THE government has extracted concessions worth several hundred billion rupees in future payments to the 47 independent power producers (IPPs) set up between 1990 and 2013 by forcing their hand but the ‘deal’ has left a bad taste in the mouths of their investors. The government has secured the lucrative deal in exchange for promises of payment of Rs403 billion…
Read MoreThe Cabinet Committee on Energy (CCOE) has approved a report of the sub-committee that recommended the allocation of pipeline capacity for liquefied natural gas (LNG) imports on a three-month rolling basis. A meeting of the cabinet body was held under the chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar on Monday. The CCOE approved the report…
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Such limitations on supply would push prices to multi-year highs and keep them there for two years or more, several hedge funds said. The view is a reversal for hedge funds, which shorted the oil sector in the lead-up to global shutdowns, landing energy focused hedge funds gains of 26.8% in 2020, according to data from eVestment. By virtue of…
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On his first full day in office, President Biden indicated that the moderate Joe Biden we were all expecting might not be appearing on oil and gas issues and his administration’s energy policies would be informed by the more progressive wing of the Democratic Party. On January 21, an acting Secretary of the Interior issued Order 3395, which imposes a…
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The concept of utilising waste to generate energy might soon be introduced in Pakistan and the ministries concerned would be educated about the technology, said Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Nasser Hyatt Maggo. In a meeting with a delegation of Pakistan Plastic Manufacturers Association on Tuesday, he said Chinese innovation and introduction of waste recycling was…
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ISLAMABAD: The cabinet on Tuesday approved the removal of cap on dividend distribution by Mari Petroleum Company Limited (MPCL) in a bid to fetch better price for the government of Pakistan shares. The government plans to divest 18.39% shares in Mari Petroleum and the removal of dividend cap will help get a better price. The approval came during a meeting chaired by Prime Minister…
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ISLAMABAD: K-Electric has sought increase in electricity rates on account of fuel cost adjustments for seven months and quarterly adjustments for nine months involving an additional revenue generation of about Rs40 billion. According to tariff petitions filed before the National Electric Power Regulatory Authority (Nepra), the Karachi-based private power utility has demanded fuel cost adjustments (FCAs) for seven months from…
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Private companies will be able to bring and sell liquefied natural gas (LNG) to consumers of their choice by April this year, Special Assistant to Prime Minister on Petroleum Nadeem Babar told a delegation of the Asian Development Bank (ADB). He said that Pakistan had fully implemented the third-party access policy in order to utilise the idle capacity of LNG…
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The power generation mix has been made to shift away from furnace oil as coal and RLNG sources were added to the mix over the last few years. The share of furnace oil in power generation fell from 7.4 percent in FY19 to 3.4 percent in FY20; and the same fell from 5 percent in CY19 to 4 percent in…
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LAHORE: Diamer-Bhasha Dam will change the fortune of country, particularly of Gilgit-Baltistan (G-B), remarked Water and Power Development Authority (Wapda) Chairman Muzammil Hussain. In a meeting with G-B Chief Minister Muhammad Khalid Khursheed on Thursday, he praised continued support of the region for building the massive dam. Matters pertaining to hydro development in the region and confidence-building measures (CBMs) undertaken by…
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