NEW YORK: US natural gas futures slid about 2% on Tuesday on forecasts for mild weather and less heating demand over the next two weeks than previously expected. Front-month gas futures for December delivery on the New York Mercantile Exchange fell 4.3 cents, or 1.5%, to $2.930 per million British thermal units (mmBtu) at 7:53 a.m. EST (1253 GMT). Analysts…
Read MoreMonth: November 2024
Oil steadies as Sverdrup field restart counters geopolitical concerns
NEW YORK: US natural gas futures slid about 2% on Tuesday on forecasts for mild weather and less heating demand over the next two weeks than previously expected. Front-month gas futures for December delivery on the New York Mercantile Exchange fell 4.3 cents, or 1.5%, to $2.930 per million British thermal units (mmBtu) at 7:53 a.m. EST (1253 GMT). Analysts…
Read MoreOil prices climb as market weighs Ukraine war escalation
LONDON: Oil edged higher on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia outweighed data showing rising U.S. crude stocks. Brent crude futures for January were up 49 cents, or 0.7%, to $73.80 a barrel at 1313 GMT. U.S. West Texas Intermediate crude futures for December, due to expire on Wednesday, were…
Read MoreIraq’s fuel oil exports head for record year after Oct volumes jump
SINGAPORE: Iraq’s fuel oil exports are on track to hit all-time highs this year after the country ramped up shipments in October as domestic demand eased even as output rose, according to industry sources and ship-tracking data. The boost in exports of the residue fuel will support oil revenues for OPEC’s second-largest producer despite stagnant crude shipments this year due…
Read MoreExpanding renewables: Kohat Cement installs 5.34 MW solar power plant
Kohat Cement Company Limited (KOHC) has installed and commissioned a 5.34 MW on-grid solar power plant. The cement maker shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. “We are pleased to announce that the company has successfully installed and commissioned a 5.34 MW on-grid solar power plant at the company’s plant site, Kohat,” read…
Read MoreWhy Oil Companies Are Walking Back From Green Energy
As leaders gather for a global climate summit, investors are rewarding oil giants like Exxon Mobil that did not embrace wind and solar. When oil and gas companies made ambitious commitments four years ago to curb emissions and transition to renewable energy, their businesses were in free fall. Demand for the fuels was drying up as the pandemic took hold.…
Read MoreMr. Saquib Fayyaz Magoon, SVP FPCCI, graced the inauguration of IDEAS 2024 at Expo Centre, Karachi.
He met Khawaja Muhammad Asif, Chief Guest & Federal Minister for Defence and Mr. Jam Kamal Khan, Guest of Honor & Federal Minister of Commerce; Mr. Kamran Tessori, Governor Sindh; Dr. Farooq Sattar and Mrs. Nasreen Jalil, on the sidelines of the internationally and economically-significant exhibition. Lt. Gen. Muhammad Chiragh Haider, HI (M), Secretary (DP) and Brig Iftikhar Opel, SI…
Read MorePakistan to Slash EV Charging Costs to Boost Electric Vehicle Adoption
ISLAMABAD: Pakistan plans to significantly lower electricity tariffs for electric vehicle (EV) charging stations as part of its strategy to decarbonize the transport sector and stimulate EV demand, according to Power Minister Awais Leghari. The government is formulating a pricing structure to make EV charging more affordable for small cars, two-wheelers, and three-wheelers. This initiative aligns with the broader goal…
Read MoreSNGPL Holds CPPA-G Accountable for Rs. 148 Billion in Outstanding Receivables
ISLAMABAD: Sui Northern Gas Pipelines Limited (SNGPL) has attributed the accumulation of Rs. 148 billion in outstanding receivables to delays in payments by the Central Power Purchasing Agency–Guaranteed (CPPA-G). The amount includes dues from Independent Power Producers (IPPs), government-owned plants, and WAPDA, highlighting a severe financial strain on SNGPL’s operations. According to SNGPL, receivables from Guddu Power Plant alone amount…
Read MorePetroleum Division Proposes Third-Party Gas Sales Framework
ISLAMABAD: The Petroleum Division has prepared a framework for the sale of up to 100 MMCFD gas by Exploration and Production (E&P) companies to third parties through open auctions. The summary, finalized following an inter-ministerial committee decision led by Deputy Prime Minister Ishaq Dar, will be submitted to the Executive Committee of the National Economic Council (ECNEC) for approval. Initially…
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