The year 2020 has not been kind to most sectors of the economy, what with the double whammy of a global pandemic and the ensuing global recession. Yet, all things considered, it is remarkable that power generation in Pakistan actually fared alright, declining only marginally when comparing fiscal year 2020 to 2019. Even better, demand for power has picked up…
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Govt to set up panel for probe into petrol shortage
ISLAMABAD: The government has decided in principle to set up a commission to probe the recent shortage of petroleum products, shift oil pricing to quarterly basis and change the pricing mechanism for imported Euro-V petrol and diesel to Platt’s Oilgram instead of PSO imports. A final approval is likely to be granted by the federal cabinet at a meeting on…
Read MorePower generation falls by 1pc in FY20
LAHORE: Power generation in Pakistan has declined by 1% YoY to 121,867 GWh (23,618 MW) during FY20 as compared to 122,708 GWh (23,781 MW) in FY19 due to overall slow economic activity during the year and the impact of COVID-19 related lockdowns and restrictions during Mar-May 2020. According to sources, power mix during FY20 moved in favour of Hydel (32%…
Read MorePakistan to form Inquiry Commission to probe against OMCs including foreign firms Shell, Total into oil crisis
Islamabad: Foreign oil marketing firms-Shell and Total are in hot water as Pakistan has decided to form a Commission of Inquiry to probe into the recent shortage of petroleum products. Cabinet in its meeting scheduled on Tuesday is set to give-go ahead in this regard. Total and Shell were among those nine oil marketing companies that were imposed a fine…
Read MoreIran Could Use Replica Of U.S. Carrier For War Games At Strait Of Hormuz
Iran has positioned a replica of a U.S. aircraft carrier at the world’s most important oil chokepoint, the Strait of Hormuz, and could use the mock-up in naval war games in the area, according to satellite images reported by Reuters on Monday. Images taken by U.S. space technology firm Maxar Technologies on Sunday show that Iran had a fast attack…
Read MoreRussia Overtakes U.S. In LNG Exports To China
Russia exported more LNG to China in June than the United States did, at 396,000 tons versus 340,000 tons, Russia’s Sputnik reports, citing data first quoted by Bloomberg. According to the data, from Chinese customs authorities, Russia LNG imports were 20.7 percent higher than a month earlier, while U.S. imports of LNG were just 2.4 percent higher. Separately, Natural Gas…
Read MoreLittle Known UK Shale Firm Challenges Fracking Ban
UK’s oil company Aurora Energy Resources plans to challenge the government moratorium on fracking issued at the end of 2019, just a few months after Aurora had applied for permission to frack at a site in Lancashire, northwest England, the Guardian reports. Aurora Energy Resources has dropped its application to frack two wellbores in Lancashire because of the “de facto…
Read MoreDeutsche Bank Immediately Ends Funding For Oil Sands And Arctic Oil Projects
Deutsche Bank is ending financing for new oil and gas projects in the oil sands and the Arctic region effective immediately, becoming the latest major bank to reconsider lending money to fossil fuel projects in sensitive areas. Deutsche Bank will no longer finance any new projects in the Arctic or the oil sands and will review all its existing business…
Read MoreClosure of coal-fired power plants demanded
KARACHI: The participants of a provincial conference on air pollution and groundwater warned on Saturday of widening the campaign against coal power plants if they were not closed down. Organised by the Pakistan Fisherfolk Forum in Ibrahim Hyderi, the conference included the voices of those affected by Thar Engro Coal Power Plant (TECPP), Port Qasim Coal Power Plant and Hub…
Read MorePakistan Oil Refinery and Marketing Policy 2020: Incentive packages for refinery, OMCs in the pipeline
ISLAMABAD: The government is making its mind to offer more incentives for both oil refinery and marketing sectors with an aim to build strategic petroleum reserves. The prices of kerosene oil, Jet Pilot (JP-1 and JP-8) will be deregulated. In addition, ex-refinery prices and margins on petrol and diesel will also be deregulated in a phased manner, unfolds the draft…
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