Month: September 2022

A Cap on Russian oil prices? G7 Eyes Untried, Risky Plan

Admin

Capping the price of Russian oil, an approach G7 members said Friday they want to pursue “urgently,” would be an unprecedented move and one which some analysts say could backfire. Russian oil would be purchased at a discount from prevailing market prices, to limit Moscow’s profits as it prosecutes its war against Ukraine; but it would keep the price above the cost of production to ensure incentive for its export. The discounted rates, calculated separately for crude oil and refined petroleum products, could be regularly revised, according to a US…

Read More

PM Prods Discos to Restore Power Supply on War Footing in Flood Hit Areas

Admin

On the directions of Prime Minister Shehbaz Sharif, the administration is working on war-footing to restore electricity in flood-hit areas across the country. PM Shehbaz himself is monitoring the work of power restoration in areas hit by large-scale deluges and the authorities will report him about the progress on work on daily basis. All the high-ups in power division have been directed to accelerate efforts in this regard. In his tweet today, Prime Minister Shehbaz wrote: “A massive national effort is underway to restore essential services in the flood-hit areas.…

Read More

Pakistan to Reopen Power Deals

Admin

Pakistan has assured the International Monetary Fund (IMF) that it will “strive” to reduce capacity payments to the China-Pakistan Economic Corridor (CPEC) power projects either by renegotiating deals or having loans rescheduled — a big concession that might prove to become costly. Written assurance has been given in the Memorandum for Economic and Financial Policies (MEFP), which the IMF released on Friday as part of its combined staff level report of the 7th and 8th reviews of the Extended Fund Facility (EFF) programme. “We are striving to reduce capacity payments,…

Read More

PLL extends deadline for LNG supply bids

Admin

Pakistan LNG Limited (PLL) has extended validity for liquefied natural gas (LNG) supply bids, being sought from international traders, from September 2, 2022 to October 3, 2022 keeping in view high prices of gas in global market and poor response from suppliers, say sources. As Pakistan is facing acute energy shortages, PLL sought a six-year LNG supply contract from international trading companies by issuing a two-part tender on August 6. A five-year LNG supply agreement with international trading firm Gunvor has expired. Now, PLL has released the tender for a…

Read More

GAS Prices: Govt Fails to Honour Pledge

Admin

The federal government has missed its pledge to the International Monetary Fund (IMF) to increase the prescribed average gas price by some 45 percent to Rs 928 per mmbtu by end August 2022. This was stated in the staff level report on the combined seventh and eighth reviews under the Extended Fund Facility (EFF) for Pakistan released on Friday. The report notes based on the receipt of Oil and Gas Regulatory Authority (OGRA)’s determination of June 3, 2022 on the annual Estimated Revenue Requirement (ERR) of gas companies- Sui Southern…

Read More