August 7, 2022 -

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

August 7, 2022August 7, 2022 Admin

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…

COAS reaches out to UAE, Saudi Arabia for bailout package

August 7, 2022August 7, 2022 Admin

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…

Power Div wants extension in tenure of PPIB head

August 7, 2022August 7, 2022 Admin

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…

SNGPL wins international arbitration case against QATPL

August 7, 2022August 7, 2022 Admin

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…

Local refineries to pocket huge profits for FY22

August 7, 2022August 7, 2022 Admin

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…

Rs0.47 hike sought in hydroelectric power tariff

August 7, 2022August 7, 2022 Admin

Pursuing a revenue target of Rs121 billion for the current financial year, the Water and Power Development Authority (Wapda) has requested the National Electric Power Regulatory Authority (Nepra) to increase the tariff of hydroelectric power by Rs0.47 per unit During a meeting held in this regard, Wapda requested that the average tariff of 21 plants should be increased from Rs3.68…

PSA calls for PM’s intervention on solar containers clearance

August 7, 2022August 7, 2022 Admin

Pakistan Solar Association (PSA) has called upon Prime Minister Shahbaz Sharif to intervene for customs clearance of containers of solar equipment stuck for months at various ports across the country. “A huge number of solar devices import containers are awaiting clearance while importers are facing heavy demurrage charges,” PSA chairman Rana Abbas said in a statement issued on Thursday. He…