Pakistan is reverting back to a five-day work week in an effort to reduce energy and fuel consumption as its energy crisis worsens in the very hot summer months. The new government of Pakistan—whose population is the fifth largest in the world after China, India, the United States, and Indonesia—introduced a six-day work week in April to increase productivity. But…
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The production of oil and gas dropped 2.5 percent and 3.7 percent respectively in the first eleven months of this fiscal year, The News learnt on Wednesday, mainly owing to eroding reserves and suspension of pumping at some fields for yearly overhaul According to the data obtained by The News, indigenous crude oil output fell to average 73,668 barrels per…
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The Public Accounts Committee (PAC) on Wednesday sought a report from the National Electric Power Regulatory Authority (Nepra) on agreements signed with independent power producers (IPPs). At a meeting held at the Parliament House, the PAC discussed audit paras related to authorities working under the administrative control of Cabinet Division. Briefing the committee, Nepra chairman Tauseef Farooqi said the country…
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While welcoming the steps the government announced on Wednesday to conserve energy, experts, however, think they are not enough and will only lessen the severity of the crisis, not solve it. They insist the country has perpetually suffered from an energy crisis and has vast experience of dealing with it. “It is time to dust off all those suggestions, implement…
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The biggest reshuffle of oil trade flows since the Arab oil embargo of the 1970s is underway—and things may never return to normal. The Russian invasion of Ukraine and the sanctions on Russian oil exports are changing global oil trade routes. Over the past nearly five decades, oil flowed more or less freely from any supplier to any customer in the world,…
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The term battery metals typically refers to lithium, nickel, and cobalt. The name stems from the fact that the three metals are frequently used in the production of all types of modern batteries. Since 2021, these metals have enjoyed a rather lengthy bull run. This has proved profitable for investors and provided some much-needed predictability for traders. However, if you…
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Rising costs and sanctions on Russia have lowered the profitability of oil exports for Kazakhstan’s state oil and gas firm KazMunayGas, which has been forced to accept discounts on its crude being carried via the Russian pipeline network. The CPC pipeline carries oil from Kazakhstan’s Tengiz oilfield to export infrastructure along the Black Sea coast. Most of the crude oil…
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Oil and Gas Regulatory Authority (OGRA) on Tuesday directed all Oil Marketing Companies (OMCs) to ensure adequate fuel stocks at their petrol pumps across the country aimed at avoiding any inconvenience to consumers. “There is no price increase in petroleum products. Moreover, the country has more than sufficient stocks available,” OGRA spokesman Imran Ghaznavi said in a brief press statement.…
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The National Electric Power Regulatory Authority (Nepra) has taken a landmark decision by granting the market operator licence to the Central Power Purchasing Agency (Guarantee) Limited (CPPA-G) in order to break the monopoly of power distribution companies. The idea of Competitive Trading Bilateral Contract Market (CTBCM) was floated around 30 years ago in 1992 to split the power sector for…
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K-Electric has requested the National Electric Power Regulatory Authority (Nepra) to increase power tariff by Rs4.86 per unit on account of fuel cost adjustment (FCA) for April 2022. In its petition, the private power utility pointed out that the major impact on the monthly FCA came from the increase in prices of furnace oil and the rise in cost of…
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