Oil settles lower in light trading on China demand concerns
OIL prices settled lower on Wednesday as traders weighed concerns over a surge in Covid-19 cases in China, the world’s top oil importer, against the chances easing pandemic restrictions in the country will boost fuel demand. Brent crude futures fell US$1.07, or 1.3 per cent, to settle at US$83.26 a barrel, while US West Texas…
Adil Aziz
NEPRA awards Karot Hydropower Project and Three Gorges Wind Farm for outstanding performance
National Electric and Power Regulatory Authority awarded Karot Hydropower Project and Three Gorges Wind Farm as “Outstanding Performers”. NEPRA organized the “HSE Recognition and Awards Distribution Ceremony 2022” on Friday December 23, 2022 at the NEPRA Tower, Islamabad. This activity was part of its vision “Power with Safety”. Based on the NEPRAs Assessment criteria, Three…
Russia to ban oil exports to countries with price cap from February
Russia issued a decree to ban oil sales to countries and companies that comply with a price cap agreed by Western countries in response to Moscow’s offensive in Ukraine. “The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited if the contracts for these supplies directly or indirectly” are…
Meeting reviews electricity demand in Gwadar Free Zone
Minister for Planning Development & Special Initiatives Ahsan Iqbal has asked the China Overseas Ports Holding Company Ltd (COPHCL) to provide the exact demand of the electricity for Gwadar Free Zone and share a ten-year plan for electricity consumption by Gwadar Free Zone Company in order to establish the electricity utilization of 300 MW coal-fired…
NetLine First Company in Pakistan to receive a 4.5 million USD valuation in the Energy sector
Family Based Solar Business, NetLine raises funds at a 4.5 million USD valuation Intermarket securities, a leading brokerage firm, confirmed a 4.5 million USD valuation for NetLine, a family-owned business in the energy and power sector. NetLine is known as one of the pioneering businesses in the field of solar and UPS (uninterruptible power supply)….
Pakistan’s energy sector needs up to $155 Billion investment until 2030: Report
Pakistan’s energy sector needs investments ranging from US$62 billion to US$155 billion until the 2030, according to a report titled “CAREC Energy Outlook 2030” recently released by the Asian Development Bank (ADB). “The energy investment needs until 2030 vary significantly across the three scenarios, with estimates ranging from $62 billion to $155 billion. The most…
Oil rises in thin trade on concerns over US storm impact
OIL prices rose in light trade on Tuesday on concerns that winter storms across the United States are affecting logistics and production of petroleum products and shale oil. Brent crude was up 73 cents, or 0.9 per cent, at US$84.65 a barrel by 0122 GMT, while US West Texas Intermediate crude was at US$80.41 a…
KE seeks Rs 7 per unit relief for customers For November’s FCA
For the month of November, K-Electric has filed a petition for a reduction in FCA at the rate of PKR 7.04 /kwh (per unit) NEPRA will conduct a public hearing today over the petition submitted by K-Electric on account of Fuel Charges Adjustments (FCA) for November 2022. November’s FCA was lower primarily due to a…
Oil falls by US$1 a barrel as rate hike fears outweigh tighter US stockpiles
OIL fell by around US$1 a barrel on Thursday (Dec 22) in volatile trade as the impact of tighter US crude stocks due to a winter storm in the United States was outweighed by fears that Federal Reserve interest rate hikes and China’s rising Covid-19 cases would dent demand. Brent crude futures settled at US$80.98…
OGDCL makes another oil & gas reserves recovery in Sindh
The Oil and Gas Development Company (OGDCL) announced an oil and gas discovery at the exploratory well namely Kot Nawab-1, located in Sanghar District, Sindh. “Based on the results of wireline logs interpretation, Drill Stem Test-1 in the Basal Sand has tested 125 Barrel of Oil per Day (BOPD) and 0.483 Metric Million Standard Cubic…