Day: May 25, 2022

Aramco Can’t Add Oil Production Capacity Faster Than Promised

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The world’s largest oil company, Saudi Aramco, cannot increase its oil production capacity any faster than it has already promised, the head of Saudi Aramco told Reuters on Tuesday on the sidelines of the WEF in Davos. Aramco is still planning on increasing its oil production capacity to 13 million barrels per day (bpd)—but that won’t be complete for another five years. In the meantime, Saudi Arabia’s capacity remains at 12 million barrels per day. Amin Nasser, the head of Saudi Aramco, said that it could achieve this 13 million…

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Germany to Bring Back Coal Power Plants If Russia Cuts Gas

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Germany plans to bring back coal- and oil-fired power plants should Russia cut off natural gas shipments to Europe’s largest economy. Economy Minister Robert Habeck will on Tuesday present an emergency decree enabling the government to bring back the facilities in case of gas shortages, according to the proposed legislation seen by Bloomberg. Germany is resorting to desperate measures to keep the lights on and its massive industrial parks running, turning to dirty fuels even if that means a surge in carbon emissions. The nation has almost six gigawatts of…

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Rs374m earmarked for Power Division as provisional IBCs

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Finance Division has earmarked Rs 374 million for Power Division as provisional Indicative Budget Ceilings (IBCs) for FY 2022-23 for civil expenditure, and directed that IBCs may be prepared in accordance with budgetary allocations. Finance Division has conveyed that IBCs for grants and subsidies and development projects (if any) will be communicated separately. IBCs for the FY 2023-24 and FY 2024-25 have been estimated to be Rs 389 million and Rs 408 million, respectively. According to Finance Division, provisional IBCs for the Recurrent Budget for the coming three financial years…

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Bailing out the environment

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Pakistan’s economic team is negotiating with the IMF for a bailout package. One of the conditions is to remove all fossil fuel subsidies which cost Pakistan almost $12 million per day. It is argued that this would help plug the widening current account deficit and also help take the climate change agenda forward. The new coalition government fears that the removal of this subsidy would adversely affect society. Climate change has become a reality. The Intergovernmental Panel on Climate Change Report, 2021 warns that global temperature is driven by carbon…

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Govt Functionaries Divided Over NAB’s Future

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oliticians and bureaucrats have shown mixed view over the fate of the National Accountability Bureau (NAB), as some suggest its abolition while other recommend necessary amendments to the law to ensure transparency in the accountability process. Some senior government functionaries and a number of federal ministers have closed ranks for the abolition of NAB over its alleged use to intimidate bureaucracy, victimise political opponents and harass the business community. However, a group of top officials and cabinet members opposed shelving the graft buster and recommend to make amendment to the…

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