Global oil trade flows are already realigning after the Western sanctions on Russian exports, as Russia places more crude in Asia while other producers send part of the volumes previously intended for Asia to Europe and other markets, according to Saudi Aramco’s chief executive officer. “And crude that used to go to Asia is now being directed to Europe and…
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Pakistan has requested M/s Sinosure, Chinese insurance company, to support pending financial closure of certain energy projects, well informed sources told Business Recorder. Prime Minister Shehbaz Sharif, sources said, had directed Ministry of Foreign Affairs (MoFA) to arrange an online session of working group with Sinosure to discuss and resolve bottlenecks with respect to financial closure of Azad Pattan hydropower project,…
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Private Power & Infrastructure Board (PPIB) has urged the State Bank of Pakistan (SBP) to allow import of necessary equipment to M/s Rousch Power to avoid potential negative financial/ legal implications for both the GoP and the company. In a letter to Executive Director, Exchange Policy Department of SBP, Managing Director PPIB, Shah Jahan Mirza has given the reference of…
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Federal Minister for Power Engr. Khurram Dastgir Khan laid foundation stone of 500 kV Maira Switching Station near Kahuta on Thursday.While addressing the ceremony, he said that the present government is fully committed to provide affordable electricity to the end consumer. The Switching Station would cost around PKR 7 billion and will be constructed over an area of 80 acres…
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The latest discovery further extends the hydrocarbon play area in Pothohar basin: OGDCL The Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest oil and gas exploration company on Thursday announced the discovery of oil reserves from its exploratory well – Toot Deep-1 Well – located in the Attock district of Punjab Province. OGDCL being the operator of Toot Mining…
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Oil and Gas Development Company Limited (OGDCL), the largest oil and gas exploration company in Pakistan, on Thursday announced the discovery of oil reserves from its exploratory well in Punjab. In a notice sent to the Pakistan Stock Exchange (PSX), the company announced that OGDCL “being operator of Toot Mining Lease with 100% working interest has made oil discovery from…
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The National Electric Power Regulatory Authority (Nepra) on Wednesday allowed ex-Wapda Distribution Companies (Discos) to charge about nine paise per unit higher rates to their consumers under monthly fuel cost adjustment (FCA) for electricity consumed in September. At a public hearing presided over by Nepra Chairman Tauseef H. Farooqui and members Rafique Shaikh and Maqsood Anwar Khan, the regulator took…
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Former PM Shahid Khaqan Abbasi for adopting emergency measures to resolve inefficiencies in energy sector to save economy Islamabad: Former prime minister Shahid Khaqan Abbasi has said that inefficiencies in the energy sector have to be addressed on an emergency basis to save the national economy from an utter crash.While addressing a dialogue on “Energy crises and way forward” organized…
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