Day: June 29, 2022

The Biggest Threat To Brazil’s Oil Boom

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Latin America’s largest economy Brazil is experiencing a massive offshore energy boom which has seen the country overtake Venezuela and Mexico in little over a decade to become the region’s largest oil producer. This is driven by pre-salt petroleum discoveries in offshore Brazil, with the first being made by national oil company Petrobras in the Santos Basin in 2006. First oil was pumped two years later, in 2008, from the Jubarte field in the Campos Basin. After nearly two decades and a swath of multiple high-quality mega oil discoveries, Brazil’s…

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Iran Looks To Join BRICS Group Of Russia And China

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Iran has applied to join the BRICS group of major emerging economies, which includes China, Russia, and India, Reuters reported on Tuesday, a move that would help to secure an alternative alliance to the West. Iran is a major oil and gas resource holder, as is Russia, while China is the world’s top oil importer and one of the biggest gas importers. BRICS, an acronym of its members Brazil, Russia, India, China, and South Africa, is what China and Russia pitch as the emerging markets alternative to the West. The term for…

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Pakistan Refinery Limited

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Pakistan Refinery Limited (PSX:PRL) is a hydro skimming refinery designed to process imported and local crude oil, located on the coastal belt of Karachi, Pakistan. It was incorporated in Pakistan as a public limited company in 1960. The refinery’s current capacity stands approximately at 50,000 barrels per day of crude oil into petroleum products, such as furnace oil, high speed diesel, kerosene oil, jet fuel and motor gasoline, among others. The refinery is operating at two locations; main processing facility is located at Korangi Creek with supporting crude berthing and…

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Current account deficit exceeds $15bn mark in 11 months

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economy

The current account deficit (CAD) sharply widened to $15.2 billion in the first 11 months of the outgoing fiscal year compared to just $1.183bn in the corresponding period last year. The State Bank of Pakistan’s (SBP) latest data showed that the CAD was more than doubled when compared with $618 million in April. The May deficit was even higher than March’s $1.015bn. The economy has been trapped by a soaring CAD and falling foreign exchange reserves amid the sharp devaluation of the rupee shattering the external account of the economy…

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APTMA Seeks New Energy Rates Before June 30

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Textile sector has urged the government to reset energy prices before June 30, 2022, the date on which existing tariffs were scheduled to lapse, as a late change could affect the pricing for the new orders, causing losses to exporters. The All Pakistan Textile Mills Association (APTMA) made this appeal to Prime Minister Shahbaz Sharif in a letter, suggesting local energy prices should be determined after taking into account the regional ones. According to APTMA, the gas and electricity price agreement is scheduled to lapse on June 30, 2022 and…

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