Rising energy prices and boxing Russian crude oil out of the global market risks a global recession, Bank of America’s head of global commodities and derivatives research Francisco Blanch warned in a recent research note. “Can the global economy continue to expand with tightening oil supplies? Our estimates suggest that the world can handle a total disruption of just about…
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Russia is under sanctions and has not responded to the letter written to it by the previous government, but we have asked either Ukraine or Russia, whichever country can sell us wheat, we would be happy to buy wheat from them,” said Ismail in an interview with CNN. Ismail said the previous PTI government wrote a letter to the Russian…
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The promotion of electric vehicles (EVs) will have a negative impact on the local auto industry and the national economy, remarked Indus Motor Company (IMC) Chief Executive Officer Ali Asghar Jamali. In a statement issued on Tuesday, the IMC chief said that hybrid electric vehicles (HEVs) were an immediate solution, as they consume less foreign exchange by cutting the oil…
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The consumers of liquefied petroleum gas (LPG) have got good news following the massive increase in petroleum product prices. The Oil and Gas Regulatory Authority (Ogra) has slashed the price of LPG by Rs13 to Rs218.76 per kg. Now, the domestic cylinder will be sold for Rs2,581.35 and the commercial cylinder will be available at Rs9,931.65. The LPG Industries Association…
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A major oil industry lobby has warned of impending breakdown in the energy supply chain as companies are facing financial crisis following refusal of international banks to accept Letters of Credit (LCs) opened by Pakistani banks. In an SOS call, Oil Companies Advisory Council (OCAC) Chairman Waqar Irshad Siddiqui revealed that the oil industry had come under financial strain, raising…
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The National Electric Power Regulatory Authority (Nepra) indicated on Tuesday an increase of Rs3.99 per unit in power tariff on account of fuel cost adjustment (FCA) for April 2022. The decision would place an additional burden of Rs51 billion on the power consumers. The decision would not apply to the K-Electric consumers and the lifeline users. A hearing was held…
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Mr. Iftikhar clearly had his country’s best interests in mind when responding to the journalist who asked him about this on Friday and should therefore be praised for articulating such a pragmatic stance on behalf of the new authorities, but he also unwittingly discredited some of their most influential supporters who insisted that it’s impossible for Pakistan to refine Russian…
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By the grace of Almighty Allah, Mari Petroleum Company Limited (MPCL) is pleased to announce a gas/condensate discovery resulting from its exploratory efforts at Bannu West-1 ST-1 Exploration Well, drilled in Bannu West Block, located in North Waziristan district, KP Province. MPCL is the Operator of Bannu West Block having 55% working interest alongwith OGDCL and ZPCL as joint venture…
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