PESHAWAR – Pakistan’s US and France based real estate assets are at risk of confiscation as a United Kingdom court moves to enforce an arbitration tribunal decree that fined it US$5.9 billion for retracting a 28-year old gold exploration contract with foreign mining companies. This month, a British Virgin Islands’ court-ordered to establish a value on the Roosevelt Hotel in…
Read More
Dubai — The UAE’s juggling of energy transition and plans to eke out more profit from oil and gas projects has left it trying to secure a role in future crude demand scenarios while appeasing investors looking to combat climate change. As OPEC’s third largest producer, the UAE has commitments as a member of the alliance but it is also pursuing…
Read More
ISLAMABAD: Amid the impending LNG availability crisis in February, 2021 on account of backing out by UAE based LNG supplier (ENOC) of its commitment to provide an LNG vessel next month, the top management of Jamshoro Joint Venture Limited (JJVL) has asked the Petroleum Division (PD) to comply with the ECC decision by letting its LPG extraction plant resume operation.…
Read More
ISLAMABAD: After increasing POL prices twice this month, the government is now all set to explode the power tariff bomb on the masses in the current week, as Power Division has prepared a summary seeking the ECC approval for increase in the new base tariff by Rs1.90 per unit setting new base tariff at Rs15.25 per unit, well-placed sources at…
Read More
ISLAMABAD: The Central Development Working Party (CDWP) has approved two development projects at the cost of Rs3.82 billion. According to the sources, the CDWP also approved WAPDA as executive agency for Greater Karachi Water Supply Scheme (K-IV) project. They said that the Sindh government had this project but it could not execute it then the project was handed over to…
Read More
ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) determined weighted average re-gasified liquefied natural gas (RLNG) price of $8.7316 per mmbtu for the Sui Northern Gas Company (SNGPL) consumers and $8.4687 per mmbtu for the Sui Southern Gas Company (SSGC) consumers for January 2021. The regulator computed the prices of January based at 11 cargoes of LNG. The Pakistan State…
Read More
ISLAMABAD: Amid growing number of suppliers competing for pipeline and terminal capacity, the Cabinet Committee on Energy (CCoE) on Monday constituted a subcommittee to examine in detail the availability of pipeline capacity and how to allocate it for transportation of re-gasified liquefied natural gas (RLNG). Informed sources said the CCoE met briefly under the chairmanship of Minister for Planning and…
Read More
THE LNG spot prices have spiked to a multi-year high in recent weeks over the fuel’s rising demand in Asia as winter temperatures in Japan, China and Korea drop to below average levels. The surge in demand for the super-chilled fuel has also led to shortages of LNG cargo vessels, interrupting the supply chain and pushing freight rates to new…
Read More
Car assemblers have said that electric vehicles will remain out of the reach of people as these are 140% more expensive than conventional cars despite a recent reduction in taxes, urging the government to instead promote hybrid cars. In a briefing to the National Assembly Standing Committee on Finance on Monday, two big players also blamed the government’s taxation and…
Read More
ISLAMABAD: The Petroleum Division has strongly opposed the proposal of Maritime Affairs Division for allocating the existing capacity in gas pipeline to the upcoming two new liquefied natural gas (LNG) terminals at Port Qasim, Karachi, saying that they should “come online first”. “These new terminals are only on paper and no construction work has yet been initiated,” the Petroleum Division officials apprised…
Read More
