Month: March 2022

USA-Europe LNG Deal Reaction

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Several U.S. oil and gas groups have responded favorably to a recent U.S.-EU LNG deal, which was announced in a White House statement on March 25. Under the deal, the U.S. will strive to ensure additional LNG volumes for the EU market of at least 15 billion cubic meters in 2022 with expected increases going forward, the White House statement outlined. According to the statement, the European Commission will also work with EU member states toward ensuring stable demand for additional U.S. LNG, until at least 2030, of approximately 50…

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Modified draft of KE’s Arbitration Agreement raises eyebrows

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The Attorney General (AG) Office has raised eyebrows at the modified draft of Arbitration Agreement (AA) sent by Karachi Electric (KE), saying the revised draft does not address the AG Office’s earlier concerns as noted in its April 2021 letter, well-informed sources in Privatisation Commission told Business Recorder. On February 15, 2022, KE furnished a muddied draft of AA after replacing the words “equity and fairness” appearing in clauses 3 and 5 of the earlier draft. KE, in its revised ToRs, made two points i.e. surrendering of principle of reciprocity and…

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Ogra takes up issues relating to PDC, IFEM with stakeholders

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ogra

The Oil and Gas Regulatory Authority (Ogra) conducted its meeting at Karachi with leading Oil Marketing Companies (OMCs) and OCAC representatives which was chaired by Masroor Khan, Chairman, Ogra Zainul Abideen Qureshi, Member (Oil)- Ogra and senior executive directors and other key officers. All the issues including current scenario relating to the PDC, IFEM matters, industry reservations on certain matters, oil industry suggestions/proposals aimed at protecting national interest and promoting fair competition, genuine issues of the oil industry requiring urgent attention for resolution through mutual dialogue, etc, were discussed in…

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Engro Energy to host energy symposium

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engro

Engro Energy Limited will host Pakistan Energy Symposium at a local hotel in Karachi on 1st April 2022. Theme of this symposium is Ushering the Future of Energy. Engro Energy Limited (EEL), in its efforts to address the opportunities and challenges for market reforms in Pakistan, is organizing this symposium with an aim to bring relevant stakeholders on a platform to deliberate on the challenges of future. Engro Energy’s VP Business Development, Shahab Qader, while expressing his views said ”This symposium is a one-of-its-kind initiative by Engro Energy Limited. As…

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FBR told to bust fertiliser smuggling to stabilise prices

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Shaukat Tarin, Federal Minister for Finance and Revenue, on Monday directed Federal Board or Revenue (FBR) to take crack whip on smuggling of fertilisers to neighbouring countries to ensure price stability in the country. Tarin issued these directives, while chairing the meeting of National Price Monitoring Committee (NPMC) held at the Finance Division. The committee was briefed that smuggling of this chemical farm input was weighing on the supply chain, which was not only undermining its availability, but was also causing the prices to fluctuate to the disadvantage of growers…

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