Day: December 20, 2021

Petroleum Imports Surge 112.3pc

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Pakistan’s petroleum group imports surged up 112.3 percent to $8.340 billion in the first five months of the current fiscal compared to $3.947 billion in the corresponding period of last fiscal. “The global price of petroleum products caused the massive surge in the import of petroleum groups, with increased quantity of these products also adding its share in it,” said Arsalan Hanaif, analyst at Arif Habib Limited. According to official data, imports of petroleum group jumped up 180.5 percent to $2.183 in November this fiscal compared to $778 million in…

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Tight U.S. Oil Inventories Prop Up Oil Prices

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U.S. oil demand and inventories have offered support to oil prices in recent months and, volatility excluded, have continued to do so, with stocks below the five-year average for this time of the year. While oil prices have swung in recent weeks between as high as $85 in late October to below $70 in late November amid fears of Omicron denting demand and a looming oversupply, lower-than-usual American stockpiles have been one constantly bullish theme for oil, especially the U.S. benchmark, WTI Crude. Coupled with robust U.S. gasoline demand and…

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EPD Circular Letter no. 17 of 2021 – Remittance for Petroleum Sector Operating under Petroleum Concession Agreement(s)

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Attention of Authorized Dealers is drawn towards Para 27 of Chapter 14 of Foreign Exchange Manual in terms of which SBP notified the process of remittance for Petroleum Sector. 2. Based on representations received from various stakeholders, it has been decided to amend Para 27 of Chapter 14, as under: “27. Remittance for Petroleum Sector Operating under Petroleum Concession Agreement(s):Authorized Dealers are allowed to effect remittances, on account of purchase of Oil and Gas from Oil & Gas Exploration and Production (E&P) Companies operating in Pakistan under Petroleum Concession Agreements.…

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Where Does Pakistan’s Electricity Go?

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Electricity is the wheel that drives all facets of our daily lives such as production, consumption, communication, transportation and routine financial transactions. Despite its key role in powering the national economy, Pakistan’s electricity sector continues its struggle with significant challenges. Whether these manifest as costly energy production, overloaded infrastructure, high transmission and distribution losses, extraordinary load shedding, or mounting circular debt, they are all evidence of a bad equilibrium that entails unreliable and poor quality of electricity provision. Despite the attention given to this sector by every government, why have…

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NTDC Accelerates Construction Work of Grid Stations

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The National Transmission and Dispatch Company Limited (NTDC) is expanding its infrastructure by constructing transmission lines and grid stations to meet the growing demand of electricity across the country expeditiously. In order to check the progress of the 500 kV substation Faisalabad West and 220 kV Lalian grid station, the Managing Director NTDC Engr. Manzoor Ahmad visited both sites of grid stations today. During the visit MD NTDC was apprised that overall 80 percent construction work of the 500 kV Faisalabad West Grid Station and around 60 percent work on…

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