Fearing extreme volatility in the international market during the upcoming years, Pakistan LNG Limited (PLL) has sought exemption from PPRA rules for procurement of approximately 36 LNG spot cargoes for the period from January to December 2023, well-informed sources told Business Recorder. PLL is mandated by the government to import LNG to meet the natural gas requirements of the country.…
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The government Wednesday unveiled its policy on fast-track development of solar PV projects at an investors’ conference to offer projects of 600 MW. The salient features of the policy are: (i) single stage, two-envelope bidding; (ii) straight line tariff; (iii) 70 percent indexation of tariff; (iv) benchmark tariff by Nepra; (v) guaranteed purchase of power; (vi) land and interconnection to…
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Imagine it is 2030, and a chilly November morning. You step out of your house and are welcomed by a clear sky and not a pervasive smog, a common occurrence not so long ago that required you to mask up and forced schools to close down. You start the car and the engine revs up noiselessly and without fumes —…
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In her annual state of the union speech, European Commission president Ursula von der Leyen set out major energy market interventions to manage high prices The European Commission has stepped back from earlier plans to cap the price of Russian gas, proposing instead to set up a new task force with EU member state representatives that will attempt to negotiate…
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Continued volatility has seen oil prices gain 1% on Wednesday, as the market attempts to decipher the latest demand growth, US crude inventory data, inflation indications and the impact of China’s COVID lockdowns. As of 3:33 p.m. EST on Wednesday, Brent crude was trading up $0.53, at $93.73, for a 0.60% gain on the day. WTI was trading up $0.83,…
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In the new era of energy shortages, one aspect of the situation has tended to get overlooked: the transport of energy. Demand for tankers has been on the rise since the European Union slapped sanctions on Russia in the spring, and this trend is only going to intensify in the coming months as the EU embargo on Russian oil and…
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Andrew Forrest’s Fortescue Future Industries says it is looking to build a 9.2GW wind and solar facility that will power green hydrogen production in Egypt, and could also include local manufacturing facilities for wind and solar. Forrest and his team from FFI, the billionaire’s newly formed green energy venture, are on yet another global tour scouting for opportunities to meet…
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Pakistan’s current engagement with FATF and progress in AML/CFT domain, the Spokesperson stated the following: Pursuant to the authorization of Onsite Visit by FATF Plenary in June 2022, an FATF technical team recently visited Pakistan and held detailed discussions with relevant agencies. From our perspective, it was a smooth and successful visit. The focus of the visit was to validate…
Read MoreThe long-mooted prospect of the end of the U.S. dollar’s hegemony in the global oil and gas markets took another step towards realisation last week with the announcement that Russian and Chinese hydrocarbons giants, Gazprom and China National Petroleum Corporation (CNPC) have agreed to switch payments for gas supplies to rubles (RUB) and renminbi (RMB) instead of dollars. In the…
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In early September 2022, Russian President Vladimir Putin spelled out his intention to punish Europe for resisting Russia’s assault on the world order and supporting Ukraine louder and clearer than ever before. Speaking at the high session of an economic forum in Vladivostok, Russia, Putin asserted that the confrontation in Ukraine has reinforced Russia’s sovereignty, so in reality, it stands…
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