Oil prices reached seven-year highs on Friday as geopolitical tensions and a winter storm in the United States fuelled concerns over supply disruptions. Brent crude rose $1.29, or 1.4%, to $92.40 a barrel by 1100 GMT, having earlier touched its highest since October 2014 at $92.66. US West Texas Intermediate crude rose $1.36, or 1.5%, to $91.63 after also scaling…
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Power Division is to seek legal opinion from Law Ministry on Force Majeure notice issued by Afghan contractor working on CASA-1000 project since Taliban took over control of the country as World Bank is reluctant to take any position on this issue, well informed sources in Economic Affairs Division (EAD) told Business Recorder. The Central Asia-South Asia (CASA-1000) $1.2 billion project…
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Russia has agreed a 30-year contract to supply gas to China via a new pipeline and will settle the new gas sales in euros, bolstering an energy alliance with Beijing amid Moscow’s strained ties with the West over Ukraine and other issues. Gazprom , which has a monopoly on Russian gas exports by pipeline, agreed to supply Chinese state energy…
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The Prime Minister’s Office (PMO) released a statement citing the Prime Minister’s rejection of a proposal to increase petroleum prices by up to 14 rupees per litre effective 1 February — a proposal submitted by the Oil and Gas Regulatory Authority (Ogra) based on a rise in the international prices of oil but with taxes remaining the same as in…
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The Oil Companies Advisory Council (OCAC), which comprises more than two dozen oil refineries and marketing firms said, “Based on the critical condition of the industry and increasing trend in POL prices, we urge you to ensure that no further petroleum differential claim (PDC) is imposed on the industry as it will have an unmanageable impact on the cash flows…
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The West Texas Intermediate Crude Oil market has exploded to the upside during the trading week, as the $90 level has been overcome. We are a little overextended at this point in time, and I think that plenty of buyers will be willing to jump in and take advantage of any short-term pullback. The $85 level is going to be…
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Under the now-resumed International Monetary Fund (IMF) programme, Pakistan has committed to draft Personal Income Tax (PIT) legislation till the end of the ongoing month (February 2022) for slapping approximately Rs160 billion tax on the salaried class by jacking up tax rates and reducing the number of slabs, The News reported. This PIT will be announced in the budget for 2022-23 and…
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Prime Minister Imran Khan on Friday held meetings with a number of representatives of major Chinese companies, paving the way for billions of dollars worth of Chinese investment into the country. The prime minister arrived in Beijing on Thursday to attend the opening ceremony of the Winter Olympics and meet the Chinese leadership. As per the official handout, China Machinery…
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