The Government is likely to engage an international firm to represent the government of Pakistan (GoP) at the London Court of International Arbitration (LCIA) in dispute with Star Hydro Power Limited (SHPL) and National Transmission and Despatch Company Limited (NTDCL), well informed sources told Business Recorder. In this regard, a meeting was held at the Office of the Attorney General…
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After braving high-level market volatility in Britain’s biggest IPO of the year, North Sea oil and gas producer Ithaca Energy warned that any further boost to a UK windfall tax would render the aging basin uneconomical as an energy crisis engulfs Europe. “The government has structured the EPL in a very thoughtful manner to continue to promote investment in the…
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Pakistan can reduce its import bill by exploiting its great potential for growing tea on a large scale, Wealth PK reported. Tea is one of the most important high-value cash crops. Despite its low cost, tea is the most popular beverage in Pakistan. The country has great potential for tea plantation on a large scale. Abdul Waheed, Director of National…
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The gas shortage will haunt the consumers during upcoming winter season, as there in no improvement in the gas supply position in the country vis-à-vis the previous year.As much gas quantity as last year’s has been arranged for the upcoming winter season, said Minister of State for Petroleum Division Musadik Malik while addressing a press conference here Wednesday. However, the…
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Europe may face an even more acute energy crunch next year after draining its natural gas tanks to get through the cold of this winter, the head of the International Energy Agency said on Wednesday, as the EU looks for ways to ease the crisis. European countries have filled storage tanks to around 90% of their capacity after Russia cut…
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OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the US administration called the surprise decision shortsighted. OPEC’s de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output – equal to 2% of global supply – was necessary…
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United Arab Emirates President His Highness Sheikh Mohamed bin Zayed Al Nahyan and President Abdel Fattah El Sisi of Egypt witnessed the signing of an agreement between Masdar, one of the world’s fastest-growing renewable energy companies, along with its Infinity Power joint venture with Infinity, Egypt’s main renewable energy developer, and Hassan Allam Utilities, to develop a 10-gigawatt (GW) onshore…
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Turkey has begun to pay partially in rubles for the Russian gas it receives, Turkish Energy Minister Fatih Donmez told a local broadcaster on Tuesday. Over the coming months, Turkey will increase the share of ruble payments for Russian gas, the minister told the TRT Haber television channel. Shortly after the invasion of Ukraine, Russia demanded that the so-called “unfriendly” countries –…
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The key driver of the rising inflation causing economic mayhem across the developed world remains historically elevated oil and gas prices that have been in play since the prospect of Russia’s invasion of Ukraine first came into view, which was in September last year, when the oil price was around US$65 per barrel (pb) of Brent. This rise, when combined with…
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The U.S. Energy Information Administration has slashed its world oil demand growth forecast for next year as President Biden lashed out at oil companies for not expanding supply, and as OPEC+ moved last month to cut production targets by 2 million bpd. The EIA has cut its 2023 world oil demand growth forecast by 320,000 barrels per day, to 1.16…
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