ISLAMABAD: The Auditor General of Pakistan has identified 447 cases of embezzlement, misappropriation, fraud, financial irregularities and violation of laws in entities of water and power sectors involving over Rs 4 trillion during the financial year 2019-20 – the first year of PTI government. According to the AGP report tabled in the National Assembly, 318 cases were identified in the…
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ISLAMABAD: Experts have praised the government’s move to promote the use of liquefied natural gas (LNG) in vehicles in place of compressed natural gas (CNG). In a statement on Saturday, Pakistan Economy Watch Chairman Aslam Khan said as per plan, the conversion of CNG stations into RLNG was in progress and the filling stations would not get natural gas in…
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ISLAMABAD: Pakistan Economy Watch (PEW) Chairman Brigadier (r) Aslam Khan on Saturday lauded the move of the government to promote the use of regasified liquefied natural gas (RLNG) in vehicles in place of compressed natural gas (CNG), saying that the move will reduce the oil import bill by almost 20 per cent. As per the plan, conversion of CNG stations to…
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Gunvor Singapore has offered the lowest bid for the delivery of one cargo of liquefied natural gas (LNG) to Pakistan in November at 13.8699% slope of Brent, an official said. The delivery window for the cargo – 140,000 cubic metres and with an energy content 3,200,000 MMBTU – is November 15 to 16, the bid document showed. Only two bidders…
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ISLAMABAD: The country is likely to face acute shortage of gas in winter as the State Owned Entities (SOEs) are reluctant to import LNG in accordance with government policy. In July 2019, the Economic Coordination Committee (ECC) had allowed private sector to import LNG through excess terminal capacity under third party access mechanism. However, even after the passage of more…
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SLAMABAD-The Sui Southern Gas Company (SSGC), which is mainly responsible for supplying gas in Sindh and Balochistan provinces, has evolved an effective strategy of injecting additional RLNG in its transmission network to meet the increased commodity demand during the upcoming peak winter season. “This year, around 160 MMCFD (Million Cubic Feet per Day) gas is expected to be short supplied…
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ISLAMABAD: Circular debt has haunted every government and same is the case with the current Pakistan Tehreek-e-Insaf (PTI) administration. It has made efforts to control losses and improve bill recoveries. Still, the debt has continued to surge and it now exceeds Rs2 trillion. Faulty agreements with the independent power producers (IPPs) are mainly blamed for the hike in electricity prices.…
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LONDON: prices fell on Thursday as new restrictions to stem a surge in Covid-19 infections increased uncertainty over the outlook for economic growth and a recovery in fuel demand. Brent crude LCOc1 futures dropped $1.39, or 3.2%, to $41.93 a barrel by 1247 GMT, while US West Texas Intermediate (WTI) crude CLc1 futures were down $1.41, or 3.4%, to $39.63.…
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Company responses to the coronavirus pandemic may have contributed to deteriorating safety at Norway’s oil and gas infrastructure, which has seen 50 serious incidents so far this year—double that from the same time last year and four times higher than in 2018, the Petroleum Safety Authority Norway (PSA) said on Wednesday. The regulator is concerned about the alarmingly high number…
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Riyadh: Global demand for crude could recover to pre-coronavirus levels by 2022, Saudi Aramco said Tuesday, as the International Energy Agency projected it could take at least a year longer. “The worst is definitely behind us” in the oil market, Aramco’s chief executive Amin Nasser told the Energy Intelligence group. The ETEnergyworld Energy Transition Summit aims to provide a one-of-its-kind…
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