Month: May 2022

Addressing the mountain of debt

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Sustainable economic growth requires identifying gaps, devising effective policies and working towards consistent improvement despite daunting challenges. The textile industry has invested $5 billion in new plants, machinery & equipment, and more capacity is being added, the results of which can be seen in increased production and exports, but all of this is at stake. By ensuring that exports are supported to reach their maximum potential, we can prevent the economy from sinking deeper into the debt trap. Pakistan has historically sought loans to achieve economic stability, which was never…

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OGRA chief vows to implement ordinance in true letter & spirit

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ogra

Oil and Gas Regulatory Authority (Ogra) Chairman, Masroor Khan, has reiterated his commitments to implement the Ogra Ordinance in its letter and spirit to attract private investment, provide a level playing field to the industry by promoting competition and protecting consumer interest. He was invited to deliver a keynote speech on behalf of the government of Pakistan and the Ogra on the second day of 2nd Pakistan Energy Reform Summit, 2022, along with other eminent speakers. The Ogra chairman informed that “the oil and gas including LNG are major components…

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Peshawar High court stays suspension of gas supply to KP textile mills

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The Peshawar High Court on Wednesday issued a stay order against ‘frequent’ suspension of gas supply on different grounds to textile mills in the province and directed the Sui Northern Gas Pipelines (SNGPL) to provide uninterrupted gas to the mills till further order. A bench consisting of Justice Ijaz Anwar and Justice Shakeel Ahmad issued the order over two identical petitions filed by Khyber Pakhtunkhwa Textile Mills Association, Saif Textile Mills and five others, challenging the frequent discontinuation of gas supply to textile mills by SNGPL. The petitioners contended that…

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Russia Increasingly Using Own Oil Tankers To Boost Shipments To Asia

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Russia’s state-owned oil producers Rosneft and Gazprom Neft have started to use tankers of local state tanker operator Sovcomflot to ship their crude to Asia, Bloomberg reported on Wednesday, quoting tanker-tracking data and sources familiar with the operations. Tankers owned by Sovcomflot struggled to find destinations shortly after the Russian invasion of Ukraine as countries either banned imports of Russian oil or Russian vessels docking at their ports, all this while many traders and buyers refuse to deal with Russian crude. Insurers have also backed out of covering potential liabilities…

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Oil, Gas Employment Will Take Five Years To Recover From Covid: Rystad

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Oil and gas sector employment is on the road to recovery in the United States after the significant job shedding that took place during the pandemic era. But a full recovery won’t be seen for another five years, a new analysis from Rystad Energy showed on Wednesday. The U.S. oil and gas industry lost 200,000 jobs during the pandemic, according to Rystad calculations. This represented 20% of the total workforce in the sector. In 2020 alone, 100,000 oil and gas jobs were lost in the United States—mostly in the drilling…

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