Month: March 2022

Pakistan State Oil (PSO) has expressed its inability to ensure the import of petroleum products for other Oil Marketing Companies (OMCs) in the country. PSO General Manager (Supply), Asad Faiz, in a letter to the Ministry of Energy (Petroleum Division), has raised voice against OGRA for suggesting it (PSO) to import petroleum products for other Oil Marketing Companies (OMCs).  He said that PSO currently has only one fuel supply contract under a government-to-government (G2G) arrangement with Kuwait Petroleum Corporation (KPC) for supplies of HSD and the contractual volumes with KPC are…

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Intergovernmental Panel on Climate Change (IPCC), UN body, has revealed that Pakistan would face greater consequences of climate change in coming decades in rural and urban areas. The findings were carried by Resilient Future International (Pvt) Ltd (RFI), an Islamabad-based research and training outfit, in its Sixth IPCC Report on ‘Impacts, adaptation and vulnerability.’ The report shares the most advanced compendium of current and future climatic impacts in the world. Nearly 1,000 authors reviewed 34 thousand scientific reports in 6-7 years to prepare this report approved by 195 governments worldwide.…

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Despite the federal government’s intervention, commercial banks remain reluctant to increase the credit limits of oil marketing companies (OMCs) spurred by Hascol’s Rs54 billion default, which might trigger a country-wide fuel shortage. The hesitance on part of commercial banks to increase the credit line would certainly serve nothing, but expose the country to massive shortage of POL products, particularly high speed diesel, which was in high demand for harvesting wheat in Punjab and Sindh – the country’s food baskets. “Apart from HASCOL, there are two more OMCs” that are facing…

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With the increase in global prices of oil and gas amid the Russia-Ukraine War, Pakistan could be adversely impacted leading to devaluation of the country’s currency, increasing current account deficit and spiking inflation, say experts. The economic sanctions imposed on Russia may also derail other initiatives underconsideration between Russia and Pakistan as part of ‘Cooperation Roadmap 2021-26’. This will affect delivery and maintenance of transport aircraft and helicopters,modernization and repair of Pakistan railways, construction including up-gradationof industrial facilities in metallurgy, chemical and pharma sectors and powerengineering. It will also have…

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The Economic Coordination Committee (ECC) is all set to approve opening of Revolving Account (RA) of Rs 50 billion for Independent Power Producers (IPPs) established under China Pakistan Economic Corridor (CPEC), well informed sources in Power Division told Business Recorder. The government had approved an amount of Rs 100 billion to clear some overdue receivables of CPEC IPPs – an amount of Rs 50 billion was paid to Chinese power projects, prior to last visit of Prime Minister to China – however, the remaining amount of Rs 50 billion is yet…

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