The sales of petroleum oil products in Pakistan hit two-year high level of 1.7 million tons in October with high speed diesel (HSD) leading the rally from the front. The overall sales increased 11% to 1.7 million tons in October compared to 1.52 million tons in September. The growth in the sales may be attributed to revival of economic activities…
Read MoreMonth: November 2020
Texas Oil Industry May Have Left The Worst Of The Downturn Behind
Although the Texas upstream oil and gas industry remained in contraction in the third quarter, signs have emerged in employment and rig counts that the sector may have already seen the worst of the downturn and could be headed to recovery, the Texas Alliance of Energy Producers said in its latest Texas Petro Index (TPI) this week. The exploration and production activity…
Read MoreECC forms panel to settle debt
ISLAMABAD: The federal government on Wednesday formed yet another committee to settle Rs1.6 trillion circular debt after the Petroleum Division warned that power and gas supplies across the country may be disrupted due to near bankruptcy situation of companies. The Economic Coordination Committee (ECC) of the cabinet, which decided to constitute the committee, also allowed the reduction of Rs1.5 billion…
Read MoreRelief in power tariff to large industry: SMEs to be financed through Covid-19 Fund
ISLAMABAD: The industrial package with discount in power tariff by 25-50 percent announced here on Tuesday by Prime Minister Imran Khan will be financed from the Covid-19 Fund. The electric power tariff on incremental consumption of electricity by large scale manufacturing industry has been reduced by 25 percent and 50 percent for medium enterprises (SMEs) from November 1, 2020. More…
Read MoreIATA: Demand for international travel continued to decline by 88.8% in September
In its latest analysis of air traffic, the union said that domestic demand decreased in September by 43.3% compared to the previous year, an improvement from a 50.7% decline in August compared to 2019, capacity decreased by 33.3% and load factor decreased by 12.4 percentage points to 69.9%. In turn, IATA Director General and CEO Alexander de Juniac said that…
Read MoreSteel manufacturers laud PM for relief in power tariff for industries
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…
Read MoreRedesigning power sector
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…
Read MorePHMA welcomes cut in power tariff for small and medium enterprises
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,…
Read MoreVenezuela’s Oil Industry Is On Its Last Legs
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…
Read MoreChina Looks To Boost Oil Exploration, Expand Oil & Gas Storage
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…
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