Month: July 2021

Petroleum Division clarifies some facts of media reports on LNG procurement that roughly one-third of our monthly LNG purchases are on “spot” basis (and the remaining two-thirds on long-term contract basis) which is basically in line with global average for the LNG importing countries. It is known that the “spot” LNG commodity price has spiked recently (to over $15 per MMBTU) due to a variety of supply-related issues (e.g. curtailment from Exxon’s facility in Papua New Guinea) and demand-related (higher in China & Japan due to warmer weather) factors. Therefore,…

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Minister for Energy Hammad Azhar said on Thursday the government has taken up with Iran the issue of reduced electricity supply from the neighbouring country, which is causing hours-long outages in Balochistan. “Power shortfalls in Iran have led to loadshedding in our Gwadar, Turbat and Makran regions. These areas are not connected to the national grid and are dependent on Iranian power supply,” he said on Twitter, adding that Islamabad has requested Tehran to normalise power supply to the affected areas of Balochistan. Pakistan imports electricity from Iran for its…

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Three people died in a forest fire in southern Turkey on Thursday where authorities were battling multiple blazes for a second day amid suspicions of arson, the country’s AFAD disaster agency and the agriculture minister said. Dozens of villages as well as some hotels were evacuated, and television footage showed burnt buildings and people fleeing across fields as firefighters on the ground and in helicopters tried to contain a blaze in Manavgat, 75 km (45 miles) east of the Mediterranean resort of Antalya. Officials have said that more than 60…

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The National Electric Power Regulatory Authority (NEPRA) has announced a slight reduction of Rs. 0.21 per unit in the price of electricity. The notification issued in this regard on Wednesday detailed that the reduction has been approved on account of the monthly fuel cost adjustment (FCA) for June 2021 and will be adjusted in the billing month of August 2021. It said that the Central Power Purchasing Agency (CPPA) had requested for the price of electricity to be increased by 80 paisa per unit in the context of June’s fuel…

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Gunvor and PetroChina placed the lowest offers for a tender by Pakistan LNG to buy four liquefied natural gas (LNG) cargoes for delivery in September, two industry sources said on Wednesday. Offers suggest that spot prices for LNG are expected to climb to above $15 per million British thermal units (mmBtu) this week, a new multi-month high. Gunvor placed the lowest offer of $15.397 per million British thermal units (mmbtu) for two cargoes to be delivered over Sept. 6 to 7 and Sept. 17 to 18 and $15.497 per mmBtu…

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