NEW YORK: US natural gas futures fell about 7% on Monday on forecasts for much warmer-than-normal weather over the next two weeks than previously expected that should keep heating demand low. Front-month gas futures for February delivery on the New York Mercantile Exchange fell 26 cents, or 6.5%, to $3.767 per million British thermal units (mmBtu) at 8:45 a.m EST…
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Oil prices edged higher but remained near a two-week low on Tuesday, as weak economic data from China and rising temperatures elsewhere dampened demand prospects. Supporting prices was a disruption of oil loading operations in Libya. Brent crude oil futures were up 55 cents, or 0.70%, to $77.63 per barrel at 1236 GMT. U.S. West Texas Intermediate crude futures were…
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DUBAI: Saudi Arabia’s energy minister met his counterparts from the United Arab Emirates (UAE), Iraq and Libya on Monday following U.S. President Donald Trump’s call for lower oil prices and ahead of a meeting next week of OPEC+ oil-producing countries. Saudi Energy Minister Prince Abdulaziz bin Salman held talks with Iraq’s Hayan Abdel-Ghani and Libya’s Khalifa Abdulsadek in Riyadh, the…
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Islamabad, 28th January 2025- Minister for Power Sardar Awais Leghari, addressing an event in Islamabad, announced the government’s plan to auction surplus electricity in the country. This surplus electricity will be provided to the industries. This initiative aims to stimulate industrial growth and create new employment opportunities across Pakistan. He emphasized that surplus electricity would be made available competitively to…
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ISLAMABAD: Experts at the EV Summit 2025, organized by the Sustainable Development Policy Institute (SDPI), have called for the urgent development of electric vehicle (EV) infrastructure, including nationwide charging stations and battery availability, to facilitate consumer adoption. Participants highlighted the government’s introduction of a Rs39.7 per unit EV charging tariff with a 40% exemption, but emphasized the need for further…
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ISLAMABAD – The Government of Balochistan has urged the federal authorities to expedite the approval process for K-Electric’s (KE) 150 MW renewable energy projects, which are critical to addressing the province’s growing power needs, sources told Business Recorder. KE’s renewable portfolio includes five projects totaling 640 MW, approved by NEPRA in early 2024, with the flagship Winder and Bela solar…
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ISLAMABAD – Consumers paid an extra Rs167.787 billion (equivalent to Re. 0.7551 per unit) for expensive power generation due to the unavailability of the 969 MW Neelum Jhelum Hydropower Project (NJHP) from FY 2022-23 to FY 2024-25, a high-level committee chaired by the Federal Minister for Power revealed. According to sources close to the Chairman WAPDA, the tariff for NJHP…
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ISLAMABAD – In a significant move to revitalize Pakistan’s energy sector, the Special Investment Facilitation Council (SIFC) has opened the gas market to private players. This reform is projected to slash circular debt by Rs71 billion annually and generate Rs13 billion in government revenue through sales tax. Ghiyas Abdullah Paracha, CEO of Universal Gas Distribution Company and a member of…
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ISLAMABAD – The International Monetary Fund (IMF) has turned down Pakistan’s proposal to reduce industrial electricity prices by Rs2.70 per unit, citing concerns over cross-subsidies and the need for comprehensive power sector reforms. The Ministry of Energy had suggested eliminating cross-subsidies provided by the industrial sector to low-end residential consumers, offering Rs37 billion in relief for February to June and…
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ISLAMABAD – A Senate subcommittee has mandated a fresh audit of solar panel imports since 2018, expressing dissatisfaction with the handling of a staggering Rs70 billion under- and over-invoicing scandal involving two importers and commercial banks. During the meeting chaired by Senator Mohsin Aziz, the Senate Standing Committee on Finance and Revenue unveiled alarming revelations of massive financial irregularities. Two…
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