Day: October 27, 2022

Saudi Aramco: Oil Markets Are Adjusting To Sanctions On Russia

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Global oil trade flows are already realigning after the Western sanctions on Russian exports, as Russia places more crude in Asia while other producers send part of the volumes previously intended for Asia to Europe and other markets, according to Saudi Aramco’s chief executive officer. “And crude that used to go to Asia is now being directed to Europe and other parts of the world,” Aramco’s CEO Amin Nasser said at the Future Investment Initiative (FII) forum in Riyadh on Wednesday, as carried by Bloomberg. “Realignment is happening,” the top executive…

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Financial closure of 3 power projects: Govt seeks Sinosure’s support

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Pakistan has requested M/s Sinosure, Chinese insurance company, to support pending financial closure of certain energy projects, well informed sources told Business Recorder. Prime Minister Shehbaz Sharif, sources said, had directed Ministry of Foreign Affairs (MoFA) to arrange an online session of working group with Sinosure to discuss and resolve bottlenecks with respect to financial closure of Azad Pattan hydropower project, Kohala hydropower project and Thar Block-I power projects. The government had decided that Power Division, Finance Division, Planning Division, Chinese Mission in Pakistan and Pakistan Mission in China along with…

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SBP urged to allow Rousch Power to import equipment

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Private Power & Infrastructure Board (PPIB) has urged the State Bank of Pakistan (SBP) to allow import of necessary equipment to M/s Rousch Power to avoid potential negative financial/ legal implications for both the GoP and the company. In a letter to Executive Director, Exchange Policy Department of SBP, Managing Director PPIB, Shah Jahan Mirza has given the reference of previous letters written by to M/s Rousch (Pakistan) Power Limited of October 17, 2022 and PPIB’s own letter of August 25, 2022 in this regard. PPIB argues that the matter…

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Federal Minister for Power Engr.

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Federal Minister for Power Engr. Khurram Dastgir Khan laid foundation stone of 500 kV Maira Switching Station near Kahuta on Thursday.While addressing the ceremony, he said that the present government is fully committed to provide affordable electricity to the end consumer. The Switching Station would cost around PKR 7 billion and will be constructed over an area of 80 acres land. This will be the second such switching station to be added to the system in the last three years. Maira Switching Station was commissioned in March-2019.The Switching Station has…

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OGDCL discovers oil reserves in Attock district of Punjab

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The latest discovery further extends the hydrocarbon play area in Pothohar basin: OGDCL The Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest oil and gas exploration company on Thursday announced the discovery of oil reserves from its exploratory well – Toot Deep-1 Well – located in the Attock district of Punjab Province. OGDCL being the operator of Toot Mining Lease with 100% working interest has made oil discovery from Lokhart Formation at Toot Deep-I Well which is located in Attock District, Punjab Province, Pakistan Province. According to the OGDCL…

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