Pakistan and the Asian Development Bank (ADB) will sign six financing loan agreements worth $1.535 billion on Wednesday (today), it is learnt. Official sources revealed to Business Recorder that Minister for Economic Affairs Omar Ayub Khan will witness the loan-signing ceremony. Documents revealed that the Economic Affairs Division (EAD) and the ADB will sign loan agreement worth $600 million for…
Read MoreDay: December 22, 2021
SECMC hits 10 million tonnes production milestone
The record production over the last 2.5 years has resulted in the generation of over 10,000GWhs of electricity, contributing to the national grid. Besides, the company’s record production of coal and generation of electricity using Thar’s local reserves has benefitted the national economy by saving $210 million through import substitution during the same period. SECMC has maintained a stellar safety…
Read MoreIran Can’t Afford to Delay a Deal
To appreciate the significance of a nuclear deal revival for Iran, one need only cast a cursory glance at the grave economic, foreign-policy, security, and environmental crises plaguing the country today. Without a functioning deal that keeps U.S. sanctions lifted, if only for a few years, no Iranian government can hope to adequately respond to most—if not all—of these challenges.…
Read MoreCPPA-G CEO’s post: Rihan Akhtar given ‘look after’ charge
Power Division has assigned look after charge of CEO, CPPA-G to Chief Financial Officer (CFO) Rihan Akhtar, till the joining of acting CEO, who is on medical leave. The Central Power Purchasing Agency (Guarantee) Limited is a Public Sector Company, working under the administrative control of the Division and registered as the Market Operator in terms of rule 5 of…
Read MoreFDI — Maintaining Status Quo
Amid continued promises and claims for good omen, foreign direct investment landscape in Pakistan has been lackluster. While net FDI in 5MFY22 has increased by 12 percent year-on-year, the total tally of around $800 million is trivial. Total FDI inflows in 5MFY22 as per SBP’s recent data is actually down by over 9 percent year-on-year. Though FDI in Nov-21 turned…
Read MoreJanuary Natural Gas Futures Find Further Traction, Climb a Second Day on LNG Strength
Natural gas prices see-sawed Tuesday as traders weighed modest near-term domestic heating needs against an anticipated freeze early next month and surging demand for U.S. liquefied natural gas (LNG). Ultimately, the latter factors carried the day, and the January Nymex gas futures contract advanced 3.5 cents and settled at $3.869. February gained 1.6 cents to $3.774. At A Glance: U.S.…
Read MoreKarachi Facing Acute Gas Shortage
The Ministry of Energy has said that Karachi is facing acute shortage of gas as the freezing cold in Quetta in the current winter season requires an increase in gas supply. A ministry representative made the remarks when the Standing Committee on Energy (Petroleum Division) asked about the worsening gas shortage and increase in petroleum product prices in the country.…
Read MoreGas Shortage Pushes up Demand for Instant, Hybrid Geysers
People need warm water especially for their morning baths, but the country has long depended on gas geysers, which have been rendered almost useless amid a worsening gas shortage. Since a total shift to electric geysers may prove too expensive, many consumers have shown keen interest in hybrid gas-electric geysers as well as small instant geysers. The hybrid geysers have…
Read MoreNatural gas prices hit fresh record peaks
European and UK gas prices rocketed on Tuesday to all-time highs on strong winter demand and simmering geopolitical tensions between key supplier Russia and consumer nations. Europe’s reference Dutch TTF gas price jumped nearly 20 percent from Monday to hit 175.00 euros per megawatt hour in early afternoon trading. Meanwhile, UK prices leapt to 4.35 pounds per therm. Both markets…
Read MoreSuspension of gas supply: Discos witness 800MW increase in industrial demand
The distribution companies (Discos) have witnessed an increase in demand of 800 megawatt by the industrial consumers with suspension of gas supply by the government, said reliable sources. They said this rise in demand has occurred at the outset of the current week against the previous one, when the ministry of petroleum had suspended gas supply to the industrial units.…
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