Month: May 2020

The number of operating oil and natural gas rigs fell to an all-time low – reflecting data going back 80 years – as the energy industry slashes output and spending to deal with the coronavirus-led crash in fuel demand. The rig count, an early indicator of future output, fell by 34 to a record low of 374 in the week…

Pakistan is expected to record a loss of over PKR628bn ($4bn) by the end of the current financial year, which is 30 June 2020, as a result of the adverse impact of the coronavirus pandemic on the economy, according to a report prepared by the sub-committee of the National Coordination Committee (NCC). The report “COVID-19: Preliminary Macroeconomic and Socioeconomic Assessment”…

PESHAWAR: Despite completion of 2.6megawatt Machai Hydel Power Project (MHPP) three and half years ago, the Khyber Pakhtunkhwa (KP) government has provided more than 13 million units of electricity to the national grid without receiving payment and striking agreement with the National Electric Power Regulatory Authority (NEPRA). The province is experiencing power cuts and facing severe financial constraints despite spending Rs683.50…

ISLAMABAD: The federal government is considering taking benefit of the decline in global oil prices by purchasing the oil in advance and in this regard the Ministry of Energy (MoE) has sought an approval of the cabinet’s Economic Coordination Committee (ECC). According to sources, owing to a decline in oil prices in the international market in the wake of the coronavirus…

Oil producers will be hoping for a third consecutive week of gains as more countries relax lockdowns intended to halt the coronavirus pandemic. Oil prices settled 5 per cent higher on Friday in their second consecutive week of gains as US producers cut production with the number of drilling rigs falling to a record low. The number of operating oil…

Diesel is short in availability in most areas of Pakistan today. Pakistan State Oil is the only company that has diesel stock. Sources revealed that diesel was being sold out as demands increased because of wheat harvesting and easing of lockdown measures. Several petroleum companies did not succeed in importing enough stocks. On the contrary, PSO is compelling retail outlets…

COVID-19 has brought us unprecedented health and economic challenges. It will test the resolve and resiliency of each Canadian and our nation. Crises have a way of unveiling truths, flaws and misconceptions in any society. Our immediate crisis is reinforcing the importance of family, community, health care and food security. But at the root of the current crisis, and fundamental…

Coronavirus infections are rising in Germany, official data shows, just days after the country eased its lockdown restrictions. According to the Robert Koch Institute (RKI), the reproduction rate – the estimated number of people a confirmed patient infects – is now above 1. This means the number of infections is now rising in the country. The report came as thousands…

The Aggregate Technical & Commercial (AT&C) losses of Pakistan’s power sectors soared to 29.7%, the highest in the region while other countries fared much better, according to the K-Electric Investor Presentation 2020, a copy of which is available with The Express Tribune. This regional comparison revealed Sri Lanka had the lowest AT&C losses of 10%, followed by Turkey 14.8%, Bangladesh…