Power sector: Pakistan’s average surplus capacity to cross 4,000MW

LAHORE: The annual average capacity surplus of Pakistan’s power sector is likely to increase 15% against projected demand because of over-commitment of power generation projects. The surplus will translate into annual average of more than 4,000 megawatts, according to a report launched by the Energy Institute of Lahore University of Management Sciences (LUMS). The report, titled “Pakistan’s Electricity Outlook 2020-25”, critically reviews the challenges faced by the country’s power sector and also assesses the implications of continuing business as usual. It explores the scope and feasibility of an alternative set of…

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IMF to hold talks from February 3 under $6 billion EFF

Pakistan and International Monetary Fund (IMF) will hold talks starting from February 3 for the second review under the US$6 billion Extended Fund Facility (EFF). This was confirmed by IMF Resident Representative Teresa Daban Sanchez here on Thursday. She said, “The IMF and Pakistani teams are already conducting preparatory work on the issues pertaining to the second review and the 2018 Article IV Consultations. Everything is getting ready for an IMF mission to visit Pakistan. The team is scheduled to travel in the next few days and start working as…

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Circular debt: Competitive bidding to be arranged for raising Rs200 bn from banks

ISLAMABAD: The Power Division will arrange open competitive bidding to raise Rs200 billion under Sukuk-II from banks or consortium of banks at lowest interest rate and the amount will be utilised for partial cash settlement of the circular debt that has risen to Rs1.7 trillion in toto, which is 4 percent of GDP of Pakistan. “Yes, we are going to issue within next two to three days an advertisement in national dailies seeking bids from banks or consortium of banks for raising Rs200 billion on the lowest interest rates,” the…

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Pak Suzuki raises prices of Cultus variants

KARACHI: Barely a month after it raised prices for some of its variants, Pak Suzuki Motor Company Limited has now hiked the price tag for its Cultus variants following some technological improvements. According to a notice sent by the company to its dealers on Thursday, the Japanese car assembler increased the price of Cultus VXL model from Rs1.855 million to Rs1.865 million and Cultus AGS variant from Rs1.975 million to Rs1.985 million. Prices of both models have been inflated by Rs10,000 which the company attributed to the introduction of an infotainment…

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Ogra suggests hike in diesel, LDO prices

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has recommended to increase the prices of diesel and Light Diesel Oil (LDO) by Rs2.47 and Rs1.1 a litre respectively for February. However, it recommended a reduction of Re0.06 and Re0.66 a litre in the prices of petrol and kerosene respectively. Interestingly, the Brent Oil price on the international market has reduced by almost $10/barrel in one month, as on January 30, 2020 its price was $57.45/barrel against $67.45/barrel recorded on Dec 30, 2019. Its price was $62.55/barrel on November 29,$61.15/barrel on…

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Forex reserves rise to $18.362bln

KARACHI: The total liquid foreign exchange reserves of the country rose to $18.362 billion from $18.271 billion during the week ended January 24, the central bank reported on Thursday. The foreign exchange reserves of the State Bank of Pakistan increased $184 million, or 1.56 percent to reach $11.915 billion, compared with $11.731 billion in the previous week, it added. The forex reserves held by commercial banks dropped to $6.447 billion from $6.539 billion, it added.

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Excelerate Energy and Engro Elengy Terminal Agree to Expand Pakistan LNG Import Terminal

Islamabad, January 30: Excelerate Energy L.P. (Excelerate) and Engro Elengy Terminal Ltd (EETL) have signed a Heads of Agreement (HOA) for the expansion of the EETL liquefied natural gas (LNG) import terminal located in Port Qasim, Pakistan. Under the agreement, Excelerate will exchange its existing floating storage and regasification unit (FSRU) Exquisite with a newbuild FSRU, Hull 2477, which is currently under construction at Daewoo Shipbuilding and Marine Engineering (DSME) shipyard. Hull 2477 will increase EETL’s send-out capability by more than 150 million standard cubic feet per day (MMscf/d) and increase its LNG storage capacity from 150,900…

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LNG Prices Fall To 10-Year Low

The global gas glut continues to grow worse, with LNG prices recently dropping to a 10-year low.close [x]PlayUnmuteLoaded: 100.00%Remaining Time -1:01Picture-in-PictureFullscreen LNG prices in Asia recently fell below $4/MMBtu, down 40 percent from a year earlier. Prices in NW Europe (TTF) are down by nearly 50 percent, and Europe has record-high inventories for this time of year. Mild weather in Asia, Europe and the U.S. have led to seasonally weak demand, with China in particular proving to be a disappointment to exporters. But a wave of new terminals coming online in the last year…

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Int’l Conference on LNG on Friday Jan.31

Nadeem Babar  will inaugurate  the conference IslamabadSpecial Assistant to Prime Minister on Petroleum Nadeem Babar will inaugurate a daylong conference on Liquefied Natural Gas (LNG) at a hotel in Islamabad on January 31st, 2020 (Friday) with special focus on countrywide gas shortfall amid severe spell of cold weather. The Energy Update, which has to its credit 10 editions of Power Generation Conferences and four International Wind Energy Conferences, is going to organize the daylong seminar titled “LNG for Pakistan”. Naeem Qureshi, chairman of the organizing committee of the conference, said…

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Asian LNG prices touch more than 10-year low

Asian spot prices for liquefied natural gas (LNG) plummeted to multi-year lows this week, pressured by a lack of demand to consume abundant supplies. As milder-than-usual winter in both Asia and Europe is curbing demand, there were deals done below $4.00 per million British thermal units (mmBtu) this week, the lowest level in more than 10 years. The average LNG price for March delivery into northeast Asia was estimated at around $4.00 per mmBtu, down $0.60 per mmBtu from the previous week, several sources said. “Warm winter is a clear…

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