KARACHI: Karachi has been ranked as one of the world’s least liveable cities in The Global Liveability Index 2023 published by the Economist Intelligence Unit (EIU). Karachi, the only Pakistani city in the ranking, is at the bottom fifth spot, standing at number 169 out of 173 cities. Its ranking is the same as that of last year, when it…
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ISLAMABAD: Pakistan State Oil (PSO) has voiced fear that circular debt related to the liquefied natural gas (LNG) supply chain, which has already piled up to Rs447 billion, will continue to increase. In a recent corporate briefing on the company’s performance in first nine months of financial year 2022-23 and its operational dynamics, PSO highlighted concerns over the mounting LNG-related…
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HOUSTON: Oil prices fell on Friday, headed for a weekly decline as traders worried interest rate hikes could sap demand despite signs of tighter supplies including lower US crude stocks. In a second straight day of losses, Brent crude slipped 53 cents, or 0.7%, to $73.61 a barrel by 1527 GMT. US West Texas Intermediate (WTI) crude was down 63…
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BENGALURU: Russia could shut off one of the last arteries carrying its gas supplies to Europe by the end of next year when Ukraine’s supply contract with Gazprom expires, the Financial Times said on Thursday, citing an interview with Ukraine Energy Minister German Galushchenko. The chances of Kyiv and Moscow agreeing to a renewal of the five-year transit contract, first…
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SINGAPORE: Record heat across Asia is putting its surging renewable power fleet to the test, highlighting the need for backup supply, transmission system upgrades and tariff reforms to ensure reliability and stave off a slowdown in green energy adoption. Temperatures in parts of the region breached 40 Celsius (104 Fahrenheit) in late April, earlier than usual, causing widespread infrastructure damage…
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PARIS: Prime Minister Shehbaz Sharif Thursday met International Monetary Fund (IMF) Managing Director (MD) Kristalina Georgieva and said in a tweet that Pakistan “keenly looks forward” to the lender’s Executive Board’s “approval for the 9th Review at the earliest”. “It was a pleasure to meet you and have a productive exchange of views on the IMF’s continued engagement with Pakistan,”…
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KARACHI: The UAE-based AD Ports Group has signed a 50-year concession agreement with Karachi Port Trust (KPT) to operate Karachi Gateway Terminal Limited (KGTL) and invest $220 million (Rs63.129 billion) for infrastructure development in the first 10 years of the deal, a statement said on Thursday. The development takes place when cash-strapped Pakistan looks for external financing to support its…
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ISLAMABAD: The risk of default on external debt repayments will emerge within the first six months (July-Dec), as Pakistan will have to repay $10.35 billion in foreign debt servicing till end of December 2023. In order to avert a balance of payment crisis, including repayment of external debt and obligations, Pakistan requires injections of $4 to $6 billion immediately in…
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ISLAMABAD: In the wake of increasing reliance on imported gas, Pakistan is left with no option but to go fresh long-term LNG import agreements at the GtG level with LNG-producing countries as the existing two import deals with Qatar may go in jeopardy in 2026 because of revision of the price cap clause that is due after 3 years. Under…
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KARACHI: Emerging oil marketing companies (OMCs) have accused the Oil and Gas Regulatory Authority (OGRA) of deflecting from its responsibility to resolve the problems of the oil sector companies. Oil Marketing Companies Association of Pakistan (OMAP), the representative body of emerging OMCs in a letter written to the OGRA chairman on Thursday noted that the response of the regulator to…
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