Finance Minister Miftah Ismail has said abolishing the subsidies on petroleum products till July was imperative to prevent the country from going bankrupt, hinting at another increase in the prices of fuel that whizzed past records earlier this month. Speaking to a private television channel, the finance minister said the International Monetary Fund (IMF) has asked the government to withdraw…
Read More
Director General, Asian Development Bank (ADB), Eugene Zhukov here on Monday apprised the Federal Minister for Finance and Revenue, Miftah Ismail about the Country Partnership Strategy for Pakistan 2021-25, which is aligned with the government’s development vision. He was talking to finance minister during a meeting, which among others were also attended by Country Director ADB, Yong Ye, Secretary Finance,…
Read More
China said this weekend it had recently set two world records in deep-sea energy exploration with its domestically developed technology as the world’s largest crude oil importer looks to boost its energy security by developing resources at home. China National Petroleum Corporation (CNPC) said on Saturday that it had set two world records in “sea land directional drilling crossing” and…
Read More
How much will it cost to wean Indonesia off coal? This is a pressing question for world leaders and climate policy-makers around the world in the lead-up to this year’s COP27 climate summit, set to take place in Sharm el-Sheikh, Egypt this November. Just before the summit, in which the world’s premier politicians, scientists, policymakers, and industry leaders convene to…
Read More
Europe’s campaign to quit Russian fuel is designed to punish Moscow for its invasion of Ukraine. It’s also wreaking havoc thousands of miles away from the conflict, plunging Pakistan into darkness, undermining one regime and threatening the stability of the country’s new leadership. A decade ago, the world’s fifth-most populous country took specific steps to insulate itself from the kinds…
Read More
he South American country of Guyana is undergoing rapid development as a result of a string of offshore oil discoveries by ExxonMobil, NYSE:XOM). Announcements by the company since 2017 have added more than 8 bn barrels of reserves, spread over 18 discoveries in the deep waters of that country. Thus far one FPSO has been ordered to serve the Liza…
Read More
For years now, we have seen a growing divide between oil supermajors in Europe and the United States, as Big Oil has split into two factions on opposite sides of the Atlantic over what to do in response to climate change and increasing global calls for decarbonization. As climate activists grow louder and policymakers ramp up the pressure on the fossil fuels…
Read More
The U.S. is discussing with its European allies a price cap on Russian oil. The goal is to keep Russian oil flowing into international markets but curb budget revenues from it to discourage Russia from continuing the war in Ukraine. Theoretically. The situation is not dissimilar to wanting to eat your cake and have it, too. On the one hand,…
Read More
K-Electric (KE) has sought immediate payment of Rs 25 billion from the federal government to clear outstanding amount of SSGC as the latter has threatened to encash bank guarantee of Rs 6 billion provided by former as security deposit in addition to immediately reducing gas supplies by 10 MMCFD on daily basis, which may increase load-shedding. This was the crux…
Read More
Pakistan will seek a deferred payment plan for liquefied natural gas bought under long term deals with Qatar, Finance Minister Miftah Ismail said on Saturday, as country faces a balance of payments crisis and falling foreign exchange reserves. “We’ve talked about a deferred payment plan … or at least I’ve requested this … and (Pakistan’s) petroleum minister is doing negotiations…
Read More
