LONDON: Oil prices fell on Thursday on demand concerns driven by cautious views from OPEC+ producers and the US Federal Reserve regarding economic recovery from the coronavirus pandemic. Brent crude LCOc1 was down $0.48, or 1%, at $44.89 a barrel at 0933 GMT and US West Texas Intermediate (WTI) CLc1 fell $0.34, or 0.8%, at $42.59 a barrel. “The surge…
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KARACHI: Mari Petroleum Company Limited’s profit surged 25% to Rs30.31 billion in the year ended June 30, 2020 due to notable depreciation of rupee against the US dollar, higher sales and surge in finance income. The oil and gas exploration firm had booked a profit of Rs24.32 billion in the preceding year ended June 30, 2019, the company said in…
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ISLAMABAD: The Water and Power Regulatory Authority (Wadpa) has sought about 150 per cent increase in its revenue requirement for the current fiscal year by raising bulk power tariff by about 30pc. In a tariff petition filed before the National Electric Power Regulatory Authority (Nepra), Wapda has demanded that its total annual revenue requirement for 2020-21 be increased to Rs177.5bn,…
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KARACHI: Welcoming the agreement between the government and independent power producers (IPPs) for lowering generation costs, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Anjum Nisar on Thursday also called for forensic audit of these firms to save industries. He further sought impeachment of those who were responsible without any discrimination in the larger national interest. While…
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ISLAMABAD: Leading political parties on Thursday vowed to ensure a conducive political environment and favourable public opinion for the progress and development of the China-Pakistan Economic Corridor (CPEC), besides shielding it from threats. The political parties at the conclusion of the Second Conference of the China-Pakistan Economic Corridor (CPEC) Political Parties Joint Consultation Mechanism (JCM), through a joint statement, denounced…
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An intensifying dispute in the Eastern Mediterranean over oil and gas exploration rights at sea has seen tensions flare between Turkey and Greece, with one regional expert describing the situation as the “most dangerous” in years. Turkey and Greece, both members of NATO, are at loggerheads over competing claims to energy reserves in contested Eastern Mediterranean waters. The countries and…
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ISLAMABAD: Karachi Electric (KE) has decided to make a public appeal to the federal government for clearance of its pending dues immediately and adjustment in its tariff, well-informed sources told Business Recorder. Karachi’s power tariff is Rs 2.89/unit less than the rest of the country and must be brought in line with the prevalent Uniform Tariff Policy across Pakistan. The sources said K-Electric will…
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KARACHI — As tensions grow between China and Australia, the superpower’s main coal supplier, work is being stepped up in Pakistan’s largest coalfield on a project conceived to feed local power plants, but which some experts believe might provide Beijing with an option for an alternative source of coal. After months of delay due to the COVID-19 pandemic, some 500 employees of Shanghai…
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ISLAMABAD: The Central Development Working Party (CDWP) on Wednesday deferred approval of Rs132 billion plan for power evacuation from the Dasu hydropower project after a cost overrun of almost 46 per cent, but cleared four other development schemes having a total estimated cost of about Rs126bn. The meeting of the CDWP was presided over by the Planning Commission’s deputy chairman,…
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The writer is a former member of the Energy Planning Commission and author of ‘Pakistan’s Energy Issues: Success and Challenges’. Recently an agreement has been signed between a section of IPPs and the government towards resolving the undue and high cost of generation charged by the IPPs. Two separate agreements have been made, one with Wind IPPs and the other…
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