Month: April 2020

ISLAMABAD:  Karachi Electric (KE) is reportedly in a serious financial crisis due to non-payment of receivables by governments, well-informed sources in KE told Business Recorder. The company’s Chief Financial Officer (CFO), Aamir Ghaziani, has brought its financial position to the notice of the federal government, which resisted sales of its shares to China’s Shanghai Electric Power Company Limited subject to clearance of its receivables. In a letter with reference to prevailing situation due to Coronavirus (Covid-19) pandemic and the relief package announced by the Prime Minister to tackle slowdown in the country, KE said…

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The Saudi G20 Presidency announced on Tuesday a G20 energy ministers’ virtual meeting will be held to discuss how to stabilise energy markets, the Saudi Press Agency reported. The meeting will be held on April 10 to foster global dialogue and cooperation to ensure stable energy markets and enable a stronger global economy, said the report. The energy ministers will also act, along with invited countries, and regional and international organisations, to alleviate the impact of COVID-19 on energy markets, it added. READ MORE: Venezuela’s Maduro says possible to find…

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LAHORE: Electricity demand may go down by 25-30 percent if the economic downturn and corona impact continues, said Pakistan Electric Power Company (PEPCO) sources. Already, they said, winter is gone with traditional low demand as low as 50 percent of the summer demand. The current demand for electricity has reduced to 13,000 megawatt comparing with 17,500 megawatt of March-April 2019, they added. They said a lockdown in the country since March 24th has curtailed the industrial load exceptionally. Similarly, there is a complete closure of hotels and commercial activities in…

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The government continues to be in search of a way out for reducing or arresting the projected increase in gas and electricity tariff. I have also been arguing the need for cheaper LPG rates, at least for the poor. In this space, we will discuss the prospects and impact of falling oil prices on Pakistan’s energy sector – on both producers and consumers. Oil prices had already come down much before Corona. Initially, there was an oil price war between the two major oil producers – Saudi Arabia and Russia…

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Saad al-Kaabi, who heads the energy portfolio of the world’s top liquefied natural gas (LNG) supplier, also said the company could seek to raise debt next year for its domestic North Field LNG expansion. Qatar, a tiny but wealthy country is one of the most influential LNG market players with annual production of 77 million tonnes. It plans to increase its LNG production to 126 million tonnes a year by 2027. Kaabi told Reuters QP will postpone the start of production from its new gas facilities until 2025 following a…

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