Day: August 7, 2022

Europe has ramped up imports of Russian diesel as the EU struggles to wean off the country’s energy supplies

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Europe’s imports of Russian-sourced diesel spiked 13% last month as the continent struggled to wean itself off Moscow’s fuel in response to the war in Ukraine. Russian-sourced diesel to Europe outpaced non-Russian-sourced diesel by nearly 200,000 barrels a day, according to a report published Tuesday from Vortexa, which tracks energy commodities. Overall, Europe’s imports of Russian diesel increased a staggering 23% from July 2021. The uptick in Europe’s appetite for Russian diesel underscores the complexity of choking Moscow’s energy flows as its war in Ukraine rages on. The European Union…

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COAS reaches out to UAE, Saudi Arabia for bailout package

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ISPR confirms Gen Bajwa received a telephone call from UAE President Sheikh Mohamed bin Zayed al-Nahyan Days after speaking to the US deputy secretary of state, army chief General Qamar Javed Bajwa has now reached out to Saudi Arabia and the United Arab Emirates (UAE) as part of efforts to ensure financial assistance for Pakistan. As the Executive Board of the International Monetary Fund (IMF) is set to meet later this month to formally approve the next tranche of $1.2 billion instalment, the international lender wants Pakistan to ensure it…

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Power Div wants extension in tenure of PPIB head

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Power Division is reportedly adopting stopgap arrangement strategy to retain the services of long-associated Managing Director, Private Power & Infrastructure Board (PPIB), Shah Jahan Mirza for at least six more months, well informed sources told Business Recorder. Shah Jahan Mirza was appointed as Managing Director, PPIB with effect from September 21, 2015 for a period of three years. He was granted extension for a period of three months from September 21, 2018. He was again appointed Managing Director PPIB from July 18, 2019 for a period of three years. His three…

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SNGPL wins international arbitration case against QATPL

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London Court of International Arbitration (LCIA) has validated Sui Northern Gas Pipeline Limited (SNGPL) stance against Quaid e Azam Thermal Power (Private) Ltd. (QATPL) over latter’s failure to offtake the take-or-pay quantities of Regasified Liquefied Natural Gas (RLNG) as per Gas Supply Agreement (GSA). A senior official of the company said on Friday the LCIA Arbitrator delivered its arbitral award over dispute between QATPL and SNGPL regarding the non-offtake of the take-or-pay (contractual quantities) of RLNG by QATPL). As per arbitral award in favour of SNGPL, the arbitrator has held…

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Local refineries to pocket huge profits for FY22

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Local refinery sector has been expecting to post huge profit for the year ended June 30, 2022 due to high gross refinery margins (GRMs), which rose to $25 per barrel in the last quarter of the fiscal. However, these profits would not be translated into dividends for shareholders of these refineries listed on the stock market, The News learnt on Friday. Out of the five refineries in the country, four refineries ie Pakistan Refinery, National Refinery, Attock Refinery and Cnergy Pk are listed on the stock market, whereas Pak-Arab Refinery…

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