Despite country’s mining and quarrying sector shrank by 4.5 percent in July-March 2021-22, production of coal, natural gas, crude oil, and iron ore increased in the same period, latest economic survey showed on Thursday. During nine months of the current fiscal, production of major minerals increased such as coal by 8.34 percent, natural gas by 3.45 percent, chromite by 25.7…
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NA passes Export-Import Bank of Pakistan Bill, 2022
The National Assembly on Thursday passed “The Export-Import Bank of Pakistan Bill, 2022” with a majority vote aimed at establishing a facility for the promotion of international trade. The bill was moved by Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha in the house for passage. The house passed the bill with a majority after reading clause…
Read MoreIMF asks govt to reopen CPEC deals
The International Monetary Fund (IMF) has asked Pakistan’s government to renegotiate the China-Pakistan Economic Corridor (CPEC) energy deals before making payments of around Rs300 billion to the Chinese power plants, putting Islamabad in a tight spot. The global lender has asked the government to treat the Chinese CPEC power plants at par with the power plants established under the 1994…
Read MoreMay 2022
May 2022
Read MoreBiden’s Trip To Saudi Arabia Won’t Solve The Oil Market’s Problems
When news broke last week that President Biden was planning a Middle East visit that would include Saudi Arabia, many an industry observer saw in this signs of “thawing” relations between Washington and Riyadh. They also saw the prospect of lower oil prices. It was, after all, to lower prices that Biden was planning this visit. Unfortunately, things are never…
Read MoreThe Most Exciting Oil Frontier On Earth
After two years of regular oil discoveries in Guyana, it seems its deep waters may hold even more crude, adding to its reputation as the next big oil-producing state. But the government will have to get its agreements in order if it wants to ensure the future financial security of the country, as major international players swoop in to reap…
Read MorePAC seeks details of power purchase deals with IPPs by ex-govts
The Public Accounts Committee (PAC) on Wednesday sought power purchase agreements with Independent Power Producers (IPPs) signed by previous governments. Noor Alam Khan chaired the meeting of the committee which examined the Audit Report of the Cabinet Division for the year, 2019-20. The chairman committee said the tariff on electricity came down when demand increased but in Pakistan, the position…
Read MorePakistan Cuts Work Week Amid Severe Energy Crisis
Pakistan is reverting back to a five-day work week in an effort to reduce energy and fuel consumption as its energy crisis worsens in the very hot summer months. The new government of Pakistan—whose population is the fifth largest in the world after China, India, the United States, and Indonesia—introduced a six-day work week in April to increase productivity. But…
Read MoreLocal oil, gas output drops in July-May
The production of oil and gas dropped 2.5 percent and 3.7 percent respectively in the first eleven months of this fiscal year, The News learnt on Wednesday, mainly owing to eroding reserves and suspension of pumping at some fields for yearly overhaul According to the data obtained by The News, indigenous crude oil output fell to average 73,668 barrels per…
Read MorePAC seeks Nepra report on IPP agreements
The Public Accounts Committee (PAC) on Wednesday sought a report from the National Electric Power Regulatory Authority (Nepra) on agreements signed with independent power producers (IPPs). At a meeting held at the Parliament House, the PAC discussed audit paras related to authorities working under the administrative control of Cabinet Division. Briefing the committee, Nepra chairman Tauseef Farooqi said the country…
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