Day: May 24, 2022

Fuel Shortage Surge Electricity Shortfall

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The electricity shortfall in the country has reached beyond 6,500 megawatts (MW) after sources in the power division blamed it on a shortage in fuel supply to power plants. According to sources in the power division, the overall demand for electricity in the country stands at 26,000 MW against the production of 19,420 MW. “The power plants are not getting required LNG and coal,” they said, adding that LNG deals have been finalized, however, the payment needs to be made in dollars and the supply is being delayed owing to…

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IMF talks may extend beyond 25th: SBP chief

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Pakistan and the IMF are likely to go an extra mile to finish the seventh review under the bailout programme, the central bank chief said on Monday, indicating the ongoing talks could last longer than expected to cover the budgetary procedure. “Talks may continue beyond May 25 for a few more days, but the IMF will hopefully see a positive statement from the Fund before they extend,” Dr Murtaza Saeed, acting governor of State bank of Pakistan (SBP), told a virtual brief from Doha. “Budget preparation is part of the…

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China’s Wind Power Push Threatens US Strategic Interests

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The war in Ukraine has jolted energy markets— driving oil and gas prices to their highest levels in over a decade and leaving governments scrambling to secure energy supplies. In the months since Russia’s invasion, policymakers have faced a hard truth: energy policy is security policy, and it has been neglected for far too long. Government priorities feature prominently in discussions over the transition to renewable energy. Enthusiasm may abound for wind power, but if the United States is serious about its future, it must address critical supply chain disruptions…

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Fauji Oil Terminal to build 6 storage tanks at Port Qasim

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Fauji Oil Terminal and Distribution Company (FOTCO) has plans to invest in developing six buffer storage tanks to address ship traffic congestion at Port Qasim and handle additional cargoes. “We have already pitched this plan to Oil and Gas Regulatory Authority (OGRA) seeking finalisation of pricing mechanism,” Adnan Samdani, General Manager of FOTCO told The News in an exclusive interview on Sunday. “Once it is settled, FOTCO will be able to finalise the volume of investment required to build the buffer storage tanks to handle the fuel ship carrying 50,000…

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CPEC is on its way

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Is the China-Pakistan Economic Corridor (CPEC) going as planned? Since it was launched in 2013, the flagship project of the Belt and Road Initiative (BRI), has been under the watchful eye of regional and global powers, and an occasional target for terrorists. Pakistan has hinged its economic progress on the rapid implementation of CPEC. Initially valued at $47 billion, the value of CPEC projects was worth $62 billion as of 2021. Since 2018 onwards, however, it was not been smooth sailing under the PTI government as far as work on…

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