December 2022
Read MoreDecember 2022
Day: December 14, 2022
Oil’s topsy turvy ride
After spiking for some time, crude oil prices tumbled in early December on concerns of continued weakening of the global demand. Global oil prices receded by more than 20 percent on the onset of business cycle slowdown around the world. This came after an explosive upcycles in commodity prices after the first wave of COVID. After peaking in mid-2022, demand…
Read MoreNuclear Fusion Breakthrough: Can The Quest For Clean Energy Finally Help Tackle The Climate Crisis?
Scientists at the Lawrence Livermore National Laboratory in California have managed to get more energy out of a nuclear fusion reaction than they put in to trigger it, the U.S. Department of Energy announced Tuesday, a major breakthrough experts told Forbes is a huge step towards developing a near-limitless source of clean energy that is probably still decades away and will arrive too late…
Read MoreCPEC fruit: 1,320MW project initiated
As Pakistan’s energy import bill touched an exorbitant $27 billion, Prime Minister (PM) Shehbaz Sharif underlined the need to explore indigenous resources including hydel, solar, air and coal to produce cheap electricity. Federal Minister for Power Khurram Dastgir Khan stated that a 1,320MW project has been initiated by the Shanghai Electric Group in Thar to use indigenous coal for electricity…
Read MorePlea against gas outages referred to high court bench headed by CJ
A Peshawar High Court bench on Tuesday referred a petition against the outages and low pressure of natural gas supplied to domestic consumers in Khyber Pakhtunkhwa to another chief justice-headed bench, which is already hearing the matter. The development came after Justice Mohammad Ibrahim Khan and Justice Ijaz Anwer heard arguments on the petition filed by advocate Abbas Khan Sangeen,…
Read MoreCoal mine security in Duki to be Enhanced: DC
Duki Deputy Commissioner (DC) Sahibzada Najeebullah Khan on Tuesday said that the district administration was taking steps to ensure the security of coal mines across the district. He expressed these views while chairing a meeting regarding the security of Meraj Coal Company. Wing Commander of FC 87 Wing Duki Col Nouman Mehboob, SP Duki Syed Sabur Agha, subcontractors of Miraj…
Read MorePAKISTAN’S CIRCULAR DEBT CROSSES RS4.177 TRILLION
The circular debt of Pakistan’s energy sector has crossed an alarming level of Rs4,177 billion, ARY News reported on Tuesday, citing sources familiar with the development. With the country’s economic situation getting appalling, the documents have revealed that Pakistan’s energy sector is running completely on credit. The circular debt in the energy sector is also swelling as the government is unable…
Read MorePower Generation Remains Abysmally Low in December
Power demand fails to pick up in December 2022, showing the dismal state of energy sector as well as the national economy, official data available with The News suggested. According to the generation data, electricity supply recorded on December 13, 2022 hovered around 10,800MW, against demand of well over 13,500MW. It was shocking to note that the dismal level of…
Read MoreDetermination of ERR, PERR: OGRA Refuses to Include Cost of RLNG Diversion
Oil and Gas Regulatory Authority (Ogra) has reportedly refused to include cost of RLNG diversion in the annual determination of Estimated Revenue Requirement (ERR), as well as, in the Review of Estimated Revenue Requirement (RERR) of the gas companies, saying that any such act will have significant impact on the prescribed prices besides legal obligations, sources close to Secretary Petroleum…
Read MoreAttock Refinery Announces 8-day Closure on Fuel Oil Glut
Attock Refinery Limited (ARL) on Tuesday announced a temporarily shut down of its main unit due to low demand of furnace oil in the country. “ARL is temporarily shutting down its main distillation unit for approximately eight days,” ARL announced in a communication sent to the Pakistan Stock Exchange (PSX). Local refineries have been grappling with high furnace oil stocks…
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