GAIL India, the largest gas distributor in the country, purchased three LNG cargoes last week for over $40 per million British thermal units (mmbtu), traders familiar with the matter told Bloomberg. Those are record prices for any LNG cargo to be delivered to India, more than doubling the prices paid last year. It’s also a sign the country is struggling to fill…
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K-Electric has posted a net profit of Rs 8.52 billion for the fiscal year 2022 against Rs 11.99 billion during fiscal year 2021. The Board of Directors of K-Electric approved the financial results for the company on September 20, 2022 for the year ended June 30, 2022. According to KE, the Earnings Per Share (EPS) remained 0.31 rupees per share…
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The Economic Coordination Committee (ECC) of the Cabinet Wednesday directed that the consignments of previously banned items that landed in Pakistan till 18th August 2022 may be released at the rate of surcharge to clear consignments stuck at ports. Federal Minister for Finance and Revenue Miftah Ismail presided over the ECC meeting virtually on Wednesday which considered a summary of…
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On 2 September 2022, the Group of Seven (G7) finance ministers released a statement that confirmed the future implementation of a price cap on Russian-origin crude oil and petroleum products (the Price Cap). Under the proposed measure, the provision of services related to the maritime transport of Russian-origin crude oil and petroleum products will be prohibited unless the products are…
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Oil prices plunged about 5% to an eight-month low on Friday as the US dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession, cutting demand for oil. Brent futures fell $4.31, or 4.8%, to settle at $86.15 a barrel, down about 6% for the week. US West…
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When the chief executive of Aramco said earlier this week that years of underinvestment had damaged the balance between supply and demand in the oil market, it should have been a wake-up call to those in decision-making positions. Instead, the secretary-general of the UN bashed the oil industry once again for “feasting” on record-high profits and urged governments to make…
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The United Arab Emirates agreed on Sunday to supply natural gas and diesel to Germany as part of an “energy security” deal to replace Russian supplies. Emirati industry minister Sultan Ahmed Al Jaber called it a “landmark new agreement” that “reinforces the rapidly growing energy partnership between the UAE and Germany”, at a signing attended by German Chancellor Olaf Scholz,…
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Speaking on the occasion, Engr Rehman said Karachiites are forced to pay fuel adjustment charges due to the inefficiency of the old electricity production plants that KE has not upgraded, which itself is a violation by the private company. The JI leader said that the people of the city are also forced to pay electricity duty that goes to the…
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The net metering will enhance the generation of renewable energy in Pakistan as well as mitigate the effects of climate change, WealthPK reported. According to experts, net metering encourages power consumers to shift from traditional energy sources to solar energy sources. The unprecedented hike in power tariffs has compelled people to shift to solar energy sources to meet their needs.…
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Antonio Guterres, United Nations Chief, has urged developed countries to tax windfall profits of fossil fuel companies and use the money to help countries facing a climate crisis. No other country comes even close to Pakistan in the scale of devastation due to the floods in terms of fatalities, in terms of loss of residence, and in terms of loss…
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