Senate Democrats urge Biden to consider tapping emergency oil reserves or even ban oil exports to fight high gas prices

Nearly a dozen Senate Democrats called on President Joe Biden on Monday to fight high gas prices by considering a release of barrels from the nation’s emergency oil stockpile, or even taking the more extreme step of banning oil exports. In the letter, Senators Elizabeth Warren, Sherrod Brown, Jack Reed and others warned that the seven-year high in gas prices…

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Intended LNG contracts to double at CIIE, as Chinese SOEs step up energy purchase

Intended deals at the 4th China International Import Expo (CIIE) on energy products will increase by 22 percent from last year’s event, while intended deals for liquefied natural gas (LNG) will double, according to a senior Chinese official. Ren Hongbin, vice chairman of the State-Owned Assets Supervision and Administration Commission (SASAC), called on state-owned enterprises (SOEs) to take the initiative…

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Power Tariff Hike

Electricity tariffs for the domestic consumers are going dearer by more than what was earlier suggested. The increase approved by Nepra, awaiting government notification is Rs1.68 per unit in the newly announced unprotected consumer category. Recall that lifeline consumer definition has now been expanded from 50 units to 100 units. And the protected category now also included consumers using up…

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Status of the IMF Programme

There continues to be a hiatus in the finalization of the sixth review of the IMF Extended Fund Facility to Pakistan. The Pakistan economic team, led by the Finance Minister arrived in Washington on the 4th of October and negotiations for completion of the review and the setting of targets and reform agenda for subsequent reviews continued till the 23rd…

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NTDC MD’s office: JS Power Division, GM vying for additional charge

A Joint Secretary (JS) from the Power Division and a General Manager (GM) from the National Transmission & Despatch Company (NTDC) are vying for additional charge of the office of Managing Director (MD) lying vacant after sudden resignation of the incumbent one within three months of his appointment, said sources. The sources added that the Board of Directors (BoD) of…

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RLNG power plants’ sell-off: JP Morgan team briefed on investment opportunities

The Privatisation Division has held a meeting with JP Morgan officials in the backdrop of the privatisation of two RLNG power plants of Haveli Bahadar Shah and Balloki. The JP Morgan is one the world’s largest investment banks and advising the consortium of Qatar Investment Authority (QIA), which showed keen interest for the privatisation of the NPPMCL. The senior representatives…

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Gas Predicament

PAKISTAN’S cash-strapped government has been forced to buy the priciest LNG shipment from a Qatari trader for delivery later this month to avoid blackouts. Pakistan must pay a huge amount for its energy needs following default by two suppliers on their long-term commitments to supply one LNG cargo each per month at the fixed rate of 11.95pc and 11.63pc of…

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Business community rejects steep hike in petroleum products

petrol

Business community have rejected yet another record increase in prices of petroleum products and urged the government to revise its decision forthwith. Traders while talking to this scribe on Sunday said that a relief package was announced by Prime’s Minister during address to nation, but at the same time, the government has continuously increased prices of petroleum commodities, which was…

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