Year: 2021

Chinese firm to set up first steel plant in Rashakai

Admin

ISLAMABAD: A Chinese iron and steel conglomerate has become the first foreign enterprise to establish its plant in the Rashakai Special Economic Zone under CPEC with a planned investment of $50 million. The SEZ Committee of Rashakai Special Economic Zone at its meeting on Friday allocated 40 acres to Century Steel Ltd owned by Fuzhou Julitaihe Inter­national Company of China, which owns steel mills in Indonesia, Myanmar, Cambodia and Ethiopia with a net capacity of 3,000 million tonnes of iron and steel products. The Board of Investment (BoI) in a…

Read More

Price of petrol hiked by Rs3.2, diesel by Rs2.95

Admin

ISLAMABAD: With sufficient oil-related revenue in the kitty, the government on Friday increased the prices of all petroleum products by three per cent to 6pc for the next 16 days. According to an announcement by the finance ministry, the ex-depot prices of petrol and high speed diesel (HSD) were increased by Rs3.20 and Rs2.95 per litre, respectively. The prices of kerosene and light diesel oil (LDO) were jacked up by Rs3 and Rs4.42 per litre, respectively. In doing so, the government slightly increased petroleum levy on petrol, kerosene, and LDO.…

Read More

McKinsey: aggregate fossil fuel demand to peak in 2027

Admin

Aggregate fossil fuel demand is set to peak in 2027 – with oil peaking in 2029 and gas in 2037 – partially due to the impacts of COVID-19, according to new research by McKinsey & Company. The Global Energy Perspective 2021 report finds that while coal demand peaked already, peaks in demand for oil and gas are not far behind. The pandemic has resulted in a profound reduction in energy demand, from which McKinsey expects it will take between one to four years to recover – with electricity and gas…

Read More

Column: Big freeze exposes Asia’s underlying energy crisis

Admin

China has been forced to restrict power in multiple provinces, Japan has appealed for voluntary restraint, and liquefied natural gas (LNG) prices have hit record highs as generators and utilities scramble for spot cargoes. While freezing temperatures triggered the crisis, they have also exposed an underlying lack of resilience in regional energy systems caused by the rapid transition to gas for space heating and power generation. Japan has failed to restart or replace nuclear generation a decade after the Fukushima disaster, which has left the country short of generation capacity…

Read More

OGRA grants licences to two virtual pipeline firms

Admin

ISLAMABAD: In a new development, Pakistan’s private sector is going to introduce an innovative concept of virtual pipelines through cryogenic bowzers. Currently, Pakistan has two floating liquefied natural gas (LNG) terminals in Karachi with handling capacity of around 1.3 billion cubic feet per day (bcfd) of LNG. With the new concept of virtual pipelines, the government will open up the LNG market for the private sector to ship gas through such pipelines. Under this project, the private sector will not have to lay pipelines for gas transport. In a move…

Read More