Month: January 2020

LAHORE: The annual average capacity surplus of Pakistan’s power sector is likely to increase 15% against projected demand because of over-commitment of power generation projects. The surplus will translate into annual average of more than 4,000 megawatts, according to a report launched by the Energy Institute of Lahore University of Management Sciences (LUMS). The report, titled “Pakistan’s Electricity Outlook 2020-25”, critically…

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Pakistan and International Monetary Fund (IMF) will hold talks starting from February 3 for the second review under the US$6 billion Extended Fund Facility (EFF). This was confirmed by IMF Resident Representative Teresa Daban Sanchez here on Thursday. She said, “The IMF and Pakistani teams are already conducting preparatory work on the issues pertaining to the second review and the…

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ISLAMABAD: The Power Division will arrange open competitive bidding to raise Rs200 billion under Sukuk-II from banks or consortium of banks at lowest interest rate and the amount will be utilised for partial cash settlement of the circular debt that has risen to Rs1.7 trillion in toto, which is 4 percent of GDP of Pakistan. “Yes, we are going to…

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Pak Suzuki raises prices of Cultus variants KARACHI: Barely a month after it raised prices for some of its variants, Pak Suzuki Motor Company Limited has now hiked the price tag for its Cultus variants following some technological improvements. According to a notice sent by the company to its dealers on Thursday, the Japanese car assembler increased the price of Cultus…

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ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has recommended to increase the prices of diesel and Light Diesel Oil (LDO) by Rs2.47 and Rs1.1 a litre respectively for February. However, it recommended a reduction of Re0.06 and Re0.66 a litre in the prices of petrol and kerosene respectively. Interestingly, the Brent Oil price on the international market has reduced…

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KARACHI: The total liquid foreign exchange reserves of the country rose to $18.362 billion from $18.271 billion during the week ended January 24, the central bank reported on Thursday. The foreign exchange reserves of the State Bank of Pakistan increased $184 million, or 1.56 percent to reach $11.915 billion, compared with $11.731 billion in the previous week, it added. The…

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Islamabad, January 30: Excelerate Energy L.P. (Excelerate) and Engro Elengy Terminal Ltd (EETL) have signed a Heads of Agreement (HOA) for the expansion of the EETL liquefied natural gas (LNG) import terminal located in Port Qasim, Pakistan. Under the agreement, Excelerate will exchange its existing floating storage and regasification unit (FSRU) Exquisite with a newbuild FSRU, Hull 2477, which is currently under construction at Daewoo Shipbuilding and…

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The global gas glut continues to grow worse, with LNG prices recently dropping to a 10-year low.close [x]PlayUnmuteLoaded: 100.00%Remaining Time -1:01Picture-in-PictureFullscreen LNG prices in Asia recently fell below $4/MMBtu, down 40 percent from a year earlier. Prices in NW Europe (TTF) are down by nearly 50 percent, and Europe has record-high inventories for this time of year. Mild weather in Asia, Europe and the…

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Nadeem Babar  will inaugurate  the conference IslamabadSpecial Assistant to Prime Minister on Petroleum Nadeem Babar will inaugurate a daylong conference on Liquefied Natural Gas (LNG) at a hotel in Islamabad on January 31st, 2020 (Friday) with special focus on countrywide gas shortfall amid severe spell of cold weather. The Energy Update, which has to its credit 10 editions of Power…

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Asian spot prices for liquefied natural gas (LNG) plummeted to multi-year lows this week, pressured by a lack of demand to consume abundant supplies. As milder-than-usual winter in both Asia and Europe is curbing demand, there were deals done below $4.00 per million British thermal units (mmBtu) this week, the lowest level in more than 10 years. The average LNG…

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