Pakistan’s Prime Minister Shehbaz Sharif said on Thursday the country has sufficient stocks of wheat and he will not allow its private import to save “precious foreign exchange”, according to a statement from his office. The country is reeling from the impact of severe floods last month which killed 1,700 and submerged huge swathes of the country, damaging farmlands, infrastructure…
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Pakistan may be staring at a severe availability of natural gas crisis this winter. Last week Pakistan government’s Petroleum Division informed a National Assembly panel that there was no option “but natural gas rationing in the coming winter in view of the increasing shortage every year”, according to a report in leading Pak English daily Dawn. Pak government officials have…
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The acquired 221 Line km of 2D seismic data and 21 Sq. km of 3D seismic data represents 49% of total 2D and 17% of total 3D seismic data acquisition in the country respectively,” the company said in its first quarterly financial report for 2022-23. Moreover, the OGDCL using in-house resources processed/reprocessed 1,065 Line km of 2D seismic data, besides…
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K-Electric (KE) announced the winners for the first 7/11+ Innovation Challenge in partnership with INNOVentures Global at a day-long event held at Habib University in Karachi. KE’s 7/11+ Innovation Challenge is the first of its kind event in Pakistan’s utility market, designed for entrepreneurs, startups, researchers, and university students to promote and accelerate strategic innovation. Participants spent the first half…
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This week saw two documents published by two government departments: the European Commission in Brussels and the Department of Treasury in Washington. The Commission’s document was a proposal for “a new instrument” aimed at limiting excessive gas prices in Europe. The Treasury’s document was guidance on the implementation of a price cap policy towards crude oil originating in the Russian Federation. Both were slammed…
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Oil stocks have continued to show a peculiar disconnect from the commodity they track, with oil equities staging a powerful rally even as oil prices have fallen sharply since the last OPEC meeting. Over the past two months, the energy sector’s leading benchmark, the Energy Select Sector SPDR Fund (NYSEARCA: XLE), has climbed 34% while average crude spot prices have declined 18%.…
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Contrary to much decarbonization hype, jumping on the green hydrogen bandwagon is not a silver bullet solution to climate change. In fact, it’s a double-edged sword. A versatile energy carrier, hydrogen is projected to play a major part in decarbonization of global manufacturing and industrial supply chains, but its production, transport, and conversion require major inversions of energy and investment…
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From being applauded for taking the “difficult” decisions to taking none at all – life has come full circlet for the government. The inability to rationalize gas prices was (rightly) dubbed as one of the key reasons why the energy sector is in such a mess. The blame was put on the previous government, which failed to act upon the…
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Over half a dozen Development Finance Institutions (DFIs) have sought amendments in pacts with Independent Power Producers (IPPs) to replace USD LIBOR with Secured Overnight Financing Rate (SOFR), to be applicable from June 30, 2023, sources close to Chairman NEPRA told Business Recorder. Development Finance Institutions (DFIs ) comprise of Asian Development Bank (ADB), British International Investment plc (BII), Deutsche Investitions…
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Pakistan’s official delegation will leave for Moscow on Monday (today) on a three-day visit for talks with the Russian authorities to explore possibilities of import of crude oil at a discounted price, mode of payment, and shipment cost, etc. “Both sides would also deliberate on futuristic cooperative areas including two gas pipelines that include the much-touted Pakistan Stream Gas Pipeline…
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