Day: August 4, 2021

Motor Gasoline (Mogas) recorded highest-ever sale of 0.81 million tons in July 2021, which is 14 percent higher on year-on-year basis. This is 7 percent higher on month-on-month basis. This was on the back of rising car sales and increased demand from people travelling up North, analysts said. Furnace Oil (FO) sales also witnessed an increase of 54 percent on YoY to 0.37 million tons primarily due to reduction in LNG supply and increased demand from power sector, Umair Naseer at Topline Securities said. To recall, LNG supply was reduced…

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he government has charged almost $2,960,000 (Rs473 million) illegally from LNG consumers in the last seven months in the name of margin of PLTL (Pakistan LNG Terminal Limited) despite its merger into Pakistan LNG Limited (PLL) on Jan 1, 2021. The PLTL Board of Directors has been abolished and there is no MD (Managing director) and CFO (Chief Financial Officer) of the PLTL in place since its merger. Interestingly, the government is found to have charged LNG consumers in the last seven months in the name of the PLTL margin…

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Financial firms, including British insurer Prudential, lenders Citi and HSBC and BlackRock Real Assets are devising plans to speed up the closure of Asia’s coal-fired power plants in order to reduce the biggest source of carbon emissions, five people with knowledge of the initiative said. The novel proposal, which is being driven by the Asian Development Bank, offers a potentially workable model and early talks with Asian governments and multilateral banks are promising, the sources told Reuters. The group plans to create public-private partnerships to buy out the plants and…

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Marine minerals are coming under sharp focus offshore Norway. Analysts suggest it could be a $20 billion annual revenue industry by 2050, which is why many are taking an interest and developing the technology to make it happen.  Marine mineral mining has been something of a slow burner in the wider marine world. It has some clear challenges, not least location and depth of these potential resources, but also concerns around its environmental impact. Yet it now appears to be coming into a distinctly sharp focus, not least in Norway…

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Khyber Pakhtunkhwa’s four 244.4 MW renewable and cheap electricity hydropower projects are stalled due to negligence of the Ministry of Energy (Power Division) and PESCO for the last three years. The projects are pending due to non-approval, notification, import certificates, and purchase agreement. Similarly, Pakhtunkhwa Energy and Development Organisation (PEDO) has an arrear of Rs7,147.604 million in electricity sales to the federal government. A reliable government source told this correspondent that the projects were delayed due to bureaucratic hurdles, which are hampering the production of cheap electricity, while Prime Minister…

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