Day: November 22, 2021

A fire broke out in a tanker parked at a petrol pump in front of Saddar Parking Plaza on Saturday. The fire started during the transfer of fuel which was put out by the firefighters after a fierce struggle. The tanker contained 16,000 litres of petrol. There was also a risk of exploding the tanker as well as the underground fuel tank at the petrol pump during the fire. One snorkel and eleven fire brigade vehicles took part in the operation. Sources said, at around 11 o’clock on Saturday morning,…

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Minister for Energy Hammad Azhar on Sunday underlined the need for crafting Weighted Average Cost of Gas (WACOG) legislation to meet increased demand of the commodity especially in peak winter season. “During winters a demand spike occurs in local gas circuit which cannot be plugged by imported LNG till WACOG legislation,” he said in a tweet. Elaborating, the minister said the country have two gas circuits in operation, under which 70 per cent was based on local gas and 30 per cent on imported Liquefied Natural Gas (LNG). “Both circuits…

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Sindh Energy Minister Imtiaz Ahmed Sheikh has raised concern over the sudden suspension of the natural gas supply to a number of residential areas of Karachi.1 In a statement issued on Sunday, he said the residents of Korangi, Mehmoodabad, Qayyumabad, Korangi Industrial Area, Mehran Town, Shah Faisal Colony and their adjoining areas were facing serious hardships due to the sudden curtailment of the gas supply. He blamed the federal government for the hardships being endured by the residents of several localities in the city due to sudden stoppage of gas…

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With policy rate increased by 1.5 per cent, the International Monetary Fund (IMF) is set to declare a staff-level agreement with Pakistan on revival of $6 billion Extended Fund Facility (EFF) which has been ‘in recess’ since April. Highly placed sources said told Dawn on Sunday that an IMF “statement [on staff-level agreement] could be released anytime shortly, most probably on Monday”. The statement would envisage ‘prior actions’ that would have to be met before the IMF’s executive board meeting to approve completion of sixth quarterly review of the programme and disbursement…

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The new legal firm hired by the Inter State Gas System (ISGS) has asked the authorities that Pakistan may face problems if the $3 billion Pakistan Stream Gas Pipeline project is completed under the amended Inter Governmental Agreement (IGA) signed with Russia in Moscow. The legal firm wants renegotiation on some vital issues already settled under the signed amended IGA and Heads of Terms. It is pertinent to mention that the IGA earlier signed in 2015 was amended and signed in May 2021 on the demand of Islamabad with Pakistan…

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