Month: June 2022

Markets in Sindh to close at 9pm to save power

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The Sindh government Friday notified closure of markets across the province at 9pm in order to save electricity, as the country faces constant power outages causing immense inconvenience to the people due to the rising temperatures. The measure, which will remain in effect till July 16, is in response to the power outages and load shedding and seeks to reduce the shortfall between the supply and demand of electricity, according to the notification. It was decided that the morning hours must be utilized for business activities, said the notification. The…

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Plastic bags a major cause of environmental pollution: Wahab

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Administrator Karachi Barrister Murtaza Wahab on Friday said that environmentalists agree that plastic bags are a major cause of environmental pollution. “Citizens should discourage the use of plastic bags. The ban on plastic bags has been in place since June 15. I would like to ask the citizens to support the law enforcement agencies and KMC in this regard,” the administrator said in a statement issued from his office. Barrister Murtaza Wahab asked the citizens, shopkeepers, traders and manufacturers to play their role in ensuring the ban and cooperate fully…

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SNGP to add newly discovered gas to grid within FY23

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The Sui Northern Gas Pipelines Ltd (SNGPL) on Friday said it would connect new gas fields, discovered near North Waziristan and Lakki Marwat areas of Khyber Pakhtunkhwa, to the system within the next fiscal year, which would help fill demand-supply gap. The Board of Directors of SNGPL in their meeting, dated June 16, 2022, approved the project to lay a 295km-long pipeline from the new gas fields to the state-owned company’s transmission network injection point. The estimated cost of the project is Rs23.4 billion, while it is expected to be…

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Over-dependence on LNG, a risk to Pakistan’s energy, financial security

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But rather than simply replacing one form of gas with another -the shift to imported LNG- undermines the country’s energy security and financial stability,” Institute of Energy Economics & Financial Analysis (IEEFA)’s latest report on Pakistan finds. IEEFA estimates that Pakistan’s LNG imports could rise to more than $32 billion by FY2030, up from nearly $2.6 billion in FY2021, according to report co-authors and energy finance analysts Haneea Isaad and Samuel Reynolds. “LNG sourced from global markets has become 5 to 10 times more expensive than domestically produced gas in…

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Oil Prices Fall On Biggest Fed Rate Hike Since 1994

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In its largest hike since 1994, the Federal Reserve raised rates by three-quarters of a percentage point, or 75 basis points, with oil prices responding by drawing down just under 1%.  Wall Street had largely anticipated a 75-basis point hike, and oil prices were down 1% on Wednesday, ahead of the Fed meeting, regaining some ground by the time of the rate hike announcement.  At 2:13 p.m. EST, just minutes after the Fed release, Brent was trading down 0.62% on the day, at $120.42. WTI was trading at $118.10, down 0.70%. The…

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