Day: November 5, 2020

Steel manufacturers laud PM for relief in power tariff for industries

Admin

LAHORE: The Pakistan Association of Large Steel Producers (PALSP) on Wednesday welcomed the Pakistan Tehreek-e-Insaf (PTI) government’s step to reduce power tariffs for Small & Medium Enterprises (SMEs) and industries. In a letter written to Prime Minister Imran Khan, PALSP Secretary General Syed Wajid Iqbal Bukhari said the government’s decision “is an unprecedented step towards improving the country’s economy and reducing inflation”.  Bukhari, however, added that there were still two major concerns that needed to be addressed and fine-tuned for the betterment of the economy.  He said that the classification of…

Read More

Redesigning power sector

Admin

The tariff regime of public utilities has completely unnerved the people of Pakistan and despite a stupendous increase in utility bills, it appears that further increases are expected. If such a thing happens then the majority of the people will completely lose their ability to pay. The situation is critical as IMF is breathing down the neck and is insisting on further increase in tariffs. The choice is hazardous as the political dispensation is already pushed far enough and may not be able to withstand another wave of inflation that…

Read More

PHMA welcomes cut in power tariff for small and medium enterprises

Admin

The Pakistan Hosiery Manufacturers and Exporters Association has welcomed the cut in power tariff for small and medium enterprises and the omitting of peak-hour charges to encourage manufacturing. They added that the three-year relief package will boost the exports and enhance the competitiveness of the local industry. Zonal chairman of PHMA, Faisal Mehboob Sheikh, and its chief coordinator, Adil Butt, observed that the Industrial Energy Package announced by the prime minister would boost productivity, lower costs and generate employment. “Elimination of peak hours from electricity tariff of all industries, 50…

Read More

Venezuela’s Oil Industry Is On Its Last Legs

Admin

Last week was devastating for Venezuela, its people and nearly collapsed oil industry. Oil production since the start of 2020 has fallen catastrophically to multi-decade lows, the extremely fragile economy continues to contract and poorly maintained infrastructure keeps failing. Washington is turning the screws on Maduro’s regime, imposing ever tighter sanctions aimed at isolating Caracas from economically crucial global energy and financial markets. The near implosion of Venezuela’s oil industry is evident from crude oil inventories rising at a savage clip. According to Bloomberg, for the three weeks from the…

Read More

China Looks To Boost Oil Exploration, Expand Oil & Gas Storage

Admin

China plans to further increase oil and gas exploration and accelerate the construction of more oil and gas storage infrastructure, state news agency Xinhua reported on Tuesday. Last week, China’s Communist Party adopted the principles of the five-year development plan 2021-2025. China will also aim to build more oil and gas pipelines, according to its authorities. China has been looking to increase its energy security in recent years, including by increasing domestic oil and gas production and expanding its storage facilities. Over the past decade, China’s oil production has been…

Read More