So, energy conservation is the new plan. Nothing was ever seen before, but least needed than ever before. The idea is to have the markets shut earlier and wedding events be over earlier. Well, making the most use of daylight can never be a bad idea. But this being pitched as a solution to tackle the mess Pakistan finds itself…
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Mari Petroleum Company Limited has announced that the gas production from Zarghun South Gas Field, Balochistan has been resumed. The field is currently producing around 5mmscfd of gas which will be gradually ramped up to its optimum production rate, material information sent to Pakistan Stock Exchange on Wednesday said, adding that the gas is being supplied to Sui Southern Gas…
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Amid the IMF demand for hiking gas tariffs, the government has constituted a high-powered committee on Circular Debt Settlement Plan for gas sector companies with the mandate to devise a clear roadmap for erasing this monster within 10 days. The circular debt of the cash-bleeding gas sector has accumulated to Rs1,600 billion and has now gripped the gas sector after…
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After months of negotiations, the EU finally agreed on Monday to set a price cap on natural gas to protect consumers from excessive price spikes and limit inflationary pressure and industrial damage to European economies. The price cap, however, could limit Europe’s capacity to continue to draw most of the global spot LNG supply, analysts say. Some EU member states such…
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Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners LP, has told the Financial Post that oil prices will return to $100 per barrel in 2023. According to the analysts, many of the headwinds that have cut short the oil price rally this year including China’s zero-Covid policy and the coordinated SPR releases by several governments, will no longer…
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The overall business confidence in Pakistan fell to minus four per cent, according to a survey of the Overseas Investors Chambers of Commerce and Industry (OICCI) conducted during September-October 2022. The business confidence score was low — 17pc — in the previous survey of March-April as well, but it was still positive. The OICCI says the decline in business confidence…
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December 17, 2022: Aiming to revolutionize the education system of Pakistan, the Oil and Gas Development Company Limited (OGDCL) has signed a Memorandum of Understanding (MoU) with Tehzibul Akhlaq Trust for sponsoring education with the concept of transforming societies.The seven-year program mainly focuses on providing free education to 25 students in the Baluchistan province’s OGDCL operational areas. These students will…
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For the end consumer in Pakistan, the current tariff structure is uniform throughout the country. Still, it distinguishes between residential, commercial, industrial, agriculture, and customer categories. It is further divided by consumption level (tariff slabs), load, or time of use. The main reason behind a uniform tariff arrangement is political, allowing all consumers across the country to pay the same…
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In order to materialise the $4.5 billion oil refinery project in Gwadar, five-member delegation of Chinese Company “East Sea Group Limited (ESGL)” is visiting Gwadar, Gwadar Pro reported on Tuesday. ESGL official Jason Zhou said that ESGL chief engineer Liu along with other officials will be in Gwadar from December 20. The delegation consisting of technical team with marine engineering,…
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Asia’s spot fuel oil market extended gains on Tuesday, although recovery remains capped as monthly supplies to Asia hit a year-to-date high. December fuel oil arrivals were at 5.5 to 6.0 million tonnes, the latest assessments by Refinitiv Oil Research showed on Tuesday, with strong arbitrage inflows from the West leading the climb. Asia is expected to be flooded with…
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