Day: January 28, 2021

Near the beginning of December, Bloomberg sources suggested that the French oil major Total SA was looking to rid itself of its 18% stake in the Sarsang exploration block in northern Iraqi Kurdistan. Now, Iraq’s oil ministry has signed an MOU with the oil giant to execute “large and promising projects” in Iraq, specifically in natural gas and clean energy, the country’s oil ministry said on Wednesday. Total’s CEO Patrick Pouyanne was in the country at the time of the signing. Total already has a 22.5% interest in Iraq’s Halfaya…

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ISLAMABAD: National Electric Power Regulatory Authority (Nepra) on Wednesday indicated an increase of upto Rs 1.60 per unit in tariffs of power Distribution Companies for the month of December 2020 under monthly fuel price adjustment mechanism, amid a heated debate within the Authority on use of expensive fuel, which will overburden the consumers. The increase which will be reflected in the bills of February 2021, is in addition to already approved Rs 1.95 per unit increase in base tariff of Discos to be recovered across the board. The Nepra Authority…

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ISLAMABAD: Power Division has handed over the entire documents of power Distribution Companies (Discos) to the Privatisation Commission (PC) meant to expedite sell-off process of those companies, well-informed sources told Business Recorder. The Discos employees are already protesting against the proposed privatisation of companies, fearing that they will lose jobs. On January 5, 2021, Privatisation Commission wrote a letter to Power Division in which the decision of the Cabinet Committee on Privatisation (CCoP) of January 4, 2021 was conveyed, wherein it was decided that Ministry of Privatisation will expedite privatisation/management…

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ISLAMABAD: The Ultimate Energy Services (Pvt) Ltd has signed an agreement with Energas Marketing (Pvt) Ltd for supply of imported LNG to the CNG stations in Sindh. The CNG industry has been facing severe gas loadshedding since a decade, which has worsened in the last two years. As a result, the CNG consumers have been deprived of their favourite and most-needed, economical and environmentally-friendly fuel. Energas Marketing (Pvt) Ltd was granted a marketing licence to import and market LNG in Pakistan. The company will also establish a LNG terminal. A…

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KARACHI: The Directorate General of Petroleum Concessions (DGPC) has provisionally awarded four new exploration blocks to Mari Petroleum Company Limited (MPCL) in the latest block bidding round, the company announced on Wednesday. MPCL has been awarded two blocks as the operator and two as the joint venture partner with other local companies. The blocks have been awarded after competitive bidding based on work units committed by different E&P companies, in the Block Bidding Round 2020 arranged by the government. MPCL will hold 39 percent working interest as the operator with…

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