Moody’s Investor Service has upgraded its outlook for the global energy industry from “neutral” to “positive”, forecasting “record profit and free cash flow” for exploration and production companies in 2022, thanks to a combination of strong commodity prices and spending discipline. The ratings agency expects oil and gas supply constraints to keep prices high for twelve to eighteen months. Beyond…
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European Union countries will this week debate a possible deal to share out the costs of buying gas to fill storage and build a supply buffer ahead of next winter, according to a draft document seen by Reuters. EU countries are negotiating proposed rules that would require them to fill their gas storage to at least 90% of capacity by…
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Power Division and Board of Directors (BoD) of Central Power Generation Company Limited (CPGCL) are reportedly challenging each other’s stance on 747-MW Guddu Combined Cycle Plant damaged last year due to undoubted negligence, well informed sources told Business Recorder. The inquiries conducted so far are holding M/s GE and plant’s staff responsible for the damage of billions of rupees. Power Division…
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Liberalising of the power sector will prove to be a game-changer as it will do away with monopoly to encourage competition and reasonable tariffs, a top government official said on Tuesday. Tauseef Farooqi, chairman of the National Electric Power Regulatory Authority (Nepra) said the authority approved the detailed design and 18-month implementation plan of the competitive trading bilateral contract market…
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Ample inventory of petroleum products including diesel is available in the country, while cargoes are waiting off-port, industry officials said on Monday, advising against any panic-buying. “It’s mainly because of the fact that refineries are producing higher amounts of fuels, while OMCs (oil marketing companies) planning importing them to meet volume commitments on time, despite the limited availability in world…
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As the government weighs ceasing fuel subsidy to ensure the IMF loan, diesel, the main transport fuel, is nowhere to be found in smaller stations in Punjab courtesy hoarding, officials said, warning the crisis was not far from big cities. Sources in the oil sector said the hoarding of diesel has started in view of likely price hike in the…
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Pakistan has sought an increase in the size and duration of its $6 billion International Monetary Fund (IMF) programme, the country’s Finance Minister, Miftah Ismail, said on Monday. Ismail made the comments in a video statement following talks with the IMF in Washington. It came after the fund said Islamabad has agreed to roll back subsidies to the oil and…
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The country is facing electricity load-shedding of 5-8 hours in different areas/localities due to higher demand and lower generation due to shortage of fuel especially gas supply to power plants. On Monday at 2:36 pm, generation was recorded at 17976 MW against demand of over 21,000 MW, showing a substantial gap in demand and generation. Of this, 14536 MW was…
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The Kingdom of Saudi Arabia and the Islamic Republic of Pakistan have an exceptional relationship, rooted in the love between the two peoples, making it immune to changes in leadership. This bond has continued to strengthen over the past several decades in the political, security, economic and cultural spheres. It will be boosted further under the charismatic leadership of Mian…
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With oil prices still over $100 a barrel, one thing is certain. Oil companies are going to make big profits. But misconceptions abound about the connection between high oil prices and high profits. After years of observing the reactions of both the public and our political leaders, it seems like they believe something like the following fictional narrative. They can…
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