Month: December 2020

There is a very real danger that the coming winter months in Pakistan, and particularly in the north of the country, will be particularly cold ones with an insufficient supply of gas. This is chiefly because Pakistan LNG Limited failed to place tenders for gas supply in time to the international market. It is also now being forced to obtain LNG at far higher prices than would have been the case had it purchased this vital commodity in summer, when prices had fallen, and were at a far lower rate…

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ISLAMABAD: Federal Minister for Industries and Production Hammad Azhar on Saturday underscored that the PTI government paid $10.4 billion on account of debt servicing of external public loans including principal payment of $8.5 billion and $1.9 billion in interest payments. The minister was responding to the reportage of the Annual Report on Foreign Economic Assistant (FEA) for FY19-20 which highlighted Pakistan’s increased reliance on foreign commercial loans. The country recorded total external loan inflows worth $10.7 billion in the year ended June 30, 2020. Additionally, the government raised $3.4 billion…

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ISLAMABAD: The circular debt of the Pakistan State Oil (PSO) has hit an alarming level as its receivables touched Rs318.9 billion. According to the PSO, the receivable against power sector is piling up to Rs196 billion. The receivable against the PIA and other government entities also recorded at Rs30 billion. Another Rs92.6 billion is receivable from the Sui Northern Gas Pipelines Limited (SNGPL). In a letter to Asad Hayauddin, secretary petroleum, Ministry of Energy (Petroleum Division), the PSO management said its circular debt touched an alarming level. The PSO has…

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Prime Minister Imran Khan Saturday said Pakistan was committed to mitigate impact of climate change and vowed to produce 60 per cent clean energy through renewable resources by the year 2030, scrap its coal based power projects, and run 30 percent of its vehicles on electricity. I assure you that Pakistan will be doing its best to make its contribution to mitigate the effects of climate change,” Prime Minister Imran Khan told the Climate Ambition Summit to mark the fifth anniversary of the signing of the landmark Paris Agreement. The…

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