Month: September 2021

China’s Electricity Crunch Is World’s Latest Supply-Chain Threat

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China’s energy crisis is shaping up as the latest shock to global supply chains as factories in the world’s biggest exporter are forced to conserve energy by curbing production. The disruption comes as producers and shippers race to meet demand for everything from clothing to toys for the year-end holiday shopping season, grappling with supply lines that have been upended by soaring raw material costs, long delays at ports and shortages of shipping containers. Terms of Service Do Not Sell My Info (California) Trademarks Privacy Policy ©2021 Bloomberg L.P. All…

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Byco Petroleum’s Gross Profit Surges By More Than 2.5-Times To Rs. 8.1 Billion for The Full Year And A Net Profit Of Rs. 3.6 Billion As The Business Environment Started To Improve

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Byco Petroleum Pakistan Limited (Byco), Pakistan’s largest vertically integrated oil refining company, today reported financial results for the year ending June 30, 2021. Despite tough business conditions, the company earned revenue and gross profit of Rs. 142.1 billion and Rs. 8.1 billion respectively during the twelve months, from Rs. 173.8 and Rs. 2.9 billion last year. The net profit climbed to Rs. 3.6 billion, or a profit of Rs. 0.67 per share, as compared to the year-ago loss of Rs. 2.4 billion, or a loss of Rs. 0.46 per share.…

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Pakistan: Multi-billion dollar project launched in Karachi under CPEC

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Pakistan government has launched a multi-billion dollar project in the coastal city of Karachi under the China-Pakistan Economic Corridor (CPEC). Karachi Coastal Comprehensive Development Zone (KCCDZ) was described as a game-changer for Pakistan. The direct Chinese investment is expected to be around US$3.5 billion. It is an initiative of the Ministry of Maritime Affairs. Spread over 640 hectares or 1,581 acres on the western backwaters marshland of the Karachi Port Trust (KPT), the project aims to transform Karachi into a modern port city. The environment-friendly project envisages four new berths…

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Gas Price Rally Could Trigger More Demand for Tankers

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The rise of gas prices could act as a catalyst for oil demand and thus more cargoes for oil tankers, should more countries opt for oil-based supplies for their winter needs. A cold winter could also play its part. In its latest weekly report, shipbroker Gibson said that “the current strength in gas prices is having major ramifications for global energy markets. Record prices in Europe and Asia are forcing utility firms to look for alternative energy sources and have pushed some companies into bankruptcy. Many have been forced to…

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Towards sixth review

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According to media reports, the sixth review talks with the International Monetary Fund (IMF) have been scheduled for 4 October. If successful, subsequent to approval by the Fund’s Board, 750 million SDRs would be disbursed which are at present regarded as critical to generating the 14.7 billion dollar external funding required at considerably more favourable terms and conditions to meet the budgetary requirements for the current year estimated at 2.7 trillion rupees (an estimate that requires a recalculation as it was based on the rupee-dollar parity of 153 while at…

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