Day: October 18, 2020

Gunvor bid lowest for November LNG cargo delivery to Pakistan

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Gunvor Singapore has offered the lowest bid for the delivery of one cargo of liquefied natural gas (LNG) to Pakistan in November at 13.8699% slope of Brent, an official said. The delivery window for the cargo – 140,000 cubic metres and with an energy content 3,200,000 MMBTU – is November 15 to 16, the bid document showed. Only two bidders qualified for the tender floated by government subsidiary Pakistan LNG Limited (PLL), a company official told Reuters.

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SOEs reluctant to import LNG as per govt policy

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ISLAMABAD: The country is likely to face acute shortage of gas in winter as the State Owned Entities (SOEs) are reluctant to import LNG in accordance with government policy. In July 2019, the Economic Coordination Committee (ECC) had allowed private sector to import LNG through excess terminal capacity under third party access mechanism. However, even after the passage of more than 15 months, some vested interests in the government and other groups have posed legal and operational hurdles to deter private sector to import LNG. As a result, Pakistan has…

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SSGC to meet increased gas demand with additional RLNG injection

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SLAMABAD-The Sui Southern Gas Company (SSGC), which is mainly responsible for supplying gas in Sindh and Balochistan provinces, has evolved an effective strategy of injecting additional RLNG in its transmission network to meet the increased commodity demand during the upcoming peak winter season. “This year, around 160 MMCFD (Million Cubic Feet per Day) gas is expected to be short supplied from the fields and the SSGC will face [overall] shortage of around 250-300 MMCFD gas this winter. This shortfall will be met by injecting RLNG in the system,” according to…

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High tariff unlikely to control debt

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ISLAMABAD: Circular debt has haunted every government and same is the case with the current Pakistan Tehreek-e-Insaf (PTI) administration. It has made efforts to control losses and improve bill recoveries. Still, the debt has continued to surge and it now exceeds Rs2 trillion. Faulty agreements with the independent power producers (IPPs) are mainly blamed for the hike in electricity prices. Capacity payments to power producers are said to have reached Rs900 billion and will jump up to Rs1.6 trillion in coming years. A close aide to Prime Minister Imran Khan…

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Oil slides as fresh lockdown threatens demand recovery

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LONDON: prices fell on Thursday as new restrictions to stem a surge in Covid-19 infections increased uncertainty over the outlook for economic growth and a recovery in fuel demand. Brent crude LCOc1 futures dropped $1.39, or 3.2%, to $41.93 a barrel by 1247 GMT, while US West Texas Intermediate (WTI) crude CLc1 futures were down $1.41, or 3.4%, to $39.63. Some European countries are reviving curfews and lockdowns to try to contain the rise in new coronavirus cases, with Britain expected to impose tougher Covid-19 restrictions on London from midnight…

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