Day: March 18, 2020

The Government of Pakistan (GoP) and Independent Power Producers (IPPs) have reportedly reached an agreement to resolve prolonged outstanding issues and litigation at different domestic and international fora, sources close to CEO CPPA-G told Business Recorder. Sharing the background, the sources said that pursuant to the Prime Minister’s directive for the resolution of issues with IPPs several meetings were held between the Power Division and the representatives of IPPs. The discussions have led to development of a commercial understanding document. The sources said settlement agreements would be signed with the Altas…

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Crude oil prices fell further today, with WTI prices falling to 18-year lows, after the Energy Information Administration’s latest weekly inventory report that estimated a 2-million-barrel build for the week to March 13. The agency reported that at 453.7 million barrels, crude oil inventories in the United States were 3 percent below the five-year average for this time of the year. Analysts had expected an inventory build of 2.94 million barrels, after last week the EIA reported an inventory increase of 7.7 million barrels, adding to pressure on prices. This week, the authority also reported an…

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The markets can’t seem to catch a break, with the Dow dropping below 20,000 points for the first time since 2017 as the coronavirus crisis continues to fuel a massive stock selloff despite governments across the world scrambling to inject some relief into the global economy. Oil, for its part, is also feeling the sting, with WTI falling to $23.27 and Brent falling to $27.82. With one of the most volatile trading weeks on record since the 1929 Great Depression, money managers are increasingly calling for a full closure of the stock markets.…

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