Month: May 2022

China’s power firms to get Rs50b

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Prime Minister Shehbaz Sharif ordered on Monday to immediately disburse Rs50 billion to the Chinese power producers to save them from default and also open a revolving fund to protect them from the circular debt in future. The premier gave the instructions during a meeting with Chinese investors who for the past few years had been trying to secure their rights guaranteed under the China-Pakistan Economic Corridor (CPEC) framework agreement. The prime minister assured the Chinese investors that all the commitments made by the previous government would be honoured, said…

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Gas companies ‘may go bankrupt’ without tariff hike, says Musadik

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With the gas sector’s circular debt at Rs1.5 trillion, the Petroleum Division on Monday said the gas companies would go bankrupt without a hike in gas tariff that was now inevitable in view of the amended Oil and Gas Regulatory Act. Minister of State for Petroleum Musadik Malik and Secretary Ali Reza Bhutta while testifying before the Senate Standing Committee on Petroleum said the government did not have money for bailouts and gas tariff increase could not be avoided under the revised Ogra Act passed by the previous government under…

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Petrol, diesel subsidy projected at Rs41.11, Rs53.14/ltr

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The government has to pay Rs41.11 and Rs53.14 per litre subsidy on petrol and diesel respectively in the next fortnight (June 01 to 15, 2022) if prices are not raised, The News learnt on Monday. The cost of subsidy is figured to remain unsustainably huge despite a recent partial rollback as world oil markets are again picking up amid geopolitical risks. Country’s oil managers will review petroleum products prices on May 31, 2022 to determine their prices for the next fortnight. The oil sector’s calculations project the price of petrol…

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Why The West Shouldn’t Expect More Oil From Saudi Arabia

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In December 2016, OPEC, Russia, and several other non-OPEC producers sealed a historic deal. For the first time in 15 years, there would be oil production cuts. At the time, RBC’s Helima Croft said Saudi’s oil minister Khalid al-Falih had “something of Mario Draghi’s ‘whatever it takes’ moment.” Seven years on, OPEC and Russia are still controlling the market. But now, Saudi Arabia is saying there is nothing it can do about the oil market and prices. It has done all it could, according to its foreign minister, Prince Faisal…

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Russian oil embargo: EU mulls compromise to break deadlock

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Ambassadors from the 27 European Union member states will on Sunday examine a compromise that could enable them to break the deadlock on a sixth round of economic sanctions against Russia, including a landmark halt to Russian oil imports, EU sources told AFP. The latest round of proposed sanctions has been blocked by landlocked Hungary, which has no access to seafaring oil cargo ships and is dependent for 65 percent of its oil needs on Russian crude supplied via the Druzhba pipeline. Budapest has rejected as inadequate a proposal to…

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