Month: February 2020

ISLAMABAD: Pakistan’s first LNG import terminal will give a major boost of 150 million metric cubic feet/day (mmcfd) to its re-gasification capacity as it planned to upgrade existing floating unit to meet the country’s growing energy needs, its top official said on Friday. Engro Elengy Terminal Chief Executive Officer Jahangir Piracha announced the signature of heads of agreement (HOA) with Excelerate and Shell for the expansion of the terminal. The EETL terminal is a joint venture between Engro Corporation and Royal Vopak of the Netherlands. The floating liquefied natural gas…

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Pakistan and Turkey Friday signed a memorandum of understanding (MoU) on intensifying cooperation in the energy sector. The MoU is part of other agreements that were signed during the visit of President of Turkey Recep Tayyip Erdogan to Pakistan. Federal Minister for Energy Omar Ayub Khan and his Turkish Counterpart Fatih Donmez inked the MoU in the presence of Prime Minister Imran Khan and President Erdogan. The MoU in the energy sector proposes cooperation in the area of hydrocarbons, joint ventures in exploration and production (E&P) and sharing of best…

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The federal government has decided to set up Pakistan Petroleum Exploration and Production Authority as part of its plan to introduce reforms in the oil and gas sector. Presently, the energy ministry enjoys both the powers of policymaking and regulation. The government primarily aims to separate the two and restrict the energy ministry’s role to policymaking only, whereas the said authority will have the role of regulatory powers. The new authority is planned to be established by 2022. According to sources, the need for the authority surfaced after several foreign…

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Turkey’s renewable energy capacity has registered a remarkable surge over the last decade, with a steady increase of 11% per year amid a 7% annual capacity rise in other fuels for power generation, Deputy Energy and Natural Resources Minister Alparslan Bayraktar said Thursday during his remarks at a renewable energy conference in Istanbul. Turkey’s installed power capacity was calculated at a total of 91,267 megawatts (MW) by the end of last year, while only around a decade ago, the country possessed only 15,500 MW in renewable capacity. “The installed capacity…

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ISLAMABAD: The Finance Ministry, apparently to ensure reduction in the prices of local oil and gas, has advised the Petroleum Division to change the pricing formula of oil and gas production companies by delinking the price with dollar, Pakistan Today has learned. According to sources, the Finance Ministry wanted to reduce the prices of local oil and gas by linking the price of local oil and gas production with Pakistani rupees. They said the proposed change in oil and gas production policy would cause adverse effecton the production of local oil and gas…

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