Month: May 2021

LNG corruption case: NAB submits report about arrest warrants issuance of co-accused

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The National Accountability Bureau (NAB), on Thursday, submitted its report before the Accountability Court regarding issuance of non-bailable arrest warrants of the two co-accused staying abroad in the liquefied natural gas (LNG) corruption case against the former prime minister, Shahid Khaqan Abbasi, and others. The Accountability Court-I judge, Muhammad Bashir, while hearing the case, adjourned hearing of the case till May 21, following the NAB prosecutor, Usman Masood, submitted report regarding issuance of non-bailable arrest warrants of the two co-accused including the Managing Director M/s QED Consultants UK, Phillip Nutman,…

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PM Imran inaugurates 1,100MW Kanupp-2 nuclear powerplant

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Prime Minister Imran Khan on Friday virtually inaugurated the 1,100-megawatt Karachi Nuclear Power Plant Unit-2 (Kanupp-2) on the 70th anniversary of the establishment of diplomatic relations between Pakistan and China. “I am delighted to inaugurate this project that has been made possible with the collaboration between Pakistan and China,” the premier said while addressing a ceremony in Islamabad. “The project will produce 1,100 megawatts of clean energy, which is particularly important for us as Pakistan is one of the 10 countries most affected by climate change.” Our glaciers are melting…

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IEA Drops Bombshell Report On Oil And Gas

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The IEA made headlines today when it suggested that there should be no new oil and gas investments after 2021… If that were to happen – with a supply crunch already looming – the oil traders at OPC Markets would have a great time. Chart of the Week –    U.S. residential energy consumption declined by 4% in 2020, despite people spending more time at home during the pandemic. –    Relatively warmer weather reduced heating needs during winter months, offsetting the 2 percent increase in electricity sales. –    Space-heating and water-heating are usually the…

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Federal cabinet approves 1st installment of payment for IPPs

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After a delay of three months since the payments to the Independent power producers (IPPs) became due as per August 2020 MoUs, the federal cabinet on Wednesday finally accorded approval to the clearance of first installment to the IPPs. The government is due to clear these receivables till June 7, 2021. The 40 percent settlement of dues is expected to comprise one-third cash, one-third Pakistan Investment Bonds (PIBs) and one-third Sukuk, where the second installment is expected to follow within six months. However, the settlement of dues for 2002 power…

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Budget FY22: Tarin faces Herculean task

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The fourth Finance Minister Shaukat Fayaz Ahmed Tarin of the coalition government of Pakistan Tehreek-i-Insaf (PTI). Immediately after taking oath of his office on April 17, 2021, is faced with the daunting challenge of preparing budget for fiscal year 2021-22 amidst very difficult times when the country is faced with economic meltdown due to Covid-19 endemic, especially after the third and deadly wave. There are complete and partial lockdowns in many cities. Protection of human lives and mitigating extreme financial hardships faced by weaker segments of society, need to be…

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