Day: July 19, 2021

Mines dept claims 15pc hike in revenue collection

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The Khyber Pakhtunkhwa Mines and Mineral Development department has increased its revenue collection by more than 150 per cent over the past two years. According to documents available with Dawn the mines and minerals department in 2018-19 had collected Rs2.1 billion, however, in 2019-20 its revenue collection soared to Rs3.2 billion and it touched Rs5.2 billion in the last fiscal. “This is an increase of over 150 per cent over a period of two years,” an official told Dawn. The official said that during the same period, the department issued…

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Badak plant and the future of Indonesia’s LNG industry

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Once known as the world’s largest liquefied natural gas (LNG) exporting country, Indonesia is transforming its LNG industry from its previous service as liquefaction plants only to the development of LNG receiving/regasification terminals or units. More than that, LNG products, which used to be entirely exported, are now absorbed mostly by domestic industries. There are three LNG liquefaction plants currently operating in the country: Badak in Bontang, East Kalimantan, Tangguh in West Papua, and Donggi-Senoro in Central Sulawesi. Badak used to be the largest LNG liquefaction plant in the world,…

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China frictions steer electric automakers away from rare earth magnets

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The metals in the magnets are actually abundant, but can be dirty and difficult to produce. China has grown to dominate production, and with demand for the magnets on the rise for all forms of renewable energy, analysts say a genuine shortage may lie ahead. Some auto firms have been looking to replace rare earths for years. Now manufacturers amounting to nearly half global sales say they are limiting their use, a Reuters analysis found. Automakers in the West say they are concerned not just about securing supply, but also…

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Economy in recovery phase

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Signs of recovery are gradually appearing. Exports grew around 18% in dollar value while imports rose around 26%. The imports outpacing exports resulted in a ballooning trade deficit of $31 billion. This is usual recovery story in a developing economy where imports normally exceed exports. Bourgeoning remittances of $29.4 billion played a major role in bridging the trade gap in FY21. However, debt servicing requirements were fulfilled through multilateral financing and commercial borrowing fetched through Eurobonds and Sukuk. Both exports and imports went down in FY19 and FY20. In those…

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Byco sees doubling of gross refining margin by 2025

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The gross refining margin of Byco Petroleum — a vertically integrated energy firm with its own floating jetty, refinery and oil marketing arm — is expected to double from $3 per barrel to $6 once it completes the ongoing upgrade process by 2025, according to company chairman Mohammad Wasi Khan. Speaking to a group of journalists at the company headquarters on Friday, Mr Khan said Byco is adding as many as 14 plants to its processing facilities, which will turn 90 per cent of the refinery’s output into value-added, high-margin…

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