In a surprise move, the federal government on Saturday removed Petroleum Secretary Dr Arshad Mahmood from his post, giving more powers to the Power Division, which is reportedly responsible for the imminent oil crisis. The country is heading towards a crisis because of a massive slump in the off-take of furnace oil by oil marketers and power plants. The Power…
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The Cabinet Committee on Energy (CCoE) has almost closed the chapter on 13 Renewable Energy (RE) projects of 600MW with the clear decision that no exceptions are admissible to any Alternative and Renewable Energy (ARE) project and all such projects will be treated in line with the approved policy, well-informed sources told Business Recorder. National Electric Power Regulatory Authority (Nepra) Chairman…
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With Russian troops massing on Ukraine’s border, and President Biden urging Russia’s Vladimir Putin not to invade, the geopolitics of Russian natural gas are growing increasingly intolerable. European gas imports are a mainstay of cash for Putin’s regime, with over one-third of Kremlin funding coming directly from oil and gas revenue, even as Russia increases repression at home, attempts to…
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The price of crude oil has had a history of volatility since trading began on international exchanges and the New York Mercantile Exchange some 40 years ago, but the last two years have been unusually high as global economies have tried to cope with the COVID-19 pandemic. The price of oil traded around $60 per barrel in January 2020 just…
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The sales tax on petrol was 1.43% which has been reduced to 0% but the same tax on high-speed diesel has been increased to 7.20% from 6.75%, according to a notification issued by the Ministry of Finance and Revenue. However, the deduction of sales tax on petrol will not affect the price of petrol for consumers. The GST has been…
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Trading house Trafigura Group Pte. Ltd. rode rising commodity prices to post record profit, making it a big winner from the pandemic economic rebound. Trafigura reported $3.1 billion in net profit on $231.3 billion in revenue in the 12 months through September. Wednesday’s results made the 2021 financial year the most profitable for the company since it was founded in…
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During the Meeting with Senior Vice President Operation, International Finance Corporation (IFC) Ms Stephanie von Friedeburg, Federal Minister for Energy Muhammad Hammad Azhar said that Pakistan was emphasizing on utilization of indigenous, renewables and environmentally clean energy generation resources.While highlighting the initiatives taken in the power sector, the Federal Minister informed the senior IFC official that Pakistan was endeavouring to…
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December 10, Karachi: Committed to the aim to expand its portfolio of clean energy, KE has allied with Sindh Energy Department (SED) and the World Bank to develop a solar park with an aggregate capacity of 350 MW under the ambit of the ‘Sindh Solar Energy Project’ (SSEP). The objective of SSEP is to increase solar power generation and access…
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The United States will have the world’s largest liquefied natural gas (LNG) export capacity next year, exceeding the capacity of the top LNG exporters Australia and Qatar. Thanks to a growing number of U.S. LNG export projects coming into service, by the end of 2022, U.S. nominal capacity will increase to 11.4 billion cubic feet per day (Bcf/d) and peak…
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ISLAMABAD (Dunya News) – Oil and Gas Regulatory Authority (OGRA) announced to continue selling the Liquefied Natural Gas (LNG) at low prices during second month of its price hike in international market. According to the notification issued by OGRA, price of Sui Northern Gas was decreased by $3.05 per MMBTU while that of Sui Southern System was decreased by $3.04…
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