February 11, 2022 -

Circular debt rises to Rs2.476tr by Dec 2021

February 11, 2022February 11, 2022 Admin

The scourge of circular debt of cash bleeding power sector has gone up by Rs1,328 billion in the last 40-month rule of PTI government, climbing up to Rs2,476 billion till December 2021.https://0200f1fc14232232425dd4f5771e468d.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html “The Circular Debt (CD) stood at Rs1,148 billion when the PTI government had assumed reins of power in August 2018. It has now gone up to Rs2,476 billion,…

Chinese coal prices fall on state planner’s cooling measures

February 11, 2022February 11, 2022 Admin

China’s thermal coal futures fell as much as 7.5% on Thursday after the state planner warned companies against inflating coal prices and reiterated it would ensure enough supply to stabilise markets. The most-active thermal coal futures on the Zhengzhou Commodity Exchange were down 3.5% at 836.2 yuan a tonne by 0330 GMT, after falling as much as 7.5% at one…

Fracking: UK’s only shale gas wells to be sealed and abandoned

February 11, 2022February 11, 2022 Admin

The UK’s only two shale gas wells are to be abandoned after the industry regulator ordered them to be sealed.The Lancashire wells have not been used since 2019 after test drilling was suspended due to earth tremors and the government halted shale gas extraction in England. The Oil and Gas Authority (OGA) ordered that they now be plugged with concrete.…

Oil prices fall on fears of aggressive Fed rate hike

February 11, 2022February 11, 2022 Admin

Oil prices fell on Thursday despite forecasts for a steeper rise in energy demand, with crude turning negative on fears that the U.S. Federal Reserve will hike rates more aggressively than expected to fight inflation. After rising more than 1% in early trade, Brent crude futures slipped 27 cents, or 0.3% to $91.26 a barrel by 1347 p.m. ET (1847…

OPEC Sees Bright Prospects For Global Oil Demand This Year

February 11, 2022February 11, 2022 Admin

Stronger economic growth and the easing of COVID restrictions make the near-term prospects for global oil demand bright, with an upside potential, OPEC said on Thursday, keeping its forecast that consumption will exceed pre-pandemic levels in 2022. In its closely-watched Monthly Oil Market Report (MOMR), the organization revised up slightly, by 10,000 bpd, its annual oil demand estimate for 2022 to 100.8…

Pakistan, China agreement on industrial cooperation a breakthrough: Dawood

February 11, 2022February 11, 2022 Admin

Advisor for Commerce and Investment Abdul Razak Dawood on Wednesday termed the signing of the Framework Agreement on Industrial Cooperation between Pakistan and China “a breakthrough” for the multi-billion-dollar China-Pakistan Economic Corridor (CPEC), which has entered into its second phase. Pakistan and China on Friday inked the Framework Agreement on Industrial Cooperation under the CPEC following Prime Minister Imran Khan’s…

PARCO manages to export 50,000 tonnes furnace oil

February 11, 2022February 11, 2022 Admin

According to sources, PARCO the vessel carrying the heavy fuel left for a foreign destination from Port Qasim on Thursday evening. Although refineries had tried to find buyers for their furnace oil stock in the last two months, they were not able to sell it owing to weak world demand, despite floating low-priced tenders. Sources said it was the first…

$3 bn Stream Gas Pipeline: Pak-Russia talks remain inconclusive over sovereign guarantees

February 11, 2022February 11, 2022 Admin

The talks on some issues remained inconclusive, but the legal teams of both sides will finalize the draft of the shareholding agreement later, top officials who remained part of the talks told The News. During the negotiations, Moscow was represented by Vladimir Shcherbatykh, Evgeniya Neimerovets, and Anisat Bairkhanova with more officials on video from Russia while Nadeem Bajwa, MD ISGS,…

Power tariff to go up Rs2.8 per unit

February 11, 2022February 11, 2022 Admin

The government has decided to further increase electricity prices by Rs2.8 per unit to collect an additional Rs292 billion from consumers aimed at bringing the vicious circular debt down that remains high despite massively increasing the prices. A cabinet body on Thursday approved the revised Circular Debt Management Plan (July 2021-June 2023), which disclosed that from February to July this…

Pakistan to start using Saudi oil facility from next month, Tarin informs Senate

February 11, 2022February 11, 2022 Admin

Finance Minister Shaukat Tarin informed the Senate on Friday that Pakistan will start using the Saudi oil facility on deferred payments from next month. Last week, Pakistan and Saudi Arabia agreed to operationalise the kingdom’s oil facility at the earliest for which an agreement worth $1.2 billion for the import of petroleum products was signed on November 29, 2021, between…