Russia’s budget deficit in the coming year might exceed the expected 2% of GDP as the oil price cap hurts export income, the country’s Finance Minister Anton Siluanov said on Tuesday. This marks the first time a Russian official has acknowledged that the $60 per barrel price cap imposed on Russia by Europe and G7 nations will negatively impact its economy. Siluanov…
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Iran has long held enormous political, economic, and military sway over neighbouring Iraq through its various military and political proxies, and since the discovery of vast reservoirs of oil in Iran first in the early 1900s and shortly after in Iraq, Tehran has an added incentive to retain this influence and to enhance it. With Iran’s longstanding former superpower ally,…
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Natural gas output in the Appalachia region, the top gas-producing basin in the U.S., dropped by a record amount as Winter Storm Elliott swept through Pennsylvania and Ohio, freezing wells and some equipment and creating mechanical issues at pipeline infrastructure. The Appalachia basin saw natural gas supply drop by 27%, or by 9 billion cubic feet, compared to the typical…
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2nd International Conference on Pakistan Hydropower Sector on Wednesday stressed the need to harness hydropower potential in the country for adding more clean and green electricity to the national grid system for sustainable economic growth. Picture Gallery Presentation Press Release Event Report
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The government on Monday decided to use all the administrative and legal resources to recover Rs447 billion Gas Infrastructure Development Cess (GIDC) from commercial and industrial entities which had blocked due payments through high courts despite standing orders of the Supreme Court of Pakistan for recoveries. The decision was taken at a GIDC meeting presided over by Finance Minister Ishaq…
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Attock Refinery Limited (ATRL), a subsidiary of the Attock Oil Company Limited, said on Monday that it has commenced operations at its main distillation unit, which was shut down on a temporary basis amid low demand for Furnace Fuel Oil (FFO). In its notice to the Pakistan Stock Exchange (PSX), ATRL said: “We wish to inform you that refinery’s main distillation unit…
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Special Task Force of Sui Northern Gas Pipelines Limited (SNGPL), during its ongoing operation to stop the illegal use of compressors in the islamabad region, has removed more than 27 gas metres, detected 18 theft cases and lodged six First information reports (Firs) over direct tapping and causing loss to the national exchequer. Sharing some details, spokesperson for the SNGPL…
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Pakistan may surprise in next revision of petroleum prices scheduled on December 31, 2022 amid political uncertainty and mounting inflationary pressure. Experts believed that the government may resort to another sharp cut in prices of petroleum products as part of popular decision and cool down the high prices. Although the prices of benchmark Brent crude oil recorded an increase international…
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The Sui Southern Gas Company (SSGC) has yet to share the action plan with the Auditor General of Pakistan (AGP) on the reduction in the unaccounted for gas (UfG) targets in Interior Sindh and Balochistan. The UfG losses at the overall company level remained at around 17 percent, which was beyond allowable UfG benchmark of 7.6 percent by the Ogra…
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The National Electric Power Regulatory Authority (NEPRA) will conduct a public hearing on Tuesday (today) over a petition submitted by K-Electric on account of fuel charges adjustments (FCA) for November 2022, a statement said on Monday. For November, K-Electric has filed a petition for a reduction in FCA at the rate of Rs7.04/kwh (per unit). November’s FCA was lower primarily…
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