MEXICO CITY/NEW YORK (Reuters) – Oil trading firms, including Trafigura, are supplying Mexico with emergency cargoes of liquefied natural gas (LNG) to overcome a power crisis caused by interrupted U.S. natural gas supplies, three sources close to the purchases said. Mexico’s state-run power company Comision Federal de Electricidad (CFE) last week resorted to LNG imports as natural gas supplies from…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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