Under one 20-year deal, CNOOC Gas & Power Group will take 2 million mt/year of LNG on a free-on-board basis from Venture Global’s proposed Plaquemines LNG facility that is planned to be built south of New Orleans. Under a second deal, which will last for a shorter duration that the companies did not disclose, state-owned CNOOC, or China National Offshore…
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The Multan Chamber of Commerce and Industry has expressed serious concerns over discontinuation of gas supply to the industrial sector particularly to textile sector and demanded the government exempt the textile industry from gas loadshedding. The MCCI has urged the Prime Minister Imran Khan to intervene immediately to ensure supply of electricity and gas to textile mills and warned that…
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The International Monetary Fund (IMF) as well as other multilaterals has come under considerable criticism in recent months with respect to their harsh upfront monetary and fiscal policy conditions that have eroded Pakistan’s growth rate, raised unemployment levels, fuelled inflation through administered pricing of utilities and has contributed to a sustained erosion of the rupee against the dollar. Two observations…
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The Islamic Development Bank (IDB) has approved $252 million loans to Pakistan for two projects — the construction of Mohmand Dam in Khyber Pakhtunkhwa and for anti-Covid vaccine support in the country. The approval from the bank’s board of directors was conveyed by IDB President Dr Muhammad Sulaiman Al-Jasser to Minister for Economic Affairs Omar Ayub Khan at a meeting…
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The cost of generating electricity has increased close to 85% in just one year, going up to Rs6.32 kWh in November 2021 compared to Rs3.42 kWh during the same month last year. The increase in cost has come mainly due to a rise in cost of furnace oil, coal and Regasified Liquefied Natural Gas (RLNG), according to a note by…
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Pakistan is teetering towards an energy-cum-economic crisis as natural gas supplies dry up, export-oriented factories that use the fuel close down and households that rely on it for heat and cooking are left in the cold. Critics blame short-sighted government policymaking as textile producers, the backbone of the export industry, warn of an indefinite shutdown from next month due to…
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Pakistan and Russia have reportedly agreed to develop bilateral financial infrastructure through their central banks aimed at facilitating trade, investment activities, etc., well informed sources told Business Recorder. This consensus was evolved at the 7th Session of Pak-Russia Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation held recently in Yekaterinburg city of the Russian Federation. Pakistani side was led by…
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Turkey’s lira gained more steam and was up 7% on Tuesday following a historic 25% recovery from record lows, after President Tayyip Erdogan unveiled a plan he said would guarantee local currency deposits against market fluctuations. The currency dipped then strengthened in volatile trade to 12.21 versus the dollar at 0559 GMT, from a close of 13.15. In a late…
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Energy Minister Hammad Azhar said on Monday the “expensive agreements and the installation of unnecessary power houses” during the Pakistan Muslim League-Nawaz (PML-N) government from 2013 to 2018 ruined the energy sector. The minister said in a video statement the rent of the expensive powerhouses, installed by the past government, increased by Rs100-300 billion annually, and ultimately the consumers had…
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Federal Information Minister Fawad Chaudhry in a recent presser hinted at deregulation of gas sector. This regime is showing intention to reduce its footprint in gas sector since the start. Nothing of the sort has been implemented to-date. Although there are developments on private sector lead terminals, the government is yet to cover the last mile. It cannot afford to…
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