Month: February 2021

Such limitations on supply would push prices to multi-year highs and keep them there for two years or more, several hedge funds said. The view is a reversal for hedge funds, which shorted the oil sector in the lead-up to global shutdowns, landing energy focused hedge funds gains of 26.8% in 2020, according to data from eVestment. By virtue of their fast-moving strategies, hedge funds are quick to spot new trends. Global oil benchmark Brent has jumped 59% since early November when news of successful vaccines emerged, after COVID-19 travel…

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On his first full day in office, President Biden indicated that the moderate Joe Biden we were all expecting might not be appearing on oil and gas issues and his administration’s energy policies would be informed by the more progressive wing of the Democratic Party. On January 21, an acting Secretary of the Interior issued Order 3395, which imposes a 60-day pause on the issuance of new leases and permits for oil and gas drilling on federal lands and offshore, without being approved by one of nine senior Department of…

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The concept of utilising waste to generate energy might soon be introduced in Pakistan and the ministries concerned would be educated about the technology, said Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Mian Nasser Hyatt Maggo. In a meeting with a delegation of Pakistan Plastic Manufacturers Association on Tuesday, he said Chinese innovation and introduction of waste recycling was gaining traction in Pakistan. “Pakistan’s exports are concentrated in only a few products and a handful of markets,” he said, stressing that the country should focus on non-traditional goods. The…

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ISLAMABAD: The cabinet on Tuesday approved the removal of cap on dividend distribution by Mari Petroleum Company Limited (MPCL) in a bid to fetch better price for the government of Pakistan shares. The government plans to divest 18.39% shares in Mari Petroleum and the removal of dividend cap will help get a better price. The approval came during a meeting chaired by Prime Minister Imran Khan. Earlier, the Economic Coordination Committee (ECC) had approved the removal of cap on dividend distribution by Mari Petroleum. The Petroleum Division told the cabinet meeting that since its…

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ISLAMABAD: K-Electric has sought increase in electricity rates on account of fuel cost adjustments for seven months and quarterly adjustments for nine months involving an additional revenue generation of about Rs40 billion. According to tariff petitions filed before the National Electric Power Regulatory Authority (Nepra), the Karachi-based private power utility has demanded fuel cost adjustments (FCAs) for seven months from June to December 2020. Of these, consumers have to pay higher adjustments for four months and get relief on account of lower fuel cost in three months. This is on…

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