Energy ministry comes up with replies to 7 media questions

ISLAMABAD: The Ministry of Energy Petroleum Division Friday issued a press release, clarifying its position regarding reports, circulating in the print and electronic media, posing serious questions about the LNG import “based on selected data”. The release said the Petroleum Division would like to respond to the questions in the backdrop of legal and contractual issue of LNG import. The first question, said the release, is asked whether the government not buying more LNG. In this regard, one must know that since LNG is not “gas” as per law, the…

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Unbundling the wrong way

Amid strong opposition from key stakeholders, the Cabinet Committee on Energy (CCOE) led by Minister for Planning and Development Asad Umar has put on hold the unbundling of two gas utilities — Sui Northern Gas Pipelines Ltd (SNGPL) and Sui Southern Gas Company Ltd (SSGCL) — until a comprehensive, feasible and time-bound road map for gas-sector reforms is available. He agrees that the unbundling of gas firms into transmission and distribution companies is not the objective per se and lessons should be learnt from power-sector reforms that began with the…

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Govt may hike profit margin of oil firms, dealers by 16pc

ISLAMABAD: Amid declining oil prices, the government is likely to increase profit margins of oil marketing companies (OMCs) and dealers’ commission by 16 per cent without completion of a market study as was promised last year. The ministries of finance and planning and the Oil and Gas Regulatory Authority (Ogra) are currently examining a formal proposal, moved by the energy ministry’s petroleum division, before a meeting of the Economic Coordination Committee (ECC) of the cabinet takes a final decision. Finance ministry sources told Dawn that the petroleum division had proposed 45 paisa…

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Oil prices slide from March’s highs on rising OPEC+ tensions

Oil fell from an eight-month high as cracks appear among some OPEC+ members days before a key policy meeting to discuss delaying the end of output curbs. Futures fell 1.6% in New York. Iraq’s deputy leader this week criticized OPEC, saying the economic and political conditions of member countries should be considered before they are asked to withhold production. OPEC’s president said Thursday the group must remain cautious, with internal data pointing to the risk of a new oil surplus early next year. Most of the production that was cut…

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VIS Reaffirms ER Of PGPCL

KARACHI, (APP – UrduPoint / Pakistan Point News – 27th Nov, 2020 ) :VIS Credit Rating Company Limited has reaffirmed the entity ratings of PGP Consortium Limited at single A minus/A-two and triple B of its preference shares on ‘rating watch-developing’ status. The medium to long-term rating of ‘A-‘ signifies good credit quality with strong protection factors. Moreover, risk factors may vary with possible changes in economy. The short-term rating of ‘A-2’ denotes good certainty of timely payments coupled with sound liquidity and company fundamentals, said release on Friday. The…

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Gas deficit starts haunting masses: CPPs to be closed down for two months to attain 70mmcd gas

ISLAMABAD: With the view to cope with gas shortfall, the government has decided to close down the RLNG supply to captive power plants (CPPs) for two months of December and January to attain 70 mmcfd gas for 60 days but, in return, the industry will be provided electricity at 7.5 cents per unit. Industry will be provided reduced tariff against the electricity that it was getting through captive power plants. “This issue has been agitated in the Cabinet Committee on Energy (CCoE) that met on Thursday and in the meeting…

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China’s first domestically made nuclear reactor goes online

BEIJING (AFP) – China has powered up its first domestically developed nuclear reactor — the Hualong One — a significant step in Beijing’s attempts to become less dependent on Western allies for energy security and critical technology. The reactor, which was connected to the national grid on Friday, can generate 10 billion kilowatt-hours of electricity each year and cut carbon emissions by 8.16 million tons, according to China National Nuclear Corporation (CNNC). “This marks China breaking the monopoly of foreign nuclear power technology and officially entering the technology’s first batch…

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Expensive energy ‘biggest’ problem

EDITORIAL: Prime Minister Imran Khan while addressing the World Economic Forum (WEF)-sponsored Country Strategy Dialogue on Pakistan stated that expensive energy is Pakistan’s “biggest” problem – 25 percent more expensive than in neighbouring India. The Khan administration should be given credit for the Memoranda of Understanding (MoUs) signed with Independent Power Producers (IPPs) that would reduce the negative impact of the financially crippling contracts on end consumers, industrial, commercial and householders – contracts signed by previous governments. It is also not in question that the PPP-led coalition government (2008-13) and…

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Netherlands co keen to invest $1.3bn for Desalination & Power Plants in Karachi

AWTEC Netherland, a Dutch company has expressed its intention to establishment of desalination plants and power generation from a garbage plant in Karachi, Sindh with the investment of $ 1.3 billion. As per details, the proposal was presented in a meeting presided over by Prime Minister Imran Khan about Pakistan Islands Development Authority (PIDA) and Ravi River Urban Development Authority (RUDA). The Dutch also exhibited an interest in investment in the Ravi City Project and the establishment of a renewable energy plant in Lahore. It may be mentioned here that…

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