Month: January 2021

Pakistan’s new pipeline with Russia to increase LNG import capacity

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The South Asian nation will have a majority share of 51% to 74% in the project, while Russia will own the remainder, Nadeem Babar, petroleum adviser to the prime minister, said in an interview on Dec. 14. Pakistan’s gas distribution companies Sui Southern Gas Co. and Sui Northern Gas Pipelines Ltd., which have started acquiring land for the pipeline, will be a part of the project, while a Russian consortium will lead construction. Pakistan has become one of the top emerging markets for the super-chilled fuel in recent years as…

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CEO AEDB quits

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ISLAMABAD: Chief Executive Officers (CEO) Alternative Energy Development Board (AEDB), Dr. Rana Abdul Jabbar, has resigned from his position purportedly in hope of getting the position of MD, NTDC, well-informed sources in Power Division told Business Recorder. The Federal Government is likely to give additional charge of Chief Executive Officer of Alternative Energy Development Board (AEDB) to Managing Director PPIB, Shah Jahan Mirza, the sources added. Alternative Energy Development Board (AEDB) is a statutory organization established under the AEDB Act, 2010. The appointment of Chief Executive Officer of the Board…

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Asia residual fuel market – Key market indicators this week

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The Asian high sulfur fuel oil market in contrast is expected to see lengthening supply, according to traders, as refineries make incremental increases to production and demand from utilities in South Asia falls in January, with the exception of Sri Lanka. The Singapore Marine Fuel 0.5%S balance-January/February backwardation in mid-morning trade Jan. 4 was stable from the Dec. 31 assessment of $1.50/mt, with bids seen at $1/mt against no offers, Intercontinental Exchange and broker data showed. ** Singapore Marine Fuel 0.5%S is expected to begin the year on a strong…

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Repayment of GHPL’s loan: PD allowed to utilise GIDC funds

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ISLAMABAD: The Federal government has allowed Petroleum Division (PD) to utilise funds from the Gas Infrastructure Development Cess (GIDC), amounting to Rs1.717 billion for the repayment of Government Holdings (Pvt) Limited (GHPL)’s loan, well informed sources told Business Recorder. The Inter State Gas Systems (Pvt) Limited (ISGSL) was the nominated entity of the Government of Pakistan (GoP) for the implementation of various strategic gas infrastructure projects of international stature on a G-to-G basis. The Company was established in 1996 with the authorised capital of Rs10 million. The permitted establishment /…

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Time to stock up

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Arguably the most successful investor of all times, Warren Buffett, once said there was no way “to predict what the market would do in the short term”. The same holds true for the Pakistan stock market in 2021. What really is certain is the uncertainty that pervades the market. One thing about stock market analysts and strategists is that all of them tend to be optimistic. The KSE-100 index has been targeted and visualised to settle between 52,500 points and 60,000 points by the end of December. The index is…

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