February 23, 2021 - Energy Update

Reon announces completion of solar project

February 23, 2021February 23, 2021 Admin

Reon Energy Limited on Monday announced completion of its 3.73MW captive solar power project for G&T Group in Karachi and Balochistan. The solar photovoltaic plant is the largest bi-facial PV rooftops in the country. The 3.73MW photovoltaic project is expected to produce approximately 6,152MWh (megawatt hours) annually. The project is dispersed across several locations, including Gatron in Hub, Mustaqim Dyeing and Printing at SITE and Nooriabad and Novatex in Landhi. The energy will be used on-site, reducing gas consumption and avoiding around 3780 tons of CO2 equivalent emissions during the…

Scatec and Nizam Energy close financing for solar plant in Pakistan

February 23, 2021February 23, 2021 Admin

Renewable developer Scatec and local partner Nizam Energy have secured a $100m financial closure for a solar project in Pakistan. The closure comes after the Dutch development bank FMO, Faysal Bank, Bank of Punjab, and PAK Kuwait Investment signed credit agreements for the non-recourse debt financing agreement. The credit facilities will cover up to 75% of the total cost of the 150MW Sukkur project. Scatec and Nizam Energy intend to start construction within the first half of this year. Scatec CEO Raymond Carlsen said: “We are proud to complete the…

Pakistan attracts over 50% of BRI’s renewable

February 23, 2021February 23, 2021 Admin

he Green Belt and Road Initiative Center has released China BRI Investment Report 2020 which says overall Pakistan attracted more than 50% of renewable energy investments (47% of which in hydropower). According to Gwadar Pro, the highlights of this report is that renewable energy investments (solar, wind, hydro) constitute the majority of Chinese overseas energy investments – increasing their share from 38% in 2019 to 57% in 2020. The report also points out Pakistan has been benefited in eco-friendly and economic respects by BRI investment. Among the BRI countries, investments…

Power generation up 4pc in Jan

February 23, 2021February 23, 2021 Admin

KARACHI: Total electric power generation in January 2021 surged 4.0 percent to 8,079GWh compared with 7,794GWh in January 2020, data issued by National Electric Power Regulatory Authority (NEPRA) suggested on Monday. “In light of the shortage of domestic natural gas and the surge in RLNG prices globally, the return of furnace oil (FO) in Pakistan’s power sector was not only expected but inevitable, as it climbed the merit order list,” Ali Zaidi at JS Global Capital said. FO-based production jumped nearly 22 percent to 974GWh in January 2021 from 801GWh…

Mari Petroleum’s profit jumps to Rs7.33b

February 23, 2021February 23, 2021 Admin

Owing to a notable decline in other expenses and a modest rise in revenue, Mari Petroleum’s profit rose up from 0.68% to Rs7.33 billion in the quarter ended December 31, 2020. Mari Petroleum is an integrated exploration and production company, currently managing and operating Pakistan’s largest gas reservoir (in terms of remaining reserves) at Mari Gas Field, Daharki, Sindh. It is also registered as a blue-chip company at the Pakistan stock exchange and regularly wins awards and accolades from various independent bodies not only for its financial and operational performance…

Current account deficit at $229m

February 23, 2021February 23, 2021 Admin

Pakistan recorded a current account deficit – higher foreign expenditures compared to income – for the second successive month in January at $229 million mainly due to increase in import of food items, industrial raw material and machinery. The growth in imports – mainly of industrial goods and machinery – indicates expansion in businesses and growth in economic activities in the country as the economy largely depends on them. Receipt of higher remittances from overseas Pakistanis offset the impact of growth in import payments on the current account deficit. The…

Oil rises with storm-hit US output set for slow return

February 23, 2021February 23, 2021 Admin

Oil prices rose on Monday as the slow return of US crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the Covid-19 pandemic. Brent crude was up $0.51, or 0.8%, at $63.42 a barrel by 0945 GMT, after gaining nearly 1% last week. US oil rose $0.45, or 0.8%, to $59.69 a barrel, having fallen 0.4% last week. Abnormally cold weather in Texas and the Plains states forced the shutdown of up to four million barrels…

LPG shipping rates: the rise… and the fall

February 23, 2021February 23, 2021 Admin

PG shipping rates have seen what can only be called a dramatic start to the year. The steep gains, followed by the freefall have dwarfed the volatility seen in 2020. As we move deeper into 1Q21, and China comes back into the picture after a long holiday, we do expect rates to find some floor. Meanwhile, the stock prices which are otherwise highly correlated, have shown remarkable resilience, seemingly immune to the recent fluctuations in the spot market. The rise On 11 November 2021, the BLPG1 (representative of the Middle…

FDI down 27.4pc to $1.145bln in Jul-Jan

February 23, 2021February 23, 2021 Admin

KARACHI: Pakistan’s foreign direct investment (FDI) fell 27.4 percent in the seven months of this fiscal year, hurt by dropping investor confidence in the economy due to the stalled International Monetary Fund (IMF) loan programme and slippage in global growth amid the coronavirus pandemic. Data issued by the central bank showed on Monday that the country attracted $1.145 billion in FDI in July-January FY2021, compared with $1.577 billion in the corresponding period of last fiscal year. January’s FDI inflows were $192.7 million, down 12.24 percent from a year ago. FDI…

Israel to link Leviathan gas field to Egypt LNG plants

February 23, 2021February 23, 2021 Admin

OCCUPIED JERUSALEM: The Israeli and Egyptian energy ministers have agreed to build a pipeline to connect Israel’s offshore Leviathan natural gas field to liquefied natural gas (LNG) terminals in northern Egypt, the Israeli minister said on Sunday. Yuval Steinitz hosted a meeting with his Egyptian counterpart, Tarek El Molla, as both countries look for new ways to expand the development of east Mediterranean natural gas. The Leviathan field, located 130 km (80 miles) off Israel’s coast, already supplies the Israeli domestic market and exports gas to Jordan and Egypt. Its…