Year: 2021

Pakistan attracts over 50% of BRI’s renewable

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he Green Belt and Road Initiative Center has released China BRI Investment Report 2020 which says overall Pakistan attracted more than 50% of renewable energy investments (47% of which in hydropower). According to Gwadar Pro, the highlights of this report is that renewable energy investments (solar, wind, hydro) constitute the majority of Chinese overseas energy investments – increasing their share from 38% in 2019 to 57% in 2020. The report also points out Pakistan has been benefited in eco-friendly and economic respects by BRI investment. Among the BRI countries, investments…

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Power generation up 4pc in Jan

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KARACHI: Total electric power generation in January 2021 surged 4.0 percent to 8,079GWh compared with 7,794GWh in January 2020, data issued by National Electric Power Regulatory Authority (NEPRA) suggested on Monday. “In light of the shortage of domestic natural gas and the surge in RLNG prices globally, the return of furnace oil (FO) in Pakistan’s power sector was not only expected but inevitable, as it climbed the merit order list,” Ali Zaidi at JS Global Capital said. FO-based production jumped nearly 22 percent to 974GWh in January 2021 from 801GWh…

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Mari Petroleum’s profit jumps to Rs7.33b

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Owing to a notable decline in other expenses and a modest rise in revenue, Mari Petroleum’s profit rose up from 0.68% to Rs7.33 billion in the quarter ended December 31, 2020. Mari Petroleum is an integrated exploration and production company, currently managing and operating Pakistan’s largest gas reservoir (in terms of remaining reserves) at Mari Gas Field, Daharki, Sindh. It is also registered as a blue-chip company at the Pakistan stock exchange and regularly wins awards and accolades from various independent bodies not only for its financial and operational performance…

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Current account deficit at $229m

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Pakistan recorded a current account deficit – higher foreign expenditures compared to income – for the second successive month in January at $229 million mainly due to increase in import of food items, industrial raw material and machinery. The growth in imports – mainly of industrial goods and machinery – indicates expansion in businesses and growth in economic activities in the country as the economy largely depends on them. Receipt of higher remittances from overseas Pakistanis offset the impact of growth in import payments on the current account deficit. The…

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Oil rises with storm-hit US output set for slow return

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Oil prices rose on Monday as the slow return of US crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the Covid-19 pandemic. Brent crude was up $0.51, or 0.8%, at $63.42 a barrel by 0945 GMT, after gaining nearly 1% last week. US oil rose $0.45, or 0.8%, to $59.69 a barrel, having fallen 0.4% last week. Abnormally cold weather in Texas and the Plains states forced the shutdown of up to four million barrels…

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