Oil and petroleum consumption witnessed a sharp recovery in FY21 after a dip in pandemic hit FY20. This recovery is reflected in resurgence of petroleum sales by the downstream oil marketing segment, which in turn is a representation of improved economic and industrial activity. The recent data from OCAC shows that overall petroleum sales by the OMCs in FY21 stood…
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US oil may retest a resistance at $76.14 per barrel, a break above which could lead to a gain towards $76.83-$77.29 range. The contract is riding on a wave C, which may extend to $77.29, as it briefly travelled above $74.99, its 138.2% projection level. Another projection analysis on the uptrend from $69.77 suggests a similar target of $76.83. The…
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Yet again power load-shedding and gas shortage in the country. This time it is due to drydocking of Engro’s liquefied natural gas (LNG) terminal. Sceptics argue that better planning and coordination and timely decisions could have prevented or at least eased the problem. Engro will be able to replace its Floating Storage and Regasification Unit (FSRU) by a larger unit…
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Federal Minister for Maritime Affairs Ali Zaidi Tuesday said that Japanese company Mitsubishi would install fourth Liquefied Natural Gas (LNG) terminal in the country at Karachi’s Port Qasim. Taking to Twitter, Ali Zaidi said that Mitsubishi would invest US$300 million (Rs47.52 billion) for setting up the LNG terminal at the city’s port. “After Energas, Tabeer Energy (Mitsubishi) also close to…
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The Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel Chairman Mian Anjum Nisar, while calling for uninterrupted gas supply to the industrial sector, has urged the government to up-grade gas distribution and supply system to avoid losses. Moreover, condemning the jump in rates of petroleum products, he stressed the need for reducing tax ratio on oil products to…
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The Sui Northern Gas Pipelines Limited (SNGPL) has notified the schedule for the restoration of gas supply to Punjab and Khyber Pakhtunkhwa (KP) from Wednesday. The notification issued by SNGPL stated that the gas supply will be restored to the general industry in Punjab and Khyber Pakhtunkhwa (KP) on July 7. It added that the gas supply to the compressed…
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Churna Island is facing serious ecosystem degradation due to depletion of precious exotic species of corals due to environmental and anthropogenic damages whereas the Island’s conversion into a Marine Protected Area (MPA) could help overcome the crisis. Churna Island is one of the scenic and unique adventure sports tourism attractions offering unforgettable experiences of corals and underground water sports. It…
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The energy ministry spokesperson on Sunday clarified that there was no forced load shedding across the country for the last 48 hours. In a statement, the spokesperson said that forced load shedding has already come to an end almost 48 hours ago ie Friday, July 02, 5:00 pm onward, across the country as the power generation has increased due to increased gas…
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The National Transmission and Despatch Company (NTDC) recently submitted the revised Indicative Generation Capacity Expansion Plan (IGCEP) for the regulator’s approval. Alongside other revisions, it indicates an increase in the planned hydropower share to more than half of the country’s total energy mix by 2030. The hydropower component of the IGCEP displays an ‘alarming trend’, according to the comments on…
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The fragility of the liquefied natural gas(LNG) value chain was exposed last week that sent shock waves in the power corridors. The fault lines whilst hidden acted like sleeper cells and the first strike made the decision-makers lose their sleep. The end consumers suffered the most in killing hot summer amid the return of the countrywide power cuts of various…
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