Day: March 16, 2022

Yuan jumps after report Saudis consider its use in oil deals

Admin

The Chinese yuan reversed earlier declines and jumped toward its highs of the day following a report by Dow Jones that Saudi Arabia is in active talks with Beijing to price some of its oil sales to China in the currency. The offshore yuan climbed as much as 0.1% to 6.3867 per dollar, close to the session peak it reached during Asian trading. The currency had weakened as much as 0.3% in U.S. trading before the report on Saudi Arabia. While the U.S. dollar is the preeminent currency of exchange…

Read More

E&P sector and investment

Admin

The upstream oil and gas sector in Pakistan has been a constant contributor to the total foreign direct investment coming into the country. However, the share of the E&P sector in total FDI has been erratic and declining from an average of 34 percent between FY12-FY15 to 6 percent in FY18 and 13 percent in FY21. While one would like to assume that the country’s reliance on fossil fuels has declined, key factors that have resulted in slowdown in investor interest have been the depleting oil and gas reserves and…

Read More

Japan eyes LNG investments to cut dependence on Russian energy: minister

Admin

Japan aims to reduce its dependency on Russian energy supply by taking steps, including LNG investments outside Russia, as it mulls its response to the Sakhalin and Arctic LNG 2 projects following the recent G7 leaders’ commitment, Minister of Economy, Trade and Industry Koichi Hagiuda said March 15. “We aim to reduce our dependency on Russian energy by securing alternative supply sources outside Russia by LNG investments among other steps,” Hagiuda told a press conference. Japan also intends to work on renewables and nuclear power in a bid to further…

Read More

Govt Decides To Keep Petroleum Prices Unchanged

Admin
petrol

The Price Differential Claim (PDC) on high speed diesel (HSD) and Petrol has reached to Rs 34.92 and Rs 23.43 per litre respectively as the government has decided to keep the prices of petroleum products unchanged for the last fortnightly of March (March 16-31) “In line with decision of the prime minister in the last fortnightly review, the petroleum product prices to remain unchanged despite abnormal price increase in international market,” said a statement issued by Finance Division here Tuesday. “Subsequently, to keep the prices at the existing level, government…

Read More

Lack of loan insurance cover: Gwadar power project hits a snag

Admin

The government has reportedly failed to convince Chinese government to restart suspended work on 300MW coal-fired power project at Gwadar as M/s Sinosure, Chinese loan insurance company, is unwilling to cover governmental breach risk under the medium and long term buyer credit insurance largely due to delayed payments to CPEC IPPs and delay in opening of revolving account, sources close to Managing Director Private Power and Infrastructure Board (PPIB). Sharing the details, sources said, PPIB is processing a 300MW imported coal power project at Gwadar, Balochistan by CIHC Pak Power…

Read More