LONDON: Oil prices fell on Thursday on demand concerns driven by cautious views from OPEC+ producers and the US Federal Reserve regarding economic recovery from the coronavirus pandemic. Brent crude LCOc1 was down $0.48, or 1%, at $44.89 a barrel at 0933 GMT and US West Texas Intermediate (WTI) CLc1 fell $0.34, or 0.8%, at $42.59 a barrel. “The surge…
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KARACHI: Mari Petroleum Company Limited’s profit surged 25% to Rs30.31 billion in the year ended June 30, 2020 due to notable depreciation of rupee against the US dollar, higher sales and surge in finance income. The oil and gas exploration firm had booked a profit of Rs24.32 billion in the preceding year ended June 30, 2019, the company said in…
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ISLAMABAD: The Water and Power Regulatory Authority (Wadpa) has sought about 150 per cent increase in its revenue requirement for the current fiscal year by raising bulk power tariff by about 30pc. In a tariff petition filed before the National Electric Power Regulatory Authority (Nepra), Wapda has demanded that its total annual revenue requirement for 2020-21 be increased to Rs177.5bn,…
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KARACHI: Welcoming the agreement between the government and independent power producers (IPPs) for lowering generation costs, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Anjum Nisar on Thursday also called for forensic audit of these firms to save industries. He further sought impeachment of those who were responsible without any discrimination in the larger national interest. While…
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ISLAMABAD: Leading political parties on Thursday vowed to ensure a conducive political environment and favourable public opinion for the progress and development of the China-Pakistan Economic Corridor (CPEC), besides shielding it from threats. The political parties at the conclusion of the Second Conference of the China-Pakistan Economic Corridor (CPEC) Political Parties Joint Consultation Mechanism (JCM), through a joint statement, denounced…
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Bangladesh’s LNG imports rose sharply on the year in July and were the highest for any month since the country started importing LNG in 2018. Receipts at Bangladesh’s two floating storage and regasification units (FSRUs) rose by 80pc to 497,300t last month from 275,900t in July 2019, judging by vessel size. Last month’s imports were the highest since the country…
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SINGAPORE: Asia will likely import record volumes of liquefied petroleum gas (LPG) in 2020 as firms snap up the fuel to make petrochemicals used in protective gear against the coronavirus, while households under lockdown ramped up purchases for cooking. The region will buy some 67-69.5 million tonnes of the gas from abroad this year, surpassing last year’s record, analysts from consultancy…
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ISLAMABAD: The government has initiated the process to recover Rs417 billion collected by various sectors of economy in the head of GIDC (Gas Infrastructure Development Cess) and to this effect Petroleum Division has asked the heads of gas companies, and public sector exploration and production companies to initiate the recovery process with immediate effect. Director Technical of Directorate General of…
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Sindh’s energy minister has claimed that the province’s residents are being systematically penalised with daily electricity load-shedding of up to 18 hours because they did not vote for the Pakistan Tehreek-e-Insaf (PTI) in the 2018 general elections. Addressing a news conference on Wednesday, Imtiaz Ahmad Shaikh lamented that daily power load-shedding of up to 12 hours has become a norm…
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Gwadar Pro on Tuesday quoted Hong as having said that many countries of BRI are among the world’s major energy producing and consuming countries. Meanwhile, they are developing countries, with the requirement to continue expanding its energy markets. Power shortages have been a major constraint on the entire Pakistani economy. Pakistan’s power gap is between 4 and 6 gigawatts. The…
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