Month: March 2022

Chinese firm seeks Rs12.35bn dues for power project

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A leading state-owned Chinese firm has expressed concern over delay in payment and asked the Ministry of Energy (power division) to release Rs12.35 billion as Transmission Service Payment (TSP) related to 660kV Matiari-Lahore High Voltage Direct Current (HVDC) Transmission Line for September 2021 to February 2022. The China Electric Power Equipment and Technology Co Ltd (CET) / State Grid Corporation of China (SGCC) registered in Pakistan as Pak Matiari-Lahore Transmission Company Private Limited (PMLTC) has also quoted the Chinese government and the embassy as expressing their concern at the issue…

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Pakistan connects 1,100MW nuclear power plant to national grid

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Pakistan has successfully connected its second 1,100 megawatt (MW) nuclear power plant unit to the national power grid which will provide clean and affordable electricity to millions. Pakistan Atomic Energy Commission (PAEC) confirmed that it connected the K-3 unit of the Karachi nuclear power plant (KANUPP) to the national grid. “The plant has been connected to the grid on a testing basis and is expected to be inaugurated soon after attaining full power.” The plant had achieved criticality on February 21. The K-3 unit “will generate nearly 10 billion kWh…

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Oil prices to hit $300 per barrel if US, EU ban imports: Russia

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With Western allies considering expanding sanction against Russia over its invasion of Ukraine, Deputy Prime Minister Alexander Novak warned of “catastrophic” consequences of a ban on Russian oil imports, including a potential rise in oil prices to $300 per barrel. “A ban on Russian oil will lead to catastrophic consequences for the global market. The surge in prices will be unpredictable – more than $300 per barrel, if not more,” Novak said in remarks carried by Russian news agencies. Novak added that it would be “impossible” to quickly replace Russian…

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Short-Cutting Texas LNG To Asia – Mexico Is The Key

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Russia’s dramatic invasion of Ukraine has given liquefied natural gas, or LNG, the spotlight like never before, as several European countries scramble to replace their main natural gas supplier. It is also helping emphasize the benefit that LNG export terminals in Mexico could provide for natural gas, especially in Asia. The idea of exporting LNG from Mexico has been gaining traction in recent years. It has become more attractive as some LNG originally intended to meet its demand is now being rerouted to Germany and other Russian clients. Even though…

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How important is Russian oil and how high could prices go?

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A western embargo on Russian oil and gas is no longer unthinkable after the US secretary of state, Antony Blinken, revealed that the idea was gaining traction in the White House and had been the subject of “very active discussion” with allies. The reaction was dramatic, with Brent crude oil hitting levels not seen since 2008, while gas soared to all-time highs as traders considered whether it could be thrown into the mix too. Pushback from Germany’s new chancellor, Olaf Scholz, came as no surprise given his country’s heavy reliance…

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