Year: 2021

ISLAMABAD: As foreign traders of liquefied natural gas (LNG) default on supplies amid gas shortages, the Cabinet Committee on Energy (CCoE) will meet here on Monday (today) to review the overall situation, including discontinuation of gas supplies to a large number of industries on a long-term basis. Following reports that two state-owned foreign suppliers had declined to supply their two committed vessels for delivery in February, Pakistani authorities are reported to have salvaged at least one of the vessels through high-level diplomatic efforts. However, the government has confirmed that one…

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ISLAMABAD: With more powers to Special Assistant to PM on Power, Tabish Gauhar, the negotiations with the IPPs with regard to converting MoUs into the amended Power Purchase Agreements (PPAs) seemed to have moved towards conclusion. “The IPPs and government negotiating team are set to initialise the amended PPAs, sometime in next week, however, the proper signing would be held when the BoDs of IPPs ratify them and the Federal Cabinet would also approve the initials done by the government’s team,” one of top officials at the Petroleum Division told…

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ISLAMABAD: Pakistan has opened bids for 20 onshore petroleum exploration blocks, the government said in statement on Friday. “The minimum investment to be carried out by the exploration and production (E&P) companies in these blocks for prospecting will be over $71 million in three years,” a statement from the petroleum division said. The move to grant licences for discovery comes after a gap of several years as the country is facing depleting gas reserves, a rising domestic shortage and increasing reliance on imported liquefied natural gas (LNG).

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BMW said on Friday that it aims to double its sales of fully electric vehicles this year as the German carmaker and rivals race to release new models to comply with CO2 emissions targets and chase market leader Tesla Inc. BMW also said that including plug-in hybrids, it aims for a 50% increase in sales of electrified vehicles versus 2020. It did not give sales volumes for its fully electric vehicles but in 2020 data released on Tuesday BMW said it sold close to 193,000 electrified vehicles – fully electric…

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Pakistan, as well as Bangladesh, is rationing gas and buyers across South Asia are seeking alternative fuels after spot liquefied natural gas (LNG) prices surged to record highs, government and industry officials told Reuters. Spot LNG prices have nearly tripled since early November as freezing temperatures across North Asia boosted demand and depleted inventories. Since July, prices are up a dizzying 1,000 per cent. Gas-fired power plants and industries across the region are scrimping on gas, with the scramble for other fuels driving up demand for liquefied petroleum gas (LPG) and…

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