Three events occurred in the last week or so involving either Iran or Iraq separately, or both together, that put Russia back front and centre in the Middle East, to the detriment of the U.S. In order of timing, these events were: a series of meetings between Russia’s veteran foreign minister, Sergei Lavrov, and Iran’s senior political and military figures,…
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In order to strike a staff-level agreement with the International Monetary Fund (IMF), the government is considering slapping Rs10 per litre petroleum levy on POL However, there is no possibility of imposition of general sales tax (GST) on POL products from July 2022, and it will be kept at zero for the time being. In an interesting but well-thought-out strategy,…
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Minister of State (Petroleum Division), Ministry of Energy, Musadik Malik visited PSO’s Head Office here. Managing Director and CEO, Pakistan State Oil (PSO), Syed Taha welcomed the guest along with the company’s senior management.The minister was given an overview of the company’s financial and operational performance, milestones achieved and key challenges. The minister acknowledged PSO’s role in reshaping Pakistan’s energy…
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Sindh High Court on Monday dismissed a lawsuit filed by a former chief executive officer (CEO) of Hascol Petroleum, seeking injunction against proceedings of the Senate’s Standing Committee on Petroleum over allegations of corruption during his tenure at the company. Plaintiff Saleem Butt, former CEO of HASCOL, and others have challenged the allegations leveled by Pakistan Muslim League (N) Senator…
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Pakistan’s monthly fuel oil imports are set to hit a four-year high in June, Refinitiv data showed, as the country struggles to buy liquefied natural gas (LNG) for power generation amid a heatwave that is driving demand. The resurgence in residue fuel demand at power plants underscores the energy crisis faced by the South Asian country and slows its efforts…
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The Central Development Working Party (CDWP) has approved a 132KV transmission line from Jiwani to Gwadar. The CDWP meeting was convened under the chairmanship of Secretary Planning Syed Zafar Ali Shah, which approved 13 projects including the 132kV line for Gwadar, worth Rs34.8 billion. As per details, the project namely the Construction of 2nd Circuit Stringing of 132KV, transmission line…
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While finalising an unprecedented Rs7.90 per unit additional fuel cost adjustment (FCA) for distribution companies (Discos) for next month, the National Electric Power Regulatory Authority (Nepra) noted on Monday that Pakistan was left with no choice but to face loadshedding or generate electricity using expensive fuel oil. At a public hearing on a petition for a Rs7.96 per unit increase…
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The oil price rally has really cooled down over the past three weeks, with oil prices declining to levels last seen prior to Russia’s invasion of Ukraine. A massive increase in interest rates by the Fed, pandemic-related lockdowns in Shanghai, slowing U.S. oil demand growth, and a historic strategic petroleum reserve release have all contributed to the selloff. That said,…
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As European LNG buyers are snapping up cargoes from the United States in a race to replace Russian pipeline deliveries, America has become a major supplier to Europe, and its sales to China have dwindled to just a few cargoes shipped so far this year. Chinese imports of LNG from the U.S. plunged by 95% between February and April compared…
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Leaders of Group of Seven (G7) nations have discussed plans to cap the price of Russian oil in order to put the squeeze on Moscow, which is benefiting from soaring energy prices, and cut off its means of financing the invasion of Ukraine. The United States has suggested a price cap decided by consuming countries, a proposal that was discussed…
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