Year: 2021

Balancing Trade

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Pakistan’s economic woes are aggravating with shrinking foreign exchange reserves, rising inflation, historic currency devaluation, and escalating current account deficit – forcing the country once again to borrow from external sources such as the IMF and Saudi Arabia. Trade deficit has registered an alarming increase by more than 117.25 percent in the first five months of the current fiscal year. Merchandise trade deficit has bulged to $20.746 billion in July-November 2021, up from $9.549 billion in the same period last year. During July-November 2021, the country’s current-account deficit (the broadest…

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Govt decides to amend gas law

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The federal government has decided to amend Natural Gas (Development Surcharge) Ordinance, 1967, that includes alteration in definitions for sale price and prescribed price aimed at enforcing recoveries and consequential punitive measures, official sources told Business Recorder. The Natural Gas (Development Surcharge) Ordinance, 1967 was promulgated to provide for levy and collection of a development surcharge on natural gas and for the matters connected therewith. The Gas Development Surcharge (GDS) is essentially a differential margin of sale price and prescribed price of the natural gas meaning thereby this differential margin will…

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Russia’s Putin lays Europe gas price crisis blame on Germany

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President Vladimir Putin said on Thursday that Germany was reselling Russian gas to Poland and Ukraine rather than relieving an overheated market, adding Moscow was not to blame for Europe’s gas price crisis. European spot gas prices hit another all-time high this week after the Yamal pipeline that normally brings Russian gas to heat homes and power electricity generation in Germany reversed direction and started to flow into Poland. read more Germany receives Russian gas through several routes, including Yamal and the undersea Nord Stream 1 pipeline, and two major German…

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CCOE directs Petroleum Div to submit summary to ECC

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petrol

A report compiled by Deputy Chairman Planning Commission on the establishment of Liquefied Natural Gas (LNG) import terminals and virtual LNG pipeline at Gwadar has recommended that potential investors be allowed to conduct all required studies at port and Ministry of Maritime Affairs, OGRA and Port Authorities should process all pending applications in this regard. The Cabinet Committee on Energy (CCOE) that met under the chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar here on Thursday directed the Petroleum Division to submit a summary to the…

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Govt cannot provide expensive LNG beyond a limit: Hammad Azhar

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Federal Minister for Energy Hammad Azhar said on Friday that he was hopeful that the gas shortage issue would be resolved, admitting that the government could not provide the fuel source through expensive imports beyond a limit. Pakistan has been facing severe shortage of gas this winter, forcing residents to buy cylinders to keep at their homes. Sui Southern Gas Company Limited (SSGC) has said that it currently faces shortage of around 250 to 260 mmcfd, with demand in winter rising to 1,250 mmcfd. Azhar said that the system has…

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