Month: November 2022

CPEC Projects Offer Low-Cost Electricity

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China-Pakistan Economic Corridor (CPEC) energy projects have improved the electricity sector in Pakistan and contributed to economic growth by increasing power supply with high efficiency and at lower cost, remarked Tauseef H Farooqi, said Chairman of National Electric Power Regulatory Authority (Nepra). According to Farooqui, total installed capacity of CPEC energy projects, including that of coal, wind, solar and hydroelectric power, stands at 6,570 megawatts. They have generated 28,549 gigawatt-hours (GWh) and 25,772 GWh of electricity in financial years 2020-21 and 2021-22 respectively, accounting for 22.03% and 18.37% of the…

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EPCL signs deal with SSGC for gas supply

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Engro Polymer & Chemicals Limited (EPCL) has entered into an interim agreement with Sui Southern Gas Company Limited (SSGC) for supply of gas till February 28, 2023, a statement said on Tuesday. The price would be charged to EPCL at a rate on industrial/commercial pricing notified by the Oil and Gas Regulatory Authority (OGRA), EPCL informed the Pakistan Stock Exchange in a notice. Currently, EPCL is being charged Rs1,087/mmbtu while the current (Nov’22) rate of RLNG notified by OGRA is $14.81/mmbu (Rs3,318/mmbtu). Rao Amir Ali at Arif Habib Limited said…

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Fuel crunch likely as refineries lack essential chemicals

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petrol-price

The country is likely to face a shortage of POL products as the import of essential chemicals — required by the refineries to process the crude oil — is in jeopardy due to the ongoing US dollar liquidity crisis. “The LC for the import of chemicals critical for refinery operations is not being opened and this situation may lead to reduction or suspension of the refineries’ operations, resulting in a shortage of POL products, particularly of Mogas (petrol),” industrial sources told The News. “The central bank has informed us that…

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Europe’s oil plan plunges Pakistan into darkness; Imran Khan amplifying citizens’ anger on inflation

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Europe’s campaign to quit Russian fuelis designed to punish Moscow for itsinvasion of Ukraine. It’s also wreakinghavoc thousands of miles away fromthe conflict, plunging Pakistan intodarkness, undermining one regime andthreatening the stability of thecountry’s new leadership.A decade ago, the world’s fifth-most populous country took specific steps toinsulate itself from the kinds of violent price spikes that are roiling the markettoday. It made a massive investment in liquified natural gas and signed longtermcontracts with suppliers in Italy and Qatar. Now some of those suppliershave defaulted, though they continue to sell into…

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Pakistan steeply hikes petroleum prices under deal with IMF to revive bailout programme

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The Pakistan government has steeply hiked petroleum prices to implement the tough preconditions set by the International Monetary Fund (IMF) to revive the stalled USD 6 billion bailout package for the cash-strapped country. Prices of all petroleum products went up by about Rs14-19 per litre after the decision came into effect from midnight on Thursday. According to a notification issued by the finance ministry, the government imposed a Rs 10 per litre petroleum levy on petrol and Rs 5 each on high-speed diesel (HSD), kerosene and light diesel oil (LDO).…

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