Day: June 19, 2022

OPEC+ Mulls What To Do After The Oil Pact Ends

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Delegates from OPEC+ are trying to decide what to do when the oil production pact ends in August, Bloomberg reported on Friday. The pact is faced with numerous uncertainties and difficult situations—not the least of which is its relationship with one of the top members of the group—Russia. Saudi Arabia has stressed that Russia is an integral part of OPEC+ despite Russia’s aggression in Ukraine, pointing out that OPEC+ is not an alliance formed out of politics, but one of market management. Saudi Arabia—and other OPEC members—must weigh the benefits…

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Global LNG: Asia spot prices jump, tracking sharp rise in Europe

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Asian spot liquefied natural gas (LNG) prices jumped this week, tracking a rise in European gas prices, on further market tightening as an extended shutdown at a U.S. export plant prompted buying by Japan and South Korea. The average LNG price for August delivery into north-east Asia was estimated at $36.50 per million British thermal units (mmBtu), up $13.00 or 55.1% from the previous week, industry sources said. Freeport LNG, the operator of one of the largest U.S. export plants, said on Tuesday that last week’s fire damage to its…

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NEPRA approves selling price for CPEC’s first Thar coal power plant

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ISLAMABAD,June 18(Gwadar Pro) – National Electric Power Regulatory Authority (NEPRA) has approved the final selling price for 660 megawatts Thar coal-based Engro Thar Powergen Ltd. (ETPL), the regulator said. ETPL is an early-harvest indigenous-coal based power project under China-Pakistan Economic Corridor (CPEC), and the first ever Thar coal-based power plant, which started commercial operation on July 10,2019. Engro Group owns 51% share in the project while China Machinery Engineering Corp. (CMEC) owns 35% share. CMEC is also the engineering and procurement contractor(EPC)of the project. China Development Bank, China Construction Bank…

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Petrol price sharply increases in int’l market, Pakistan maintains at lowest level: PD

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Petrol-Price

The Petroleum Division (PD) on Thursday said petrol price in the international market had witnessed a sharp increase during the current year, but Pakistan maintained it at the lowest level despite financial constraints for facilitation of the masses. Currently, the PD in a tweet said, more than three-quarter countries of the world were selling the commodity at the higher rate as compared to Pakistan. Drawing a prices’ comparison, it said Pakistan was providing per litre petrol at the rate of Rs233.89 to consumers, Bhutan Rs244.98, Sri Lanka Rs258.89, Kenya Rs281.84,…

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Power tariff to be raised in three phases

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The tariff may be passed in three phases, Rs3.5/unit in July, Rs3.5/unit in August and remaining Rs 0.91/unit may be passed on to the consumers in the month of October 2022. The federal government has decided to pass on Rs7.91 per unit determined by Nepra in three phases, along with Rs0.20 per unit hike on account of subsidy rationalization phase-II, well-placed sources in Power Division told Business Recorder. The Power Division presented two options before the Economic Coordination Committee (ECC) of the Cabinet, however, during the meeting, some of the members…

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