so little progress on emissions reduction. There is…
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In November, Europe’s natural gas demand was 24% lower than the five-year average for the month, largely due to reduced industrial demand amid high prices. The lower gas consumption could be good news for European governments and utilities scrambling to ensure enough gas supply throughout this winter and possibly have some left in storage to begin stockpiling for 2023/2024 winter.…
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BP Chief Executive Bernard Looney is betting on hydrogen to power future low-carbon businesses as the governments of major economies stump up cash to develop the fuel to decarbonise. Low-carbon hydrogen already has a big fan-base and is forecast to play a major role in reducing greenhouse gas emissions from heavy industries and some forms of transport. But it is…
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Coal importers have asked the government to reduce a Rs100 million paid-up capital requirement for a company to participate in a bid to supply the solid fuel for energy, cement, and other industries to Rs50 million, saying the high requirement of the capital was hindering many companies to participate in the competition and only a few companies always win the…
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Local refineries have started exploring the options to export high sulfur fuel oil (HSFO), with Pak Arab Refinery Limited (PARCO) becoming the first one to invite bids for the purpose this season. During the last few weeks, HSFO stock started piling up at the local refineries after power plants refused to procure the commodity for power generation due to falling…
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The market for old oil tankers is booming, and it’s all down to efforts by Western nations to curb trade in Russian crude. As Western shipping and maritime services firms steer clear of Russian oil to avoid falling foul of sanctions or harming their reputations, new companies have leapt into the void, and they’re snapping up old tankers that might…
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Stressing the need for cheaper electricity generation, Prime Minister Shehbaz Sharif has said that Pakistan, which is already facing immense challenges of economic stability, could not bear the high costs of energy import bills. The premier made the remarks while addressing the inaugural ceremony of the refurbishment project of Units 5 and 6 of the Mangla Dam Hydroelectric Power Plant…
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Russia has confirmed the availability of 100,000 barrels per day crude oil supply to Pakistan and a delegation from Moscow would visit Islamabad in January to set terms of a deal, including rates and mode of payment, sources said on Monday, days after a Pakistani delegation visited Russia. Minister of State for Petroleum Musadik Malik, who led the Pakistan delegation…
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