While US cash markets are closed today, the rest of the world – as well as US futures – are busy levitating amid renewed optimism that China has finally managed to contain its latest Covid breakdown after Beijing said the outbreak is now under control and the country eased more virus curbs. The upside momentum was also boosted by the…
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Russia’s finance chief said Moscow is planning a new system for making foreign bond payments similar to the rubles-for-gas scheme in an effort to prevent a historic sovereign default after Washington ended a key sanctions exemption that raised Russia’s chances of defaulting on its debt. Anton Siluanov, Russia’s finance minister, was cited by Vedomosti on May 30 as saying that…
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National Accountability Bureau (NAB) has initiated action in a case against appointment of Chairman Board of National Transmission and Despatch Company (NTDC) Naveed Ismail, well informed sources told Business Recorder. NAB Karachi, sources said, has written a letter to Power Division in connection with a complaint being processed by the Bureau, requesting to provide a copy of Naveed Ismail’s personal file…
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Khurram Dastgir Khan, Federal Minister for Energy, visited NESPAK House, Lahore, on Monday to have an overview of the working of the company. Dr. Tahir Masood, Managing Director NESPAK, welcomed the Minister and gave him a detailed corporate presentation highlighting the objectives of the creation of NESPAK, its scope of services and achievements. The basic objectives of NESPAK’s creation were…
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Several legal disputes in the exploration and production (E&P) sector of Pakistan have caused delay in injecting 250 million cubic feet per day (mmcfd) of cheaper gas into the national network, industry officials say. Currently, there are around 62 cases between various companies and the government. The litigation in energy sector has also discouraged the inflow of new investment as…
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Prime Minister Shehbaz Sharif ordered on Monday to immediately disburse Rs50 billion to the Chinese power producers to save them from default and also open a revolving fund to protect them from the circular debt in future. The premier gave the instructions during a meeting with Chinese investors who for the past few years had been trying to secure their…
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With the gas sector’s circular debt at Rs1.5 trillion, the Petroleum Division on Monday said the gas companies would go bankrupt without a hike in gas tariff that was now inevitable in view of the amended Oil and Gas Regulatory Act. Minister of State for Petroleum Musadik Malik and Secretary Ali Reza Bhutta while testifying before the Senate Standing Committee…
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The government has to pay Rs41.11 and Rs53.14 per litre subsidy on petrol and diesel respectively in the next fortnight (June 01 to 15, 2022) if prices are not raised, The News learnt on Monday. The cost of subsidy is figured to remain unsustainably huge despite a recent partial rollback as world oil markets are again picking up amid geopolitical…
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In December 2016, OPEC, Russia, and several other non-OPEC producers sealed a historic deal. For the first time in 15 years, there would be oil production cuts. At the time, RBC’s Helima Croft said Saudi’s oil minister Khalid al-Falih had “something of Mario Draghi’s ‘whatever it takes’ moment.” Seven years on, OPEC and Russia are still controlling the market. But…
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Ambassadors from the 27 European Union member states will on Sunday examine a compromise that could enable them to break the deadlock on a sixth round of economic sanctions against Russia, including a landmark halt to Russian oil imports, EU sources told AFP. The latest round of proposed sanctions has been blocked by landlocked Hungary, which has no access to…
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