Day: April 1, 2022

Explainer: How the US’s strategic petroleum reserve works

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US President Joe Biden has announced the release of one million barrels of crude oil every day for the next six months from the Strategic Petroleum Reserve (SPR), the largest such release from the United States stockpile in history. The move comes as oil prices have spiked since Moscow’s invasion of Ukraine on February 24 and subsequent sanctions slapped on Russia by the US and its allies. The latest amount of US oil release would make 180 million barrels available – or the equivalent to about two days of global…

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Japan sees no immediate impact on Russian LNG imports from rubles gas payment switch

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Japan does not see immediate impact on its LNG imports from Russia following its March 31 order prohibiting gas supply to countries that have imposed sanctions against Moscow if they refuse to pay for imports in rubles, Minister of Economy, Trade and Industry Koichi Hagiuda said April 1. The METI minister’s comments come as Japan currently does not see the latest Russian order cover LNG, but only a gaseous form of natural gas, a METI source said. Russian President Vladimir Putin signed an order March 31 prohibiting supply of Russian…

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NEPRA to collaborate with GIK Institute on faculty research

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Tauseef H. Farooqi, Chairman, National Electric Power Regulatory Authority (NEPRA), agreed to establish collaboration with Ghulam Ishaq Khan Institute of Engineering Sciences and Technology to benefit from its faculty research and professional know-how. He held a meeting with Prof Dr Fazal Ahmad Khalid, SI, Rector, GIK Institute. Prof Dr Wasim A Khan, Pro-Rector Academics, deans, directors also attended the meeting. Later, Farooqi addressed the students as well. Holding talks with the rector and academia he said: “We should focus on the areas where we could work together. We could benefit…

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Engro Energy Ltd to host ‘Pakistan Energy Symposium’ today

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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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Cutting Losses

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power-sector

Pakistan’s energy sector has been facing potential losses and distortions in the distribution sector for years now, costing the national exchequer billions annually. In 2019 alone, DISCOs posted a loss of Rs171 billion due to less recovery of pending bills and another Rs38 billion due to technical losses. On average, nearly 20 percent of the electricity transmitted to the distribution system is lost the effects of which are borne by end consumers. Due to these losses as well as reliance on imported fuels, Pakistan’s power generation costs are disproportionately high.…

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