Month: April 2022

Diesel Crisis may linger as port congestion delays supplies

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t least six oil vessels are at anchor or adrift, waiting to be unloaded as an import surge strains handling capacity at the Port Qasim, potentially adding to the ongoing diesel crisis in the country, officials said on Tuesday. Diesel availability is disturbed as waiting time of vessels is affecting stocks of petroleum products,” an oil sector source told The News. “These are paying huge costs in demurrages.” The source said out of six vessels, carrying diesel, petrol, and furnace oil, currently waiting to berth at the port, four belong…

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PM seeks end to power cuts by May Day

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Mr Sharif ordered that even high loss-making areas be provided with full power supply during this period, even though he was alerted that it would have an additional impact on tariff. It is expected that the power sector will start receiving about 700 mmcfd of LNG instead of about 500 mmcfd at present. Secondly, the prime minister also asked the finance ministry to provide funds to the power sector as per agreed timelines to facilitate urgent maintenance and repairs and payments to fuel suppliers and independent power producers (IPPs). The…

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PIA Gets New CEO as Air Marshal Arshad Malik Completes Tenure

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Pakistan International Airlines (PIA) Chief Executive Officer (CEO) Air Marshal Arshad Malik has completed his tenure after being appointed at the slot in 2018. He would be replaced by Air Vice Marshal Aamir Hayat. The PIA through its Twitter handler made the announcement saying that Malik completes his tenure as the CEO and bids farewell with a wish for a great and prosperous future for PIA and Pakistan. A spokesman for PIA said that they had issued advertisement for the appointment of new CEO of the national flag carrier. Air…

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Russia cuts natural gas to 2 NATO nations in escalation

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Russia cut off natural gas to NATO members Poland and Bulgaria on Wednesday and threatened to do the same to other countries, dramatically escalating its standoff with the West over the war in Ukraine. European leaders decried the move as “blackmail.” A day after the U.S. and other Western allies vowed to speed more and heavier weapons to Ukraine, the Kremlin used its most most essential export as leverage against two of Kyiv’s staunch backers. Gas prices in Europe shot up on the news. The tactic could eventually force targeted nations to…

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Oil giant Shell feels heat over giant $21 billion Prelude floating LNG plant

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When Dutch-Anglo oil giant Shell decided to build a massive floating gas factory known as Prelude in 2011, it was billed as the dawn of a new era for the industry. Australia was midway through a once-in-a-lifetime $300 billion splurge that would make the country the world’s biggest producer of super-chilled, shipped gas. Floating gas plants were supposed to be the logical evolution, vacuuming up gas wherever they went and making fortunes for shareholders and taxpayers. But barely a decade later, Prelude has been racked by cost and time blowouts,…

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