ISLAMABAD: The government on Thursday reduced price of re-gasified liquefied natural gas (RLNG) for May 2020 by 21.63 percent for Sui Northern Gas Pipelines Limited (SNGPL) and 18.9 percent for Sui Southern Gas Company (SSGC) over the previous month following a sharp decline in international crude oil price. The Oil and Gas Regulatory Authority (OGRA) notified the RLNG prices by…
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ISLAMABAD: Pakistan’s five refineries have braved mammoth inventory losses of Rs25.849 billion in just two months of March and April 2020 due to Covid-19’s adverse impact on oil industry across the world and more damage is also on the cards in the next two months of May and June, 2020. The refineries also told the government if they were not…
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KARACHI: Amid the coronavirus lockdown, the southern port city will witness a heatwave from May 5 to 8, the Meteorological Department said on Friday. Met department Director Sardar Sarfaraz said that during the time period, mercury can rise up to 42 degrees Celsius in Karachi. Sarfaraz said that during the heatwave, the sea breeze will remain suspended. Due to hot…
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The oil crash is blocking American frackers from accessing the cheap credit that fueled their prolific rise. That reversal of fortunes could prove fatal for overleveraged shale oil companies.The downturn in the oil industry has laid bare just how much America’s rise to superpower status in the energy world was made possible by easy money. Virtually unlimited borrowing allowed shale…
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Pakistan State Oil (PSO), the leading oil marketing company of Pakistan, convened its Board of Management (BoM) meeting to review the company’s performance during the nine months of fiscal year 2019-20 which concluded on March 31, 2020. According to the details released by the company here on Thursday, despite serious challenges faced by the economic and business world amid Covid-19…
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COVID-19 is expected to cause global energy emissions to fall a record eight percent this year due to an unprecedented drop in demand for coal, oil, and gas, the International Energy Agency said Thursday. The IEA’s Global Energy Review was based on an analysis of electricity demand over more than 100 days, during which much of the world has entered…
Read MoreLAHORE: The Ministry of Commerce (MoC) has blamed the Federal Board of Revenue (FBR), the Ministry of Communications (MoC) and the Ministry of Energy’s Power Division for hampering the country’s exports, sources told Profit on Sunday. The commerce ministry took up its reservations at a recent meeting headed by Prime Minister Imran Khan that reviewed the ministry’s performance regarding the country’s exports, sources…
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The American Petroleum Institute (API) estimated on Tuesday a larger than anticipated crude oil inventory build of 4.18 million barrels for the week ending January 31, compared to analyst expectations of a 2.8-million-barrel build in inventory.PauseUnmuteLoaded: 64.03%Remaining Time -2:28Picture-in-PictureFullscreen Last week saw a surprise draw in crude oil inventories of 4.27 million barrels, according to API data. The EIA’s estimates, however, were for a build…
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