Year: 2021

‘Pakistan is open for business’: PM Imran lauds Airlift achievement of securing $85m financing

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Minister Imran Khan on Friday welcomed the $85 million investment through Series B financing — the largest single private funding round in Pakistan’s history — in Airlift, a Lahore-based online shopping delivery service. Series B financing is the second round of funding for a company that has met certain milestones and is past the initial startup stage. “We welcome the recent investment of $85m by leading VCs (venture capitalists) of the world in Airlift, a company led by young Pakistanis,” he tweeted. The premier said Pakistan had “huge potential” and…

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CCoE directs re-submission of oil refinery policy

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The Cabinet Committee on Energy (CCoE) on Friday asked the Petroleum Division to resubmit in its next meeting the draft of the Pakistan Oil Refinery Policy 2021 for approval after detailed deliberation and consensus with the stakeholders. The CCoE headed by the Federal Minister for Planning, Development and Special Initiatives Asad Umar, however, approved Power Division’s proposal seeking elimination of the need for generation licences for small-scale RE-based systems (up to 25 kW) for net metering. The measure will greatly facilitate consumers wishing installation of the small-scale solar systems for…

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Investors oppose unlimited capacity increase to LNG terminals

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The sponsors of an upcoming new ‘integrated’ liquefied natural gas (LNG) terminals have opposed unlimited capacity enhancement to government-guaranteed existing ‘un-bundled’ LNG terminals, saying such a move would monopolise the market and discourage new investment to set up merchant terminals. In a letter to the Oil & Gas Regulatory Authority (Ogra), Tabeer Energy Pakistan Limited (TEPL) — a 100 per cent subsidiary of Mitsubishi Corporation of Japan — warned that the draft LNG Terminal Access Rules and Codes would “discourage new LNG terminal investors seeking to build integrated projects” without…

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Oil refining policy may be approved by CCoE on Friday

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The Cabinet Committee on Energy (CCoE) is likely to approve the long-awaited Pakistan Oil Refining Policy 2021 on Friday (tomorrow) aimed at attracting $ 10-15 billion for setting up a world-scale deep conversion refinery and petrochemical complex and potential investors are seeking incentives/commitments prior to investment decisions. The sources said Petroleum Division had tabled the policy before the Economic Coordination Committee (ECC) of the Cabinet on August 11, 2021 but Minister for Planning, Development and Special Initiatives, Asad Umar, who is also Chairman of CCoE raised objections, maintaining that since…

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Soaring demand for the world’s least-liked commodity sees thermal coal prices jump 106% this year

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LONDON — Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least liked commodity. Australian thermal coal at Newcastle Port, the benchmark for the vast Asian market, has climbed 106% this year to more than $166 per metric ton, according to the latest weekly assessment by commodity price provider Argus. The Newcastle weekly index, which stood at a 2020 low of $46.18 in early September, now appears to be closing in on an all-time high of $195.20 from July…

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