Industrie De Nora aims to complete the share offering in June. It would be the first major IPO in Milan since Russia invaded Ukraine on Feb 24. The group reported revenues of 616 million euros ($660.23 million) with a core profit of 127 million euros in 2021. Italy’s Industrie De Nora, which makes parts to … Read more
Greenpeace campaigner Ami McCarthy deplores move as bad for the environment. Environmentalists slam Britain for allowing Shell to develop Jackdaw gas field. UK looking to boost energy security amid fears Ukraine war will lead to severe shortages. Environmentalists slammed Britain on Wednesday for allowing Shell to develop the Jackdaw gas field off the coast of … Read more
According to the regional governor, Russian forces currently control roughly 70% of Severodonetsk, and fierce battle continues in the eastern Ukrainian city. Serhiy Hayday, speaking from a top-secret location inside the Luhansk Oblast, acknowledged that a victory in the city would be a big morale boost for Russia, but he downplayed the significance of the … Read more
Serbia, which has been attempting a careful balancing act between East and West since Moscow invaded Ukraine, announced Sunday that it has negotiated a new long-term contract with Russia to assure enough gas supplies next winter. As energy prices soar across the globe, the exact terms of the deal which will ensure Serbia has “a … Read more
As Moscow stopped gas supplies to Finland, Ukraine’s President Volodymyr Zelensky cautioned that only a political breakthrough, not an overwhelming military victory, could end Russia’s war on his nation. “There are things that can only be reached at the negotiating table,” Zelensky said, just as Russia claimed its long-range missiles had destroyed a shipment of … Read more
The decline in Russian gas exports to the European Union has had no significant impact on supply, but it does put pressure on the region to wean itself off Moscow’s energy. Here is a look at the issue: The EU relies heavily on Russian gas, raising concerns that Moscow could use its export to blackmail … Read more
Sri Lanka’s largest liquefied petroleum gas supplier, Litro Gas Lanka Limited, announced on Monday that it will be unable to supply gas to domestic customers until new stockpiles arrive. Only industrial gas reserves are now accessible, according to Litro Gas chairman Vijitha Herath, who advised consumers not to queue. According to Herath, they will pay … Read more
Ministers from the European Union gathered on Monday to debate how to respond to Russia’s cutoff of gas supplies to Poland and Bulgaria, as well as preparations for an oil embargo to punish Moscow for invading Ukraine. The energy ministers from the 27 member states were coordinating efforts to counter what Brussels has branded the … Read more
On Wednesday, Russia shut off natural gas supplies to NATO allies Poland and Bulgaria and threatened, to use its most important export to punish and split the West for its support for Ukraine. The action, denounced as “blackmail” by European leaders, marks a major escalation in the economic war of sanctions and countersanctions that has … Read more
European Commission President Ursula von der Leyen warned agencies now not to bend to Russia’s demands to pay for gas in rubles, as the continent scrambles to respond to Moscow’s circulate to start switching off resources. Gazprom PJSC grew to become off the faucets to Poland and Bulgaria on Wednesday in a dramatic escalation of … Read more
Denmark unveiled a plan on Tuesday to reduce its reliance on Russian gas by increasing renewable energy, biogas, and domestic gas production in order to become “free” of President Vladimir Putin. While the European Union has so far refused to impose a ban on Russian oil and gas as a result of the Ukraine … Read more
Delta Air Lines supplies an upbeat outlook for the summer journey season on Wednesday, saying robust demand is presenting enough costing strength to make up for hovering gasoline rates. Shares gone up at the file and outlook, with Delta reporting a smaller than expected loss within the first region, even because it contended with a … Read more
Italian Prime Minister Mario Draghi reached gas powerhouse Algeria on Monday as Rome steps forward in efforts to decrease its heavy reliance on Russian energy imports. Italy purchases a vast majority of its natural gas from overseas, with about 40 per cent of those imports reaching from Russia. But the war in Ukraine has provoked … Read more
The leadership of Businessmen Group (BMG), Karachi Chamber of Commerce and Industry (KCCI) and of all seven Industrial Town Associations of Karachi stated that the business community is agitated over this move as it is against the Article 158 of Pakistan’s constitution. They said that it is a highly imprudent action particularly in a situation … Read more
WARSAW: Poland on Wednesday urged the EU to impose a tax on Russian energy imports and said it planned to end its own purchases this year, calling the dependence on Moscow a “stupidity”. The EU has so far avoided following the United States in banning Russian oil and gas, with Germany opposed as it relies heavily on … Read more
KARACHI: The global economic outlook turned gloomy soon after Russian forces marched into Ukraine. The financial sanctions have rocked Russia’s economy and threaten to fuel further worldwide inflation. The prices of natural gas, oil, and other staples have jumped in the international markets. At the same time, it has rattled global supply chains that are … Read more
The government will face a tough time in sustaining the poverty level on the back of higher fuel prices, the rupee depreciation and an increase in the electricity and gas tariffs on regular intervals. The latest poverty headcount based on the 2018/19 Household Economic Survey showed around 22 per cent of the estimated 227.9 million … Read more
SYDNEY – Australia hit Russia with a “second phase” of sanctions on Thursday over its assault on Ukraine, the first salvo in an expected battery of new international measures to punish Moscow. Prime Minister Scott Morrison condemned Russia’s “illegal invasion” as he announced sanctions against 25 individuals, four entities involved in developing and selling military … Read more
PARIS: French energy giant TotalEnergies has rebounded from the Covid crisis with a huge 2021 profit as oil and gas prices soared, a performance that raised political hackles in an election year in France. The company reported net profit of $16 billion (14 billion euros), the highest in at least 15 years, following a historic … Read more
ISLAMABAD: Fiscal 2020-21 (July-June) proved an excellent year for Muhammed Saleem, as he exported garments worth $2.5 million. This year he aimed for a higher target, but the crippling gas shortages shattered all his dreams. “I was aiming to export garments worth at least $3 million during the ongoing fiscal year,” said Saleem, who owns … Read more
LAHORE: The natural gas crisis has, once again, re-emerged all over Pakistan as soon as temperatures took a dive in December, plunging towns and cities into an atmosphere of gloom as citizens struggle to strive for basic necessities such as cooking and commuting. Moreover, the capacity of industrial units has slowed down causing a hindrance … Read more
Just like the whole world, Pakistan’s economy also showed signs of recovery from the Covid-19 pandemic in 2021 but rising twin deficits and inflationary pressures eroded the gains and made the life of a common man miserable. Unlike 2020, in which lukewarm economic activity was witnessed, the year 2021 remained better for the economy. The … Read more
KARACHI: The fuel cost component of the power generation during November 2021 surged 85 per cent YoY to Rs6.32/kWh, mainly due to a rise in the furnace oil, coal and regasified liquefied natural gas (RLNG)-based cost of generation, official data suggests. “[The] RLNG-based cost of generation increased 166 per cent YoY to Rs17.29/kWh due to … Read more
KARACHI: The Sindh High Court (SHC) on Friday ordered to cut off water, gas and electricity connections of Makkah Terrace in the Saddar area of Karachi which it had ruled was built without leaving ‘Compulsory Open Space’. Earlier, a bench of SHC comprising Justice Zafar Ahmed Rajput and Faisal Kamal Alam was apprised that some … Read more
ROME: The owners of the Borouge polyolefin plant in the UAE have signed a $3.5 billion contract to extend the site, which will make it the biggest plastics plant of its kind in the world, Arab News reported. Italian oil and gas engineer Maire Tecnimont has been awarded the contract to work on the Borouge 4 facility, … Read more
ISLAMABAD: Mari Petroleum Company Limited (MPCL) has announced commencement of 10mmscfd natural gas production, with effect from December 1, 2021, from Hilal-1 and Iqbal-1 discoveries in Mari Gas Field to Pak Arab Fertilizers Limited (PFL). According to a statement issued by the company, both the discoveries were made in May and August 2020, respectively. In … Read more
KARACHI: Provincial Minister for Industries and Commerce and Cooperative Department Jam Ikramullah Dharejo has said that due to incompetence and flawed policies of the federal government, industries in Sindh are in dire straits and facing gas shortages. Sindh should be provided its share of gas so that the wheel of industries can continue running, he … Read more
MOSCOW: The longer the prices for natural gas remain at record high levels in Europe this year, the stronger the markets feel that Russian gas should not be seen as a quick fix to the problem, at least not before this winter ends. “Overall gas production in Russia over the three quarters of 2021 was … Read more
