Oil sinks for third week as EU strives for price-cap compromise
OIL headed for a third weekly loss as the European Union weighed a higher-than-expected price cap on Russian crude and slowdown concerns threatened the demand outlook. Brent traded below US$86 a barrel, putting the global benchmark on course for a drop of more than 2 per cent this week. European diplomats remain locked in talks over…
Adil Aziz
Chinese investments helping Pakistan diversify its energy mix: President
President Dr Arif Alvi said the Chinese investment and contributions to Pakistan’s energy infrastructure were increasing the country’s ability to diversify its energy mix based on nuclear, hydel, solar and wind energy in a bid to help meet its energy needs. The president stressed focusing on alternate and renewable energy sources such as solar and…
Shell Pakistan signs ABHI as first customer for Voluntary Carbon compensation offer
Shell Pakistan Limited signed ABHI, Pakistan’s first financial wellness platform, as its first official customer for the launch of its new voluntary carbon compensation program. This program provides an avenue for all ABHI employees who are using Shell Fuel Cards to offset hard-to-abate carbon emissions from their fuel consumption by using Shell’s global portfolio of…
Oil Drops as EU Weighs Higher Russian Fuel Price Cap
Oil tumbled to near a two-month low as traders assessed a higher-than-expected price cap on Russian crude between $65 and $70 a barrel and a surprise build in US products. The European Union’s proposed range would be well above Russia’s cost of production and higher than some countries have been paying for its oil. As…
Oil prices steady amid China demand worries, dollar retreat
Oil prices were little changed on Tuesday as global recession worries and concerns about China’s rising COVID-19 case numbers denting demand from the world’s top crude oil importer were offset by the positive impact of a retreat in the U.S. dollar. Brent crude futures rose 30 cents, or 0.3%, to $87.75 by 0731 GMT. U.S….
China signs 27-year gas deal with QatarEnergy to secure supply
Since Russia’s invasion of Ukraine, competition for LNG has become intense with nations trying to replace Russian supply QatarEnergy has signed a 27-year deal to supply China’s Sinopec with liquefied natural gas (LNG) in the longest such agreement to date, as volatility drives buyers to seek long-term supplies. Since Russia’s invasion of Ukraine in February, competition…
Petroleum import bill falls by 2.3% to $6.054 Billion in 4 months
The imports of overall petroleum group declined by 2.31 percent during the first four months of the current fiscal year (2022-23) as compared to the corresponding period of the last year. The total imports of the petroleum group during July-October (2022-23) stood at $ 6,054,093 million, as against the imports of $6,197,285 million last year….
NEPRA TO CONDUCT A PUBLIC HEARING ON KE’S PETITION FOR OCTOBER’S FCA AND QA FOR JULY-SEPTEMBER
NEPRA announced to conduct a public hearing on 30 November over the petition submitted by K-Electric on account of Fuel Charges Adjustments (FCA) for October 2022 and Quarterly Adjustments for July to September 2022. For the month of October, K-Electric has filed a petition for the negative FCA at a rate of PKR 1.883/kWh and…
Planned oil refinery in Gwadar to open new chapter of development
Gwadar, the engine room of the China-Pakistan Economic Corridor (CPEC), is set to be the recipient of a $4.5 billion oil refinery as a Chinese firm has laid down a plan to build an oil refinery with an annual processing capacity of 8 million tons. The Chinese entry came at a time when uncertainty was…
Minor Damage to Pacific Zircon Oil Tanker Vessel
Eastern Pacific Shipping Pte. Ltd. (EPS) has announced that it is investigating an incident involving its managed product tanker Pacific Zircon. The company noted that preliminary reports indicate the vessel was hit by a projectile approximately 150 miles off the coast of Oman at about 15:30 (UTC +4) on November 15. The tanker was carrying a…