Russia’s energy giant Gazprom says it has signed an agreement with China to start payments for gas supplies to China in yuan and roubles instead of US dollars, in a sign of warming relations between Beijing and Moscow, which is under Western sanctions. “The new payment mechanism is a mutually beneficial, timely, reliable and practical solution,” Gazprom CEO Alexei Miller…
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Oil prices sank on Tuesday after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes trumped support from Opec+’s first output target cut since 2020. Brent crude was down $3.26, or 3.4 per cent, to $92.48 at 11:27 a.m. EDT (1527 GMT). US West Texas Intermediate (WTI) fell from Monday’s trading to…
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In an alarming development, public debt in July increased by Rs2.7 trillion – at an average of Rs88 billion a day – almost entirely because of the government’s revaluation of external debt due to 17% currency depreciation in a single month. With the fresh addition of Rs2.7 trillion in the month of July, the total debt, that is the direct…
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Approval of the much-delayed refining policy has now been linked with deregulation, with a top government official seeking input from local refineries for deregulation, which could also mean uneven POL prices across Pakistan. A top government official said that it was high time to deregulate the whole oil and gas sector, including refineries. The deregulation could be in full or…
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Indicative Generation Capacity Expansion Plan (IGCEP) 2030 has focused mainly on adding hydropower into the energy mix at the cost of wind and solar power,” experts said at a consultative session on Utility-scale Renewable Energy Transition in Pakistan, organised by Policy Research Institute for Equitable Development (PRIED). Energy experts said renewables were the only long-term solution to resolve the country’s…
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Amid ongoing protests against inflated electricity bills, the National Electric Power Regulatory Authority (Nepra) has indicated allowing power distribution companies to raise the power tariff by Rs3.39 per unit on account of quarterly adjustments. The fresh increase in electricity rates will put an additional burden of Rs94 billion on consumers who were already making a hue and cry over inflated…
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Oil and Gas Regulatory Authority (Ogra) has swung into action after complaints rolled in against the LPG mafia selling liquefied petroleum gas at an exorbitant price of up to 90% higher than Ogra’s determined rates for September. LPG Industries Association Chairman Erfan Khokhar claimed that LPG is being sold at Rs300-360 per kilogram instead of the Rs212 per kilogram rate…
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Ambassador of Iran to Pakistan, Mohammad Ali Hosseini on Tuesday said the Iranian government is ready to complete the Pak-Iran gas pipeline to enhance cooperation in the energy sector. Iran wants full cooperation with Pakistan in gas and other sources of energy, he said. “To further strengthen trade cooperation with Pakistan, completion of energy projects, especially the Pak-Iran gas pipeline,…
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Asian Infrastructure Investment Bank (AIIB) has shown keen interest in financing Pakistan Water and Power Development Authority (Wapda) projects and will remain closely associated with the authority. “AIIB will look into possibilities of financial assistance for Wapda projects,” said AIIB Director General (Investments) Supee Teravaninthorn. She was leading a business development mission of AIIB that met Wapda Chairman Lt Gen…
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