Oil prices appear to be waiting for the presidential election before making any major moves, with prices falling due to rising Libyan oil production before climbing on positive news out of China Chart of the Week – Oil production outages have increased in 2020, cutting into global supply. – In 2020, oil disruptions have averaged 4.6 mb/d, reaching 5.2 mb/d at…
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ISLAMABAD: The International Islamic Trade Finance Corporation loaned $386 million to Pakistan for import of liquefied natural gas (LNG) and oil as a part of the $4.5 billion trade financing facility agreed for the country two years ago, the ministry of economic affairs said on Monday. The financing agreement signed between the International Islamic Trade Finance Corporation (ITFC), a subsidiary…
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The issues facing the various under-performing manufacturing sectors and the official measures taken for their recovery so far were reviewed at a meeting chaired by Prime Minister Imran Khan on October 1. Manufacturers from various sectors, including pharmaceutical, cement, textile, chemicals, house appliances etc presented their points of view. The prime minister was assisted by the country’s top economic managers…
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The Executive Director of the World Health Organization’s emergency program, Dr.Mike Ryan, has warned all countries of the world against negligence in following the measures to prevent the emerging coronavirus, from wearing a face mask, social distancing, etc. For his part, the Director-General of the International Organization, Dr. Tadros Adhanom, said – in a press conference, today / Monday /…
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Pakistan has received bids for two cargoes of liquefied natural gas (LNG) of 140,000 meters each from multinational commodity trading company Gunvor Singapore, a national daily reported. In response to an international tender issued by the state-owned Pakistan LNG Limited (PLL) in September, Gunvor Singapore placed the lowest bids at 14.2277 percent for 8-9 November and at 13.8377 percent for…
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The loan programme of the International Monetary Fund (IMF) suspended in January remains in limbo as Pakistan’s public debt went past 87 per cent of GDP at the end of 2019-20, up from about 72pc of GDP at the end of 2017-18. Pakistan direly needs the IMF support to maintain healthy foreign inflows from bilateral and multilateral lenders to keep…
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Pakistan’s energy crisis resulting from expensive fuel sources, chronic natural gas and electricity shortages, highly inefficient distribution system, culture of non-payment of bills, theft, circular debt, and inadequate and aged transmission and distribution systems – has played a role in the country’s laggard economic growth. But while the country’s power sector woes are much talked about, far less is debated…
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KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has lamented frequent increase in the energy prices and said it is making Pakistani products uncompetitive in the international market, a statement said on Saturday. “Pakistan is losing the international markets to China, India and even Bangladesh,” FPCCI President Mian Anjum Nisar said. Although the oil prices were linked…
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ISLAMABAD: The government has reportedly decided to convert additional debt of Rs 80 billion of Power Holding Limited (PHL) into public debt as per agreements with the international financial institutions (IFI), well informed sources told Business Recorder. For this purpose, Finance Ministry will submit a summary to the Economic Coordination Committee (ECC) of the Cabinet shortly. The government has already…
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ISLAMABAD: A few years ago, Oil and Gas Development Company (OGDC) had been a star performer at the Pakistan stock market. However, in recent years the company has lost much of its market value and its performance has remained lacklustre. In 2014, OGDC’s share price stood above $2 but in the recent past the share value was hovering around $0.60.…
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