Day: May 6, 2020

ISLAMABAD: The government has deferred the constitution of an inquiry commission and release of the report on the power sector for two months in what appears to be an attempt to convince the Independent Power Producers (IPPs) to settle the issue through negotiations. According to documents, “In order to provide a chance of meaningful negotiations with the Independent Power Producers (IPPS), constitution of Inquiry Commission under Pakistan Commission of Inquiry Act, 2017 may be deferred for two months. Release of the report would be decided thereafter.” Sources said that the government…

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The uneasy truce that settled over oil markets this month as some of the world’s largest producers began cutting output belies the raging competition among exporters seeking to preserve their share of a diminished market. Saudi Arabia, the world’s biggest exporter, appears to be winning the fight for sales as it slashes prices for its crude. Producers globally are struggling to retain customers as the coronavirus destroys demand for fuel. After flooding the market in April, producers are now scaling back shipments as part of the deal by OPEC+ suppliers…

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ISLAMABAD: The Economic Coordination Commit-tee (ECC) of the Cabinet will meets on Wednesday (today) to consider a heavy agenda including more than Rs1.1 trillion worth of restructuring of the power sector debt. To be presided over by Finance Adviser Dr Abdul Hafeez Shaikh, the ECC is also expected to set an intervention price for cotton crop 2020-21, take stock of wheat procurement by the public sector and a couple of fresh funding allocations to the country’s premier intelligence agency in the aftermath of recent visit of Prime Minister Imran Khan…

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ISLAMABAD: Mystery shrouds the exploration of shale oil and gas reserves in the country as drilling has been suspended by Oil and Gas Development Company (OGDC). Earlier, OGDC had entered into a joint venture with Italy’s Eni and ExxonMobil of the US and undertook offshore drilling near the Karachi coast. However, the effort failed to bear fruit and did not find any hydrocarbon reserves. Soon after, OGDC – a state-owned oil and gas exploration company – jumped into shale oil and gas exploration, the area where the US has made historic…

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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet which is scheduled to meet Wednesday (May 6) will approve conversion of Rs 136.5 billion debts of Power Holding Company Limited (PHPL) into public debt as per agreement with World Bank, sources in the Finance Division told Business Recorder. PHPL is a wholly-owned government entity, established for the purpose of securing financing for the power sector. It was incorporated under the Companies Ordinance, 1984 on 24th June 2009. PHL is a Special Purpose Vehicle (SPV) to park long-term debts of the…

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