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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ISLAMABAD: Pakistan is actively seeking to establish a partnership with Central Asia, particularly Turkmenistan, in the energy sector and facilitate the supply of Turkmen gas to the port of Gwadar, transforming it into an international energy hub. Pakistan’s objective is to attract investments from China, Europe, and other regions to establish liquefied natural gas (LNG) plants in Gwadar, with the…
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ISLAMABAD: K-Electric consumers got cheaper electricity from July 2019 to September 2020 as they did not pay the quarterly tariff adjustments (QTAs) during the said time. To this effect, the Economic Coordination Committee (ECC) allowed the utility company to recover Rs24.5 billion from its consumers in 12 months. K-Electric will pay the collected amount to the Central Power Purchase Agency…
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ISLAMABAD: Pakistan Refinery Limited (PRL) may submit its report to the government in two weeks about the quality, yields, and commercial viability of the Russian crude oil URAL, which is heavier in nature, a senior official of the Petroleum Division told The News. The PRL, which is in the process of refining Russian crude will submit to the petroleum division…
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KARACHI: Pakistan’s energy supply relies heavily on fossil fuel sources, which has prompted the need for financial institutions to divert their finances towards renewable energy projects in the country, experts said on Wednesday. Academics, researchers, environmentalists and policymakers said that financial institutes needed to redirect their funding from fossil fuel sources to renewable projects to address environmental concerns. They were…
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KARACHI: The Oil and Gas Regulatory Authority (OGRA) has inspected a number of liquefied petroleum gas (LPG) plants in collaboration with the local authority to ensure compliance with safety standards and regulations in the LPG industry. The inspection was carried out by the enforcement department under the instructions of Chairman Masroor Khan, a statement said on Wednesday. According to OGRA,…
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ISLAMABAD: In a major development for the Dasu Hydropower Project, stage-I of the concrete-starter dam has been completed upstream of the main dam. As per its design, the starter dam will be completed in two stages – in stage-I the dam has been elevated up to 785 metres while in stage-II it will be enhanced to 798 metres above the…
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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved Rs80 billion subsidy for the power sector and allowed K-Electric to recover Rs1.52 per unit from consumers. The ECC meeting presided over by Finance Minister Ishaq Dar approved the Ministry of Energy (Power Division)’s various summaries with the one seeking quarterly tariff adjustments of KE. The meeting was told…
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