Year: 2021

Govt mulls over proposal to unbundle K-Electric

Admin

ISLAMABAD: The government is considering unbundling K-Electric into separate generation, transmission and distribution companies instead of transferring it as a single entity to some other large foreign firm. The new policy consideration has officially come to the fore after recent spar between Karachi-based trade bodies led by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and K-Electric over reported poor power supply in the country’s largest city. Special Assistant to the Prime Minister (SAPM) on Power & Petroleum Tabish Gauhar has confirmed in writing that the government supported…

Read More

LNG-Asian spot prices rise on summer demand for air-conditioning units

Admin

Asian spot prices for liquefied natural gas (LNG) rose this week, as buyers stocked up the power-generating fuel on anticipation that a warmer-than-usual summer will spur demand for air-conditioning units. The average LNG price for July delivery into Northeast Asia LNG-AS was estimated at about $10.30 per million British thermal units (mmBtu), up 70 cents from the previous week, industry sources said. Temperatures in Beijing, Tokyo, Seoul, and Shanghai are expected to be higher than average over the next two weeks, weather data from Refinitiv Eikon showed, which could increase…

Read More

Russia’s first LNG refuelling ship completes sea trials

Admin

Russia’s first ship designed to run on liquefied natural gas (LNG) and fuel other vessels with LNG has completed its sea trials, energy firm Gazprom Neft reported on Friday. The Dmitry Mendeleev is expected to enter Gazprom Neft’s fleet in the second half of this year, the company said. “The next stage will be the testing of systems for loading, storing and discharging of LNG,” it said. The Dmitry Mendeleev is an Arc4 ice-class vessel which will able to transport up to 5,800 cubic metres of LNG. It will operate…

Read More

IMF terms

Admin

As the budget-making exercise is coming to a close, the government appears to be facing a tough challenge to finalize the budgetary targets. The IMF terms are a hard nut to crack, and the government is bound to consult the IMF, which is hinting at slapping additional taxes to the tune of Rs500 billion in the upcoming budget. The IMF is not keen on increasing salaries of government employees whereas the government is under tremendous pressure to give a much-needed raise to its staff which is facing the brunt of…

Read More

Pakistan’s GDP expected to hit 4.8% next fiscal year: Asad Umar

Admin

The country’s gross domestic product (GDP) growth is expected to move up to 4.8% in the financial year 2021-22, Federal Minister for Planning and Development Asad Umar said Friday. Umar, going over the government’s progress in the current fiscal year during a press conference in Islamabad, said in the nine months of the current fiscal year, IT exports showed growth of 46%.https://6bb2a8965fcf7c36cb4f901b12757977.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html Umar said the country had “witnessed a strong growth” during the fiscal year, and it is expected that the remittances would shoot up from $21.7 billion to $29.1…

Read More