Highlights Archives - Page 6 of 353 -

Chinese power projects under CPEC leave Pakistan struggling with debt

February 21, 2025February 21, 2025 Admin

The China-Pakistan Economic Corridor (CPEC), once hailed as a transformative initiative for Pakistan’s economy, has left the nation grappling with substantial debt and soaring electricity costs, according to Oil Price. Launched in 2013, the $62bn partnership was aimed at boosting economic cooperation, trade, and infrastructure development, with a significant focus on addressing Pakistan’s chronic energy shortages. Of the total investment, nearly…

Oil heads for weekly gain on supply jitters

February 21, 2025February 21, 2025 Admin

Oil prices fell on Friday but were still poised for a weekly gain on supply disruption in Russia while uncertainty looms over a potential peace deal in Ukraine. Brent futures slipped by 73 cents, or 0.95%, to $75.75 a barrel by 1104 GMT while U.S. West Texas Intermediate crude lost 73 cents, or 1%, to $71.75. Both have gained about…

Donald Trump seeks to reshape Asia’s energy supplies with US gas

February 21, 2025February 21, 2025 Admin

TOKYO/WASHINGTON: When President Donald Trump sat down to lunch with his Japanese counterpart this month, talk turned quickly to how Tokyo could help realise a decades-old proposal to unlock gas in Alaska and ship it to US allies in Asia. Trump and his energy tsar Doug Burgum framed the venture as a way for Japan to replace Middle East energy…

EU seeks more US gas, renewable energy to replace Russian supplies

February 21, 2025February 21, 2025 Admin

BRUSSELS: The European Union will seek more gas from countries including the U.S. to replace Russian supplies, and expand renewable energy faster to cut its overall reliance on the fuel, the EU’s energy commissioner has said. The EU has pledged to quit Russian fossil fuels by 2027 in response to Moscow’s 2022 invasion of Ukraine. While Russian pipeline gas deliveries…

Pakistan’s Oil output rises by 10,000 barrels due to tech innovation: Musadik Malik

February 20, 2025February 20, 2025 Admin

ISLAMABAD, Feb 20 (APP):Federal Minister for Petroleum Dr. Musadik Malik on Thursday underscored the transformative impact of technological advancements on Pakistan’s energy sector, revealing that a single innovation has led to a 10,000-barrel increase in the Oil and Gas Development Company Limited (OGDCL)’s oil production.Addressing a celebration event organized by OGDCL and Schlumberger, he said that if four more companies…

Nasir Shah announces to provide solar power in remote areas

February 20, 2025February 20, 2025 Admin

Karachi (Feb 20): Provincial Minister for Energy, Development and Planning Syed Nasir Hussain Shah has said that solar panels will be provided where electricity has not reached, Bilawal Bhutto Zardari’s vision is to provide electricity to everyone. He said this while addressing the inauguration ceremony of electricity supply in Abdullah Rind Goth, Manghopir Town today. PPP MNA Shahida Rehmani, Manghopir…

China, Pakistan strengthen renewable energy ties with strategic accord

February 20, 2025February 20, 2025 Admin

ISLAMABAD – A strategic cooperation agreement to enhance clean energy collaboration was signed between Mingyang Smart Energy Group Co, Ltd, China and the Energy Department of Sindh, Pakistan, China Economic Net (CEN) reported on Tuesday. Under the agreement, Mingyang Smart Energy will construct a 350MW wind-solar integrated power storage project and a 75MW wind power project in Sindh. These projects…

Oil rises on supply concerns as market awaits clarity on sanctions

February 20, 2025February 20, 2025 Admin

NEW YORK: Oil prices rose about 1% to a one-week high on Wednesday on worries about supply disruptions in Russia and the US, while the market awaits clarity on sanctions as the US attempts to broker a deal to end the war in Ukraine. Brent futures were up 65 cents, or 0.9%, at $76.49 a barrel by 10:38 a.m. EST…

Oil little changed after report of rising US crude inventories

February 20, 2025February 20, 2025 Admin

Oil prices were little changed on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in U.S. crude stockpiles weighed on sentiment. Brent futures were up 20 cents at $76.24 a barrel by 0600 GMT. U.S. West Texas Intermediate crude dropped 30 cents to $71.95. The March contract expires on…

Pakistan’s power generation decreases in January as demand dips

February 20, 2025February 20, 2025 Admin

Power generation in Pakistan clocked in at 8,152 GWh (10,957 MW) in January 2025, a decrease of 2% YoY compared to the same period of the previous year, amid a decline in the overall demand. Back in January 2024, power generation stood at 8,314 GWh (11,175 MW). On a monthly basis, power generation improved by 4.5% as compared to 7,801…