Asia’s spot fuel oil market extended gains on Tuesday, although recovery remains capped as monthly supplies to Asia hit a year-to-date high. December fuel oil arrivals were at 5.5 to 6.0 million tonnes, the latest assessments by Refinitiv Oil Research showed on Tuesday, with strong arbitrage inflows from the West leading the climb. Asia is expected to be flooded with…
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Engineering firm Ados Pakistan Ltd is going to delist from the Pakistan Stock Exchange (PSX) on Jan 9 after the bourse accepted its request on Thursday for going private. Engaged in the supply of oil and gas field–related equipment, Ados grappled with “serious concerns” about its ability to continue its regular operations following low sales and “structural changes” in the…
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Global law firm White & Case LLP has advised the Federal Government of Pakistan, the Provincial Government of Balochistan, Government Holdings (Private) Limited (GHPL), Oil & Gas Development Company (OGDCL) and Pakistan Petroleum Limited (PPL) on the reconstitution of the Reko Diq project and the comprehensive resolution of a US$11 billion dispute. White & Case partner Kamran Ahmad, who co-led…
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Investors sold petroleum for a fifth consecutive week but the pace of selling slowed as the balance of risks began to shift to the upside and beaten down prices provided a more attractive re-entry point. Hedge funds and other money managers sold the equivalent of 15 million barrels in the six most important petroleum-related futures and options contracts over the…
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We know that historically, many economies around the world have collapsed. We also know that there is a physics reason why this happens. Growing economies require a growing supply of energy to keep up with a growing population. At some point, the energy supply and other resource needs cannot grow rapidly enough to keep up with population growth. When this happens, economies…
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Bold and unpredictable maneuvers are supposed to be the trademark political style of Russian President Vladimir Putin; last week, however, he surprised observers of various persuasions not with a proactive move but with an unusual act of avoidance. Putin’s annual marathon end-of-the-year press conference has been canceled, as has the traditional “direct line” with carefully trained audiences, and his constitutionally…
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Speakers at the 2nd International Conference on Pakistan Hydropower Sector on Wednesday stressed the need to harness hydropower potential in the country for adding more clean and green electricity to the national grid system for sustainable economic growth.They were of the view that Pakistan was blessed with huge hydel and renewable energy (RE) generating resources and it was a dire…
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EU energy ministers on Monday overcame months of wrangling to agree a price cap for natural gas in the bloc of 180 euros per megawatt hour, effective from mid-February. “It wasn’t an easy thing to achieve,” Maltese Energy Minister Miriam Dalli said. The agreement, set out in a European Council statement, unlocks other pre-agreed measures to mitigate an energy crunch…
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National Electric Power Regulatory Authority (Nepra) is facing a frustrating situation in so far as approval of amendments to Net Metering Regulations is concerned as the “affected” influential parties have pressurized the government to put the proposed decision on hold, well-informed sources told Business Recorder. Power Division, sources said, has already conveyed its dismay to the regulator on its “speed” on…
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Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar on Monday presided over back-to-back meetings on the issue of circular debt to formulate strategy aimed at bringing down the total stock of power and gas sector. The Finance Minister presided over a follow-up meeting on reforms in energy sector on Monday to discuss ways and means to arrest the circular…
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