Finance Minister Dr Abdul Hafeez Shaikh Monday informed the National Assembly that the debt-to-GDP ratio was expected to be 87 percent by end-fiscal year 2020-21, saying enough had been done to rationalise expenditures, broadening of tax base, and restructuring of the public sector enterprises. In a written reply, he said that the robust policy adopted by the government had resulted…
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Chairman of National Business Group and President of Pakistan Businessmen and Intellectuals Forum Mian Zahid Hussain has said that the power sector may crumble under the burden of defective planning and wrong contracts, and the business community hope that China will bail out Pakistan from this mess. He said the power sector was marching towards un-resolvable problems while Prime Minister…
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Oil and Gas Regulatory Authority (OGRA) on Monday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of March. According to the notification, the authority increased the locally produced LPG price by Rs 21.78 per cylinder of 11.8 kilograms. After the revised price, the cylinder would be sold in the open market at Rs1,884.92 during the current…
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After decades of shortfall, Pakistan is facing a new energy conundrum. We are producing a lot more energy than we need but without a distribution and grid system, we have no way to make use of this energy. I know some of you might have lost this one in the list of problems such as circular debt, IPP power contracts, and…
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rime Minister (PM) Imran Khan has rejected a summary of the Oil and Gas Regulatory Authority (OGRA) for increasing petroleum prices from about Rs6 to Rs7 per litre. The news was announced by Special Assistant to the Prime Minister (SAPM) on Political Communication, Dr Shahbaz Gill, in a tweet uploaded on Sunday. “OGRA proposed to increase the price of petroleum…
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Around 3 years ago the general view in the Pakistan electricity sector was that solar and wind power (together termed “variable renewable energy,” or VRE) should not be allowed to go above 5% of Pakistan’s installed capacity. This view was in part due to fears of the variability of solar and wind and their impact on the proper functioning of the grid,…
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The award of unutilised Liquefied Natural Gas (LNG) terminal capacity is currently in process, following which the private sector is likely to start the import of LNG in April or May. According to a senior official privy to petroleum sector developments, a similar trend of importing LNG through private firms may be seen in the future. At present, the official…
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The government is likely to introduce amendments to the Oil and Gas Regulatory Authority (Ogra) Ordinance 2002 in order to give representation to provinces in the regulatory body. Provinces have supported the amendments proposed by Sindh for giving them representation in the regulatory authority. Under the amendments, the government will also appoint a vice chairman from amongst Ogra members for one year from…
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Pakistan’s landmark, new deal with Qatar for liquefied natural gas at lower rates will save Islamabad a total of about $3 billion over the next 10 years, an adviser to the country’s prime minister said Monday.The agreement, signed last Friday, will save the state $317 million annually due to the reduced price of the gas compared to the 2015 agreement…
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The E&P sector’s production of crude oil and natural gas has been declining in recent years due to depleting reserves and discoveries smaller in size. E&P sector’s production flows in 2QFY21 continued to fall with around 6 and 4 percent fall in oil and gas production year-on-year, respectively. Crude oil production during 1HFY21 fell by around 6 percent year-on-year, while…
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