Delegates from OPEC+ are trying to decide what to do when the oil production pact ends in August, Bloomberg reported on Friday. The pact is faced with numerous uncertainties and difficult situations—not the least of which is its relationship with one of the top members of the group—Russia. Saudi Arabia has stressed that Russia is an integral part of OPEC+…
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Asian spot liquefied natural gas (LNG) prices jumped this week, tracking a rise in European gas prices, on further market tightening as an extended shutdown at a U.S. export plant prompted buying by Japan and South Korea. The average LNG price for August delivery into north-east Asia was estimated at $36.50 per million British thermal units (mmBtu), up $13.00 or…
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ISLAMABAD,June 18(Gwadar Pro) – National Electric Power Regulatory Authority (NEPRA) has approved the final selling price for 660 megawatts Thar coal-based Engro Thar Powergen Ltd. (ETPL), the regulator said. ETPL is an early-harvest indigenous-coal based power project under China-Pakistan Economic Corridor (CPEC), and the first ever Thar coal-based power plant, which started commercial operation on July 10,2019. Engro Group owns…
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The Petroleum Division (PD) on Thursday said petrol price in the international market had witnessed a sharp increase during the current year, but Pakistan maintained it at the lowest level despite financial constraints for facilitation of the masses. Currently, the PD in a tweet said, more than three-quarter countries of the world were selling the commodity at the higher rate…
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The tariff may be passed in three phases, Rs3.5/unit in July, Rs3.5/unit in August and remaining Rs 0.91/unit may be passed on to the consumers in the month of October 2022. The federal government has decided to pass on Rs7.91 per unit determined by Nepra in three phases, along with Rs0.20 per unit hike on account of subsidy rationalization phase-II,…
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The Sindh government Friday notified closure of markets across the province at 9pm in order to save electricity, as the country faces constant power outages causing immense inconvenience to the people due to the rising temperatures. The measure, which will remain in effect till July 16, is in response to the power outages and load shedding and seeks to reduce…
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Administrator Karachi Barrister Murtaza Wahab on Friday said that environmentalists agree that plastic bags are a major cause of environmental pollution. “Citizens should discourage the use of plastic bags. The ban on plastic bags has been in place since June 15. I would like to ask the citizens to support the law enforcement agencies and KMC in this regard,” the…
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The Sui Northern Gas Pipelines Ltd (SNGPL) on Friday said it would connect new gas fields, discovered near North Waziristan and Lakki Marwat areas of Khyber Pakhtunkhwa, to the system within the next fiscal year, which would help fill demand-supply gap. The Board of Directors of SNGPL in their meeting, dated June 16, 2022, approved the project to lay a…
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But rather than simply replacing one form of gas with another -the shift to imported LNG- undermines the country’s energy security and financial stability,” Institute of Energy Economics & Financial Analysis (IEEFA)’s latest report on Pakistan finds. IEEFA estimates that Pakistan’s LNG imports could rise to more than $32 billion by FY2030, up from nearly $2.6 billion in FY2021, according…
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In its largest hike since 1994, the Federal Reserve raised rates by three-quarters of a percentage point, or 75 basis points, with oil prices responding by drawing down just under 1%. Wall Street had largely anticipated a 75-basis point hike, and oil prices were down 1% on Wednesday, ahead of the Fed meeting, regaining some ground by the time of…
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