German is acquiring liquefied natural gas (LNG) terminals as part of its efforts to diversify away from Russian gas. It leased four floating storage and regasification units (FSRUs) in May capable of importing at least 5 billion cubic metres (bcm) of seaborne gas per year, two of them due to become available this year. Wilhelmshaven will become the first LNG…
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Refining margins for 180-cst high sulphur fuel oil remained weak on Friday despite an uptick in cash differentials over recent trading sessions. The front-month crack was at a discount of $20.60 per barrel at the Asia close (0830 GMT) on Friday, declining further compared to an average discount of $16.59 per barrel over last month, based on Refinitiv data. Fuel…
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Capping the price of Russian oil, an approach G7 members said Friday they want to pursue “urgently,” would be an unprecedented move and one which some analysts say could backfire. Russian oil would be purchased at a discount from prevailing market prices, to limit Moscow’s profits as it prosecutes its war against Ukraine; but it would keep the price above…
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On the directions of Prime Minister Shehbaz Sharif, the administration is working on war-footing to restore electricity in flood-hit areas across the country. PM Shehbaz himself is monitoring the work of power restoration in areas hit by large-scale deluges and the authorities will report him about the progress on work on daily basis. All the high-ups in power division have…
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Pakistan has assured the International Monetary Fund (IMF) that it will “strive” to reduce capacity payments to the China-Pakistan Economic Corridor (CPEC) power projects either by renegotiating deals or having loans rescheduled — a big concession that might prove to become costly. Written assurance has been given in the Memorandum for Economic and Financial Policies (MEFP), which the IMF released…
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Pakistan LNG Limited (PLL) has extended validity for liquefied natural gas (LNG) supply bids, being sought from international traders, from September 2, 2022 to October 3, 2022 keeping in view high prices of gas in global market and poor response from suppliers, say sources. As Pakistan is facing acute energy shortages, PLL sought a six-year LNG supply contract from international…
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The federal government has missed its pledge to the International Monetary Fund (IMF) to increase the prescribed average gas price by some 45 percent to Rs 928 per mmbtu by end August 2022. This was stated in the staff level report on the combined seventh and eighth reviews under the Extended Fund Facility (EFF) for Pakistan released on Friday. The…
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he government has assured the International Monetary Fund (IMF) that it will continue adjustments in power tariffs for domestic consumers sans protected slabs and also rationalize subsidy plan for tubewells for large agricultural users by November 2022. This commitment has been given to the Fund under the Seventh and Eighth Review of the extended arrangement under the Extended Fund Facility.…
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The government has committed more utility price shocks under a straightjacket implementation plan with the International Monetary Fund (IMF) involving an over 53 per cent increase in gas rates, the revival of general sales tax on petroleum products and withdrawal of more subsidies. The IMF released a detailed 112-page country report on Friday on the completion of the seventh and…
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