Following a hefty increase in POL prices, the government on Tuesday hiked the rate of indigenous liquefied petroleum gas (LPG), also called a poor man’s fuel, by Rs60/kg which will enhance the price of 11.8kg domestic cylinder by approximately Rs704. As per the notification issued by the Oil and Gas Regulatory Authority (OGRA) the price of indigenous liquefied petroleum gas…
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The Balochistan government has received an amount of $3 million from the Barrick Gold Corporation as part of the new Reko Diq agreement. A company’s press release says after the completion of legal process last month, the Balochistan government and the company agreed on a timetable for the disbursement of the committed funds to the province. Reko Diq Pakistan Country…
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The government has prepared a plan to impose multiple surcharges of over Rs 4/kWh on consumers across the country including those of the KE and conversion of Power Holding Limited’s (PHL) debt of Rs 800 billion to public debt, sources close to Finance Minister told Business Recorder. Sharing the details, sources said PHL outstanding debt stock as of June 2020 was…
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Power Division has proposed revision in National Electric Power Regulatory Authority (Nepra) FCA decision/ notification by way of policy guidelines to recover the pending amount of Rs52 billion from electricity consumers and Rs 10.34 billion as an additional supplementary grant to cover waiver of electricity bills. Power Division in its summary to the ECC has explained that Fuel Charges Adjustments…
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Sindh Labour and Huaman Resources Minister Saeed Ghani has warned that power consumers would show a violent reaction in Karachi if entire localities were deprived of electricity for a prolonged period of time on account of non-payment of power bills. He issued the warning on Tuesday while chairing a meeting along with Karachi Commissioner Muhammad Iqbal Memon on Tuesday to…
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Russian Prime Minister Mikhail Mishustin has signed an agreement demanding that all Russian oil companies comply with a previous order that disallows any exports of Russian crude oil or crude oil products to any buyer that adheres to the price cap mechanism. It should be noted that Russian companies failing to comply will face no penalties, according to Upstream. Mishustin’s…
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UK oil giant BP has started drilling two new exploration wells to search for gas deep beneath the Caspian Sea. The announcement comes as Azerbaijan imports gas from Iran and Russia to meet both growing domestic demand and existing export contracts. Baku has also pledged to double exports to Europe within five years. One of the wells will reach a…
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The UK’s oil and gas industry should have taken the chance to invest in new projects instead of fighting the windfall tax, the boss of a North Sea oil and gas producer has said. Steve Brown, chief executive of Orcadian Energy, told City A.M. that the Energy Profits Levy (EPL) created a “big incentive to invest” with the 91 percent tax relief for fossil…
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Prior to the unwitting boost that Russia’s ongoing failure in Ukraine has given the U.S., NATO, and Europe, Washington’s intentions regarding Iraq were mixed. On the one hand, the reasons why the U.S. invaded Iraq – to secure oil supplies that would lessen its reliance on Saudi Arabia, to control the centre ground in the Middle East, and to counteract…
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Pakistan’s oil sector on Monday sought urgent revision in the exchange loss adjustments mechanism on import of petroleum products as the letters of credit limits have shrunk by 15-20 percent overnight on account of rupee devaluation. Oil Companies Advisory Council (OCAC), the representative body of refineries and oil marketing companies (OMCS), in a communication to the Petroleum Division stated that…
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