Month: November 2021

LNG at Risk of Price Spike this Winter, Vitol Executive Says

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Oil and liquefied natural gas (LNG) prices could climb higher this winter as low inventories threaten supply disruption or demand shocks for the market, an official of Vitol (VITOLV.UL), the world’s top independent oil trader, said on Wednesday. Consumption of natural gas, coal and oil has surged as the global economy re-opens from COVID-19 curbs, leading to price spikes and supply crunches that could threaten the recovery. “Most people think about cold winters, and it is true that the last winter in the northern hemisphere reduced (LNG) inventories quite dramatically…

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Oil, Gas Sector: Liquidity Crunch Hurdle to Investment: Tarin

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Prime Minister’s Advisor on Finance and Revenue, Shaukat Tarin has termed liquidity crunch as a major constraint in investment at the moment in oil and gas sector despite high returns, well informed sources told Business Recorder. He shared his views at a recent meeting of Cabinet Committee on Energy (CCOE), during deliberations on development plan of Pakistan’s oil and gas sector. The Petroleum Division briefed the forum on the Development Plan for Pakistan Oil and Gas Sector (2020) and sought approval of the CCoE for the proposed plan. Sharing the plan,…

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Dubai Expo 2020: Seminar held on energy potential of Punjab at ‘Pakistan pavilion’

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The Punjab Energy Department, in collaboration with the Punjab Board of Investment and Trade on Wednesday hosted a seminar on the energy potential of Punjab at the Pakistan Pavilion at Dubai Expo 2020. The seminar was attended by the Punjab Minister of Energy, UAE Minister of Energy, His Excellency Saud Ballawy, the managing director of the Punjab Power Development Board, and the CEOs of the Punjab Power Development Company Ltd, the Quaid-e-Azam Solar Park, and the Punjab Energy Efficiency Conservation Agency. According to the press statement the seminar presented a…

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Foreign direct investment falls 12pc in July-Oct

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Foreign direct investment (FDI) fell by 12 per cent in the first four months (July to October) of the current fiscal year, according to data issued by the State Bank on Wednesday. In real terms, FDI inflows stood at $662 million during the four-month period compared to $750.6m a year ago. In October, the inflows plunged by 24pc to $223m from $293m in the same month a year ago. The country has been unable to attract significant FDI inflows for more than five years now. A drop in FDI would…

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ADB Praises FBR’s Efforts to maximize Revenue Potential

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An important meeting with the Asian Development Bank (ADB) officials was held in the Federal Board of Revenue (FBR) HQ to review the progress made on “FBR Reform Engagement with ADB” and the issues and challenges being confronted for effective implementation. The FBR team was led by Chairman Dr Muhammad Ashfaq Ahmed and ADB team was headed by John Hurley, United States’ Alternate Executive Director who was accompanied by Country Director Yong Ye, Principal Energy Specialist Asad Aleem, Executive Director Noor Ahmed, Senior Project Officer Financial Sector Sana Masood, Senior…

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