Month: February 2021

State Bank of Pakistan’s (SBP) Temporary Economic Refinance Facility (TERF) has shown significant growth over the last ten months despite the COVID-19 pandemic. As per SBP, as of Jan 28, 2021, investments approved under TERF have reached Rs374bn, up by Rs51bn in one week. The highest weekly increase since the announcement of this scheme. Whereas, 450 projects approved so far. TERF has shown significant growth over the last ten months as reflected by increase in requested amount from Rs 36.1 billion by end April 2020 to Rs 687.4 billion by…

ISLAMABAD: In a shocking development, the 100 percent state-owned company, Pakistan LNG Limited (PLL), has defaulted with the United Bank Limited (UBL) on LNG payments, putting the LNG supply chain in jeopardy. This appalling situation, which has emerged because of non-payment of dues of Rs61.2 billion by Sui Northern, has exposed PLL to an imminent default on future LNG supply. This irritating development was identified in Pakistan LNG Limited’s (PLL) letter of February 4, 2021 to Special Secretary of Petroleum Division Nadeem Irshad Kiyani. It mentions that receivables of PLL…

LONDON: Oil extended its rally for a ninth day on Wednesday, its longest winning streak in two years, supported by producer supply cuts and hopes that vaccine rollouts will drive a recovery in demand. The American Petroleum Institute said on Tuesday crude inventories fell by 3.5 million barrels, versus expectations for a 985,000-barrel build. The Energy Information Administration’s official stocks report is due at 1530 GMT. Brent crude was up $0.44, or 0.7%, at $61.53 by 1247 GMT after touching a 13-month high of $61.61 earlier in the session. US…

Metals. It isn’t often that we — most of us, anyway — think about them. They are like water or packaged foods, things that appear out of a faucet or on a grocery store shelf as if by some magic inception. But there is a scientific beginning to metals. And it’s something we ought to be thinking about, increasingly so. Here’s why: Minerals are critical to the transition to clean, green energy. Copper supplies, for example, need to increase by as much as 6 percent per year to meet the…