More than a dozen oil marketing companies (OMCs) recorded a surge in profit from the tax-free import of petrol from China in the last two years under the China-Pakistan Free Trade Agreement (CPFTA).Advertisement According to the documents available with ProPakistani, 15 OMCs availed the duty-free oil import facility under the CPFTA from 1 January 2020 to 1 January 2022. They…
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The Federal Investigation Agency (FIA) on Sunday arrested Mumtaz Hasan, founder of the Hascol Petroleum Limited (HPL), in a Rs54 billion scam. Director of the agency’s Sindh Zone Amir Farooqi said a total of 30 suspects — including present and former top officials of the National Bank of Pakistan (NBP), HPL and other organisations — had been booked in the…
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Power production in Pakistan rose to a historic high at 136,572 gigawatt-hours (GWh) in 2021, apparently helping the authorities to reduce burden of capacity payments to electricity producers. Consumers, however, paid a price for the growth in power production as the cost of energy spiked 72.4% to Rs8.24 per unit (kilowatt-hour) in the winter month of December. Energy production increased 10.6% to…
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A top Chinese liquefied natural gas importer is offering to sell dozens of spot cargoes this year, indicating the world’s biggest buyer is well-stocked. The trading arm of Sinopec issued a sales tender offering up to 45 cargoes for delivery between February and October to ports in North Asia, according to traders with knowledge of the matter. This is the…
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The National Electric Power Regulatory Authority (NEPRA) has declared 720MW Karot Power Project among the top performers.https://www.facebook.com/v2.9/plugins/quote.php?app_id=106170627023&channel=https%3A%2F%2Fstaticxx.facebook.com%2Fx%2Fconnect%2Fxd_arbiter%2F%3Fversion%3D46%23cb%3Df30cf9b6e8dbe2%26domain%3Dnation.com.pk%26is_canvas%3Dfalse%26origin%3Dhttps%253A%252F%252Fnation.com.pk%252Ff3cb4fc3ead7148%26relation%3Dparent.parent&container_width=779&href=https%3A%2F%2Fnation.com.pk%2F22-Jan-2022%2Fkarot-power-project-declared-among-top-performers-by-nepra&locale=en_US&sdk=joey This was announced at the NEPRA CSR (Corporate Social Responsibility) Awards Ceremony held in Islamabad. The ceremony was held under NEPRA’s ‘Power with Prosperity’ initiative to highlight and appreciate the achievements of Pakistan’s major power producers and their community development initiatives. The Karot…
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Petrol prices have been increased again to cross the mark of Rs 147 per litre, while diesel remains cheaper by a few rupees. International prices have increased as well. In the light of general inflation, the price increase has not been well taken by the people at large. Contrary to the popular discourse, POL and products’ prices are still cheaper…
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The cost of generating electricity jumped 72.4%, going up to Rs8.24 kWh in December 2021 compared to Rs4.78 kWh during December 2020. The increase comes mainly due to rise in furnace oil (FO), and Regasified Liquefied Natural Gas (RLNG) cost of generation, according to a note by brokerage house Arif Habib Limited. Interestingly, the generation mix reveals coal, hydel and…
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Federal Minister for Energy Hammad Azhar stated that the price of gas in our country has not increased since 2019, during a press conference in Lahore. The Federal Minister for Energy said that, “The gas reserves are falling by 9%. Gas prices rose up to 5% in the world market. The price of gas in our country has not increased…
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Sahiwal (Pakistan) January 22 (newsin.asia): The Sahiwal Coal Power plant project named as Huaneng Shandong Ruyi (Pakistan) Energy (Limited) in Qadirabad is a mega coal power project which is a part of China-Pakistan Economic Corridor (CPEC). The power plant is located about (12 miles) from Sahiwal and (9.3 miles) from Okara cantonment, just north of the road which connects the…
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The Oil production in Pakistan during the second quarter of fiscal year 2022 (FY22) witnessed a decline of 1 per cent amidst lower production output, a research report by Topline Securities showed. The reduction in the production came largely due to the decline in production from Nashpa, Adhi, and Makori East oil fields coupled with no addition of any sizable…
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