The receivables and payable of Pakistan State Oil (PSO) have reached Rs508.3 billion as several clients failed to pay their bills for fuel supplies. In first nine months of the financial year 2021-22, the receivable and payable of PSO increased by Rs151.3 billion or 42 percent, according to documents available with Business Recorder. The PSO mainly supplies oil to different…
Read More
In a new development, the government has moved the London Court of International Arbitration (LCIA) against the defaults of LNG term cargoes by two LNG trading companies — Gunvor and ENI, reveal official documents available with The News. “On account of 10 defaults, seven by Gunvor and three by ENI, Pakistan had to purchase some spot LNG vessels from international…
Read More
A nuclear power unit in Pakistan using China’s Hualong One reactor started commercial operations on Monday, according to the China National Nuclear Corporation (CNNC). The K3 unit of the Karachi Nuclear Power Plant (or KANUPP) is the fourth nuclear power unit in the world to use the Hualong One reactor, China’s self-developed third-generation reactor. Similar to the K2 unit that…
Read More
The cost of generating electricity has increased by 66.2% in just one year, going up to Rs9.22 kWh in March 2022 compared to Rs5.55 kWh during the same month last year. “On YoY basis, the rise in fuel cost is witnessed mainly due to rise in coal, furnace oil, re-gasified liquefied natural gas (RLNG), nuclear and gas based cost of…
Read More
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said the government will have to swallow the bitter pill of increasing the price of petroleum products in the national interest. The previous government had reduced the price of oil and electricity to trap…
Read More
In a message on Twitter, he said: “Wheat and sugar which we were used to export now we are compelled to import. There is historic decline in the value of rupee and historic decline in foreign exchange reserves. Asad Umar is saying that economy is good. There is a limit of false statements,” he added. تاریخ کا سب سے زیادہ…
Read More
June 2016 is marked with the government’s holistic decision to transfer Heavy Mechanical Complex (HMC), the giant industrial unit, to the Strategic Plans Division (SPD), and the beginning of a new era for reviving the company’s past glory. As a result of long and unsuccessful privatisation process, HMC had reached a critical stage of gradual denudation of its recognised strengths…
Read More
Libya’s National Oil Corporation announced on Sunday the closure of production at a major oil field in the country’s south, declaring a “force majeure”. “On Saturday… the Al-Fil field was subjected to arbitrary closure attempts, due to the entry of a group of individuals and the prevention of the field’s workers from continuing production,” the NOC said on Facebook. It…
Read More
This week saw some good news finally for oil consumers. Both OPEC and the International Energy Agency revised down their demand projections, suggesting that prices finally had some meaningful downward potential. But OPEC stands ready to change track. “Severe new lockdown measures amid surging Covid cases in China have led to a downward revision in our expectations for global oil demand…
Read More
By the time this article is printed, most likely a new finance minister would be holding the office with probably the most difficult job in Pakistan at this point in time. The most important milestone for the new finance minister would be the budget for 2022-23. With quite sketchy economic health, rising international and public debt, souring relations with the…
Read More
