As tensions boil over in Europe after Russia’s invasion of Ukraine, the prices of petroleum products in Pakistan are likely to surge by up to Rs9.59 per litre from March 1, 2022. In mid-February, the government has already made a record increase in prices of petroleum products, when it raised the price of petrol by Rs12.03 per litre to Rs159.86…
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The Economic Coordination Committee (ECC) of the Cabinet has directed Petroleum Division to constitute a technical group to examine the options of new exploration as well as enhancing gas production from existing fields through some incentives, and diverting new exploration towards LPG. These directions were issued at a recent meeting of the ECC during discussion on a proposal of Petroleum…
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The country’s print media this week brought to surface the prevailing state of affairs in the energy sector of the country, exposing the extent to which the sector has slid down. Some of the developments are rather very concerning — notably: — “Large Taxpayers Office (LTO), Karachi has attached all bank accounts of Sui Southern Gas Company Limited (SSGC) to…
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Oil prices slipped on Friday, after sharp rises in the session, on concern over potential global supply disruptions from sanctions on major crude exporter Russia. The April Brent crude futures contract was down $0.33, or 0.3%, to $98.75 a barrel at 1045 GMT, after climbing to as high as $101.99. The more active May contract shed $0.4, or 0.4%, to…
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As oil prices continue to rocket, now further helped along by Russia’s invasion of Ukraine, the Biden administration is still fighting tooth and nail to freeze new oil and gas drilling leases – even after a court ruled against the administration for using a metric to estimate “the societal cost of carbon emissions” to justify their move. Despite the court’s…
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Pakistan in a landmark step has become the first country from South Asia to join the Global Plastic Action Partnership (GPAP). British High Commissioner to Pakistan Christian Turner urged the government and individuals in Pakistan to contribute towards a better plastic economy and congratulated the country for launching the National Plastic Action Partnership (NPAP). Taking to Twitter, Turner said, “I…
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Finance Minister Shaukat Tarin has blamed previous governments in the last 45 years for de-industrialisation, and stated that the present government is undertaking a wholesale planning for industrialisation to achieve sustainable growth for the next 20 to 25 years. While addressing as chief guest at an event organised for improving investment in Pakistan – “Investment, Industrialization and Exports – Harmonizing…
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The Private Power & Infrastructure Board (PPIB) has rejected technical proposal of Sindh Engro Coal Mining Company (SECMC) prepared for conversion of three imported coal-fired projects to Thar coal as the proposal has neglected commercial, legal and environmental aspects of the plan. This was conveyed by Managing Director PPIB, Shah Jahan Mirza, in a letter to Chief Executive Officer (SECMC),…
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K2 Management (K2M) has been appointed as Independent Engineer to two Liberty Wind projects in Pakistan. This follows the successful Owner’s Engineer role it played for Artistic Wind Energy, which recently saw its project, also in Jhimpir, successfully complete all reliability tests and connect to the grid. K2M’s work on these projects demonstrates the important role it is playing in…
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The Federal Board of Revenue (FBR) through its Large Taxpayers Unit of Karachi has frozen all banks accounts of Sui Southern Gas Company Limited (SSGC) in a bid to recover taxes to the tune of Rs. 26 billion from the company. According to an official statement, the tax authority has attached various bank accounts of SSGC for the non-payment of…
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