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…
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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…
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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…
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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…
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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…
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The country’s economic managers are claiming that the economy is now at a sustainable growth trajectory and a post Covid pandemic turnaround stands well and truly achieved. Well, to be honest they have a fair point, as exports are growing and corporate turnovers and profits results are depicting perhaps some historically best numbers. The recent financial figures from almost all…
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As the burden of the price differential needed to be absorbed by the government following the announcement of a petroleum relief package by Prime Minister Imran Khan increases by the day, the Economic Coordination Committee (ECC) of the cabinet on Tuesday approved another Rs12 billion for oil companies, taking the total expenditure on such products to Rs32bn this month alone. The meeting…
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Federal Minister for Energy Hammad Azhar held a meeting with Mr. Shixin Chen, Vice President (operations) for Asian Development Bank (ADB) at Ministry of Energy today. Both sides broadly discussed the ADB’s energy program in Pakistan, Government’s energy reforms. Minister lauded ADB’s support in pursuing reforms agenda and various development projects for the country. He expressed satisfaction on the firm…
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Pakistan is finding it difficult to obtain diesel from international markets due to a supply crunch created by the Russia-Ukraine conflict, reported Bloomberg. While merchants are exploring avenues to import diesel from Europe, Pakistan State Oil (PSO) is struggling to stock additional diesel from its key source, Kuwait Petroleum Corp (KPC). It had sought extra diesel from KPC and purchased…
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US/EU and Russia are fighting and Economic War which is global. This war is focused on Fossil fuels which Pakistan is a net importer. We are heavily dependent on imported energy Oil Gas and Coal. Pakistan need energy plan based on economic and strategic considerations at earliest. Possible Solutions: 1- We need to rationalize the Natural Gas Prices. (Full cost…
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