Day: June 9, 2022

IMF asks govt to reopen CPEC deals

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The International Monetary Fund (IMF) has asked Pakistan’s government to renegotiate the China-Pakistan Economic Corridor (CPEC) energy deals before making payments of around Rs300 billion to the Chinese power plants, putting Islamabad in a tight spot. The global lender has asked the government to treat the Chinese CPEC power plants at par with the power plants established under the 1994 and 2002 power policies, highly placed sources told The Express Tribune. These plants had been set up under the CPEC framework agreement. The IMF’s demand came after China’s refusal in…

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Biden’s Trip To Saudi Arabia Won’t Solve The Oil Market’s Problems

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When news broke last week that President Biden was planning a Middle East visit that would include Saudi Arabia, many an industry observer saw in this signs of “thawing” relations between Washington and Riyadh. They also saw the prospect of lower oil prices. It was, after all, to lower prices that Biden was planning this visit. Unfortunately, things are never that simple. While it is a nice thought that a single visit to Saudi Arabia could convince them to open the oil taps and send prices falling, the reality is…

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The Most Exciting Oil Frontier On Earth

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After two years of regular oil discoveries in Guyana, it seems its deep waters may hold even more crude, adding to its reputation as the next big oil-producing state. But the government will have to get its agreements in order if it wants to ensure the future financial security of the country, as major international players swoop in to reap the rewards. Guyana is home to the largest oil discovery in the last two decades, after Exxon Corp made several more finds in the offshore Stabroek block last year, bringing…

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PAC seeks details of power purchase deals with IPPs by ex-govts

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powertariffs

The Public Accounts Committee (PAC) on Wednesday sought power purchase agreements with Independent Power Producers (IPPs) signed by previous governments. Noor Alam Khan chaired the meeting of the committee which examined the Audit Report of the Cabinet Division for the year, 2019-20. The chairman committee said the tariff on electricity came down when demand increased but in Pakistan, the position was the opposite. He asked how they would run the industry without the supply of electricity. Chairman and Members committee complained about the load-shedding and the inflated electricity bills. National…

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