Israel has declared an emergency for the next 48 hours amid the country’s escalating tensions with Lebanon, according to The Times of Israel. Israel’s Defence Minister, Yoav Gallant, declared an emergency. This comes as a “special situation in the home front,” which enables the IDF Home Front Command to issue restrictions. In emergencies, the legal term “special situation” is used…
Read MoreMonth: November 2024
Oil gains over 2% after OPEC+ delays output hike, US election in focus
Oil prices rose more than 2% on Monday on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the U.S. presidential election. U.S. Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s Election Day, and the winner might not…
Read MoreFPCCI Proposes Amendments in Petroleum Act 1934Atif Ikram Sheikh, President FPCCI
Karachi: Atif Ikram Sheikh, President FPCCI, has appreciated Senator Musadik Malik, Federal Petroleum Minister and the Director General of Explosives at Ministry of Petroleum for responding to the concerns of trade and industry vis-à-vis the definition, handling, storage and licensing requirements of liquid hydrocarbon, mixed hydrocarbons and any other material or mixture containing hydrocarbons. Atif Ikram Sheikh apprised that FPCCI…
Read MoreSIFC Sets Deadlines for Resolving Petroleum Sales Tax Exemption and Illegal Outlet Issues
ISLAMABAD: The Special Investment Facilitation Council (SIFC) has directed the Petroleum Division (PD) to work with the Finance Division and Federal Board of Revenue (FBR) to address the sales tax exemption issue on petroleum products (POL) by November 10, 2024. This exemption is critical for advancing the $6 billion Brownfield Refineries Upgradation project. The SIFC has also tasked the Petroleum…
Read MorePM Shehbaz Sharif to Attend COP29 Summit in Baku Next Week
ISLAMABAD: Prime Minister Shehbaz Sharif is set to visit Baku, Azerbaijan, in mid-November to participate in the COP29 summit at the invitation of Azerbaijan’s President. The summit, scheduled for November 13-15, will feature the Innovation Zone for Climate Action, a platform designed to accelerate impactful climate solutions. The Innovation Zone, a significant initiative from prior COPs, fosters collaboration across sectors…
Read MoreDr. Sultan Al Jaber Gathers Global Leaders to Forge AI-Energy-Climate Partnerships at ENACT Majlis
Abu Dhabi, UAE – His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and ADNOC Managing Director, hosted 80 global leaders in energy, technology, climate, and finance at the ENACT Majlis, a gathering aimed at advancing sustainable energy partnerships to support AI’s rapid growth. Rooted in the Emirati tradition of open dialogue, the Majlis provided a collaborative platform…
Read MoreChinese Solar Firms Shift Production to Avoid U.S. Tariffs, Expanding in Indonesia and Laos
Nov 4 (Reuters) As U.S. trade tariffs tighten on solar imports from Southeast Asia, Chinese solar companies are adapting by moving production to countries like Indonesia and Laos. Some of the largest Chinese-owned factories in Vietnam have scaled back operations, resulting in layoffs, while new production sites emerge elsewhere to bypass tariff restrictions. These shifts add up to a projected…
Read MoreShell Reports $6 Billion Q3 Profit as LNG Gains Offset Refining Weakness
LONDON: Shell announced third-quarter profits of $6 billion, beating analyst expectations by 12%, thanks to a strong performance from its liquefied natural gas (LNG) division, which countered weak results in refining and trading. This robust showing, combined with reduced debt and strong cash flow, is seen as bolstering CEO Wael Sawan’s focus on high-return areas like oil, gas, and biofuels…
Read MoreExxon and Chevron Post Strong Q3 Profits Amid Record U.S. Oil Output and Strategic Acquisitions
NEW YORK: U.S. oil giants Exxon Mobil and Chevron reported impressive third-quarter earnings, boosted by record oil production levels in the United States. The companies outperformed European counterparts BP and Shell, which have invested heavily in renewable energy ventures such as wind and solar that have yet to yield similar returns. Exxon and Chevron focused on expanding oil and gas…
Read MoreComplaints Against Power Companies Skyrocket by 175% Amid NEPRA App Launch
ISLAMABAD – Consumer complaints against Pakistan’s power distribution companies (Discos) have surged by 175%, jumping from an average of 4,709 complaints per quarter in 2021-22 to 12,938 in the past three months, according to data from the National Electric Power Regulatory Authority (NEPRA). This sharp increase follows the recent launch of NEPRA’s “Asaan Approach” mobile application, which has facilitated complaint…
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