Day: May 12, 2020

The power sector inquiry report has proven to be a great equalizer: in that it has agitated IPP sponsors across the board. Projects from 1994 and 2002 policy have been criticized as have been CPEC IPPs. The issue is sensitive and is subject to negotiation with the stakeholders. The flak, however, falls on regulators and decision makers in power at the time these projects were approved. IPPs like any commercial decision makers pounced upon the opportunity to make good returns within legit means. The adverse outcome is twofold. One is…

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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet may be presented  with a proposal of oil hedging on Wednesday and decide to empower the committee led by Secretary Finance to finalize one of the two proposed call options. Other members of the committee include secretary petroleum, secretary law and secretary planning as well as Managing Director Pakistan State Oil (PSO) to be tasked to finalize the call options with the selected bank. A similar proposal was also discussed during 2009 but was not considered viable and was shelved, sources in Ministry of Finance said. Call option one…

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DUBAI/LONDON: Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom’s budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic. The announcement by the kingdom to add 1 million barrels per day (bpd) – equal to 1% of global supply – to the previously announced cuts follows last week’s phone conversation between U.S. President Donald Trump and Saudi Arabia’s King Salman. Trump had worked last month to persuade Saudi Arabia, fellow OPEC members and…

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