The Astora natural gas depot, the largest natural gas storage in Western Europe, in Rehden, Germany. REUTERS/Fabian BimmerAfter two years of turmoil, Europe’s energy crisis is over. Fears about a natural gas shortage in 2022 after Russia’s invasion of Ukraine have been transformed into a glut and worries about where to store all the extra gas in 2024. Regional storage…
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Annual summit in Abu Dhabi to accelerate COP28’s transition agreements and renewables pledge by bringing together industry leaders, policymakers, investment incubators, and world-class start-ups Event in the UAE capital will play key role in furthering COP28 resolutions along the road to reality, says Summit Director. Dubai, UAE – February 08, 2024: The recent COP28 in Dubai underscored the UAE’s global…
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WASHINGTON: The US State Department has conveyed a clear message to Pakistan’s new rulers, emphasising the importance of collaboration with the International Monetary Fund (IMF) and economic reforms for stability. In response to a set of questions from Dawn, a State Department spokesperson underscored the enduring partnership between the two nations, stating, “We value our long-standing partnership with Pakistan and have…
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KARACHI: Engro Fertilizers and other major fertilizer manufacturers are investing heavily worth $300 million in Gas Pressure Enhancement Facilities (PEF) project from Mari network to sustain domestic urea production levels and safeguard the food security of Pakistan. Talking to media, Ali Rathore, Chief Financial Officer, Engro Fertilizers, on Thursday said Engro Fertilizers and other major fertilizer manufacturers had initiated PEF…
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Islamabad, March 07, 2024: A comprehensive workshop aimed at developing a robust mechanism for tariff-based bidding of hydropower projects in Pakistan was arranged by Private Power and Infrastructure Board (PPIB) in collaboration with the Agence Française de Développement (AFD), France today in Islamabad. One of the key highlights of the event was sharing draft generic Request for Proposals (RFP) documents…
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Islamabad, March 8, 2024: Pakistan Petroleum Limited (PPL) has embarked on a significant milestone by signing a Memorandum of Understanding (MoU) with the Frontier Works Organization (FWO) to foster strategic cooperation and collaboration for the EL 207 Project situated in Eastern Chagai, Balochistan. This endeavor marks PPL’s proactive diversification into the mining sector, aimed at expanding and fortifying its presence…
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SINGAPORE: Oil prices held steady on Thursday, holding onto overnight gains after upbeat Chinese trade data and after U.S. data showed a smaller-than-expected rise in crude inventories and large draws in fuel stocks. However, expectations that U.S. interest rate cuts could be delayed capped gains. Brent crude futures slipped 8 cents to $82.88 a barrel by 0736 GMT, while U.S.…
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The February 2024 Economic Update and Outlook uploaded on the Finance Division website on the last day of the month presented the customary dichotomy between the analysis and the statistical data. Examples abound, so to speak: (i) the analysis referred to the caretaker government taking steps to reduce unproductive expenditure. This claim is easily disproved by the data at the…
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At the Energy Summit held in Karachi, industry leaders underscored the pivotal role of insurance in driving investment and innovation within Pakistan’s energy sector. Addressing critical challenges and exploring opportunities for sustainable development, experts emphasized the importance of insurance coverage in mitigating risks and promoting long-term confidence among investors. Chairman of Lockton MENA, Ata Khatib, highlighted the indispensable nature of…
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Pakistan Limited (SPL) revealed its financial results for the fiscal year ending December 31st, 2023, showcasing a remarkable turnaround with a profit after tax of Rs 5.8 billion. This marks a notable shift from the previous year’s loss of Rs 72 million. The positive financial trajectory comes amidst strategic changes, including the pending sale of Shell Petroleum Company Limited’s majority…
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