Author: Admin

Goldman Sachs sees OPEC+ raising oil output by 0.41 mb/d in August

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Goldman Sachs

Goldman Sachs anticipates the eight country OPEC+ oil group will implement a final 0.41 million barrels per day (mb/d) production increase in August, the bank said in a note dated Sunday. “Relatively tight spot oil fundamentals, beats in hard global activity data, and seasonal summer support to oil demand suggest that the expected demand slowdown is unlikely to be sharp enough to stop raising production when deciding on August production levels on July 6th,” Goldman Sachs said in a note. OPEC+, the world’s largest group of oil producers, stuck to…

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KE Proposes Govt Partnership to End Load-Shedding in Karachi

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Load-Shedding

KARACHI: K-Electric has proposed a collaborative formula to eliminate electricity load-shedding in Karachi, focusing on high-loss feeders that are responsible for most outages. Speaking to the Council of Economic and Energy Journalists (CEJ), KE CEO Moonis Alvi revealed that 300 out of the city’s 2,129 feeders contribute to 87% of power losses. He suggested that if the government takes over management and bill recovery in these high-loss areas, KE could move significantly closer to making Karachi a load-shedding-free city. Alvi stated that 70% of Karachi is already exempt from load-shedding.…

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IMF Pressure Forces Govt to Hike Gas Tariffs from July 1 to Curb Utility Deficits

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Gas-IMF

ISLAMABAD: Facing mounting pressure from the International Monetary Fund (IMF), the government has no choice but to raise gas sale prices from July 1, in line with conditions to eliminate deficits in the country’s gas utilities. Under the IMF-endorsed 2022 amendment, gas tariffs must be revised annually to ensure zero fiscal shortfall for Sui companies. As a result, a gas price hike is now imminent to address the Rs 40 billion deficit faced by Sui Northern Gas Pipelines Limited (SNGPL), according to a senior official in the Ministry of Energy.…

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Engineer Muhammad Shahid Nazir Appointed as MD of National Grid Company of Pakistan

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Shahid-Nazir

LAHORE: Engineer Muhammad Shahid Nazir has been appointed as the Managing Director of the National Grid Company of Pakistan (formerly NTDC), following formal approval by the company’s Board of Directors. Prior to his elevation, Engineer Nazir served as General Manager Project Delivery (North), where he played a key role in executing major national transmission projects, including his leadership as Project Director for the Matiari–Lahore HVDC Transmission Line—a milestone in Pakistan’s power infrastructure. He also brings valuable international experience, having served abroad on deputation. Engineer Nazir takes over the role from…

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Govt Finalizes Landmark Rs1.275 Trillion Loan Deal with Banks to Tackle Power Sector Debt

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Circular-Debt

ISLAMABAD: In a historic move to address Pakistan’s mounting circular debt in the power sector, the government has finalized a record loan agreement worth Rs 1.275 trillion with around 18 commercial banks. The deal, which comes after months of negotiations over term sheets and legal frameworks, now awaits final approval from the Federal Cabinet. The financing arrangement is part of the government’s broader circular debt reduction plan—endorsed by the International Monetary Fund (IMF)—and aims to offset a significant portion of the Rs 2.3 trillion debt, including Rs 700 billion currently…

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