The U.S. became the world’s No. 1 exporter of liquefied natural gas for the first time ever last month, as deliveries surged to energy-starved Europe. Output from American facilities edged above Qatar in December after a jump in exports from the Sabine Pass and Freeport facilities, according to ship-tracking data compiled by Bloomberg. Cheniere Energy Inc. said last month that…
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Venezuela doubled its crude oil exports to reach an average of 619,000 barrels a day during December despite US sanctions, Bloomberg reported. The US has imposed sanctions prohibiting its citizens from doing business with the Venezuelan oil sector — a move which saw exports from the South American country hit a 77 year low in 2020. The recent increase in…
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The total petroleum and lubricant sales clocked-in at 1.51million tonnes in December 2021, depicting a decline of 6 per cent on a year-on-year basis, a research report by Arif Habib Limited showed. The decline in sales volume is attributable to lower Furnace Oil (FO) requirement amid slowdown in FO based power generation, as the sales declined 14 per cent on…
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Two Independent Power Producers (IPPs) namely, Attock Gen Ltd (AGL) and Sapphire Electric Company Ltd (SEL) have served payment notices to GoP, which, according to Managing Director, PPIB will have serious consequences for the CPPA-G besides having adverse effect on GoPs guarantee obligations, well informed sources in PPIB told Business Recorder. PPIB Managing Director in a letter to CEO CPPA-G has…
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Privatisation Commission (PC) has failed to find suitable Financial Advisers for the proposed transaction of power Distribution Companies (Discos) in one year, well informed sources in PC told Business Recorder. Sharing the details, sources said after approval of CCoP/ Cabinet for engaging Private Sector in management of Discos, the Expression of Interest (EoI) for hiring of Financial Advisory Consortium (FAC)…
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The newly elected President of the Federation of Pakistan Chambers of Commerce and Industry Irfan Iqbal Sheikh Tuesday urged the government and private sector to join hands for raising forest cover from 5 to 25 percent to meet the ever-growing needs of the furniture industry in the country. Talking to Mian Kashif Ashfaq, CEO of Pakistan Furniture Council (PFC) today…
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National Electric Power Regulatory Authority (Nepra) approved a fuel charge adjustment (FCA) of Rs.1.0751 per kWh for K-Electric (KE) for the month of October 2021, a notification said on Tuesday. NEPRA notified the FCA for KE that had applied for the adjustment, after a hearing held on Nov 30, 2021. The authority approved the FCA of Rs. 1.0751/kWh for Oct…
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Pak-Arab Refinery Limited (PARCO) has received Rs72,000 per tonne bid for export of its high sulfur fuel oil (HSFO) against the ex-refinery price of Rs86,000 per tonne, The News learnt on Tuesday. PARCO floated the tender for sale of its HSFO, which the company has started to store at Port Qasim for export purposes. It has stored 46,000 tonnes of…
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