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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Pakistan’s petroleum group imports surged up 112.3 percent to $8.340 billion in the first five months of the current fiscal compared to $3.947 billion in the corresponding period of last fiscal. “The global price of petroleum products caused the massive surge in the import of petroleum groups, with increased quantity of these products also adding its share in it,” said…
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U.S. oil demand and inventories have offered support to oil prices in recent months and, volatility excluded, have continued to do so, with stocks below the five-year average for this time of the year. While oil prices have swung in recent weeks between as high as $85 in late October to below $70 in late November amid fears of Omicron…
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Attention of Authorized Dealers is drawn towards Para 27 of Chapter 14 of Foreign Exchange Manual in terms of which SBP notified the process of remittance for Petroleum Sector. 2. Based on representations received from various stakeholders, it has been decided to amend Para 27 of Chapter 14, as under: “27. Remittance for Petroleum Sector Operating under Petroleum Concession Agreement(s):Authorized…
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Electricity is the wheel that drives all facets of our daily lives such as production, consumption, communication, transportation and routine financial transactions. Despite its key role in powering the national economy, Pakistan’s electricity sector continues its struggle with significant challenges. Whether these manifest as costly energy production, overloaded infrastructure, high transmission and distribution losses, extraordinary load shedding, or mounting circular…
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The National Transmission and Dispatch Company Limited (NTDC) is expanding its infrastructure by constructing transmission lines and grid stations to meet the growing demand of electricity across the country expeditiously. In order to check the progress of the 500 kV substation Faisalabad West and 220 kV Lalian grid station, the Managing Director NTDC Engr. Manzoor Ahmad visited both sites of…
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