Oil falls on fears of global recession

Spread the love

Oil falls on fe Oil prices fell about 2% on Tuesday, extending the previous session’s almost 2% decline, as recession fears and a flare-up in Covid-19 cases in China raised concerns over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation…

Read More

Govt’s noble fast-track solarization initiative

Spread the love

Our government has recently announced that it intends to install 10,000 MW of photovoltaic (PV) systems in the country on a fast-track basis. According to media reports, these installations will include rooftop PV systems in residential, commercial, and government buildings, agricultural tube-wells, and on a couple of thousand 11 kV distribution feeders. The motivation behind this initiative is the government’s desire to…

Read More

Ministerial committee to prepare energy conservation measures

Spread the love

The federal cabinet on Tuesday decided to form a committee for preparing long-, medium- and short-term strategies for energy conservation in the country.https://5ce35a8fb791039a2c509244b4f2ad52.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html The committee, headed by Minister for Defence Khawaja Asif, will review the energy efficiency and conservation measures implementation roadmap prepared by the Ministry of Power. The committee would also include federal ministers Syed Naveed Qamar, Syed Murtaza Mahmood, Khawaja…

Read More

SSGC quashes fake news on 18-hour gas loadshedding

Spread the love

Sui Southern Gas Company (SSGC) on Tuesday denied reports regarding plans to increase the duration of gas loadshedding to 18 hours from October 15. SSGC termed a schedule floating on social media as “fake news” and shared that the company had devised a gas management plan, which has been postponed. Speaking to Geo News, the State Minister for Petroleum Musadik Malik…

Read More

NESPAK: PM okays BoD reconstitution

Spread the love

Prime Minister Shehbaz Sharif has approved reconstitution of Board of Directors (BoD) of National Engineering Services Pakistan (NESPAK) with the direction to Power Division to place the summary before the Federal Cabinet for approval, well informed sources told Business Recorder. The composition of reconstituted BoD of NESPAK will be as follows: (i) Secretary, Power Division/ Chairman/ Member (ex-officio ); (ii) Chairman…

Read More

Water, power sector: AGP unearths Rs3.27trn irregularities

Spread the love

Auditor General of Pakistan (AGP) has unearthed 282 cases of misappropriation, irregularities in contracts/ procurement, internal rules, violations of regulatory laws and financial mismanagement, etc., worth Rs 3.27 trillion in water and power sectors, during audit year 2021-22. According to audit report on the accounts of Power Division and its attached entities, the AGP has detected 66 cases of procurement/…

Read More

KE’s controlling stake sale nears completion abroad, unbeknown to Pakistan

Spread the love

The sale of a large part of the controlling stake in Karachi Electric (KE) held by KES Power outside Pakistan appears to be in advanced stages, awaiting approval from a Cayman Islands court, but the government of Pakistan is not aware of the deal as it kept completely secret, according to trusted inside information. The sale of these interests, which control KE,…

Read More

PM renews commitment to IP gas line

Spread the love

In the backdrop of the US sanctions against Tehran, Pakistan has renewed its commitment to execute the much-awaited Iran-Pakistan (IP) gas pipeline project. Prime Minister Shehbaz Sharif reinforced his commitment to execute the IP gas pipeline project during his meeting with the Iranian head-of-state on the side lines of the Shanghai Cooperation Organisation (SCO) meeting in Samarkand. This was his…

Read More

Bangladesh, Pakistan and India have been significantly affected by the changes to the LNG market in 2022.

Spread the love

Bangladesh, Pakistan and India have been significantly affected by the changes to the LNG market in 2022. “Europe is trying to grab every molecule of gas wherever it is available,” he said. “They are purchasing everything from current to future gas. And their purchasing power is much higher than that of developing countries. So obviously, countries like Bangladesh, India, and…

Read More

GasPort donates Rs. 10 million for Flood Relief

Spread the love

To alleviate the tragic impact of recent floods across Pakistan, Associated Group though its companies including Pakistan GasPort Limited and PGPCL (PGPL and PGPCL own Pakistan’s largest LNG regasification and storage terminal) has donated Rs. 10,000,000 (Ten Million Rupees) to the Pakistan ‘Army Relief Fund for Flood Affectees.’ The monies will be spent on relief work and supply of provisions…

Read More