Month: November 2022

Pakistan’s PM says no to private imports of wheat to save forex reserves

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Pakistan’s Prime Minister Shehbaz Sharif said on Thursday the country has sufficient stocks of wheat and he will not allow its private import to save “precious foreign exchange”, according to a statement from his office. The country is reeling from the impact of severe floods last month which killed 1,700 and submerged huge swathes of the country, damaging farmlands, infrastructure and inflicting over $30 billion in damage to the economy. Sharif’s statement came a day after European traders said a government agency in Pakistan had issued a new international tender…

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Pakistan’s impending gas crisis this winter

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Pakistan may be staring at a severe availability of natural gas crisis this winter. Last week Pakistan government’s Petroleum Division informed a National Assembly panel that there was no option “but natural gas rationing in the coming winter in view of the increasing shortage every year”, according to a report in leading Pak English daily Dawn. Pak government officials have warned that there would be “no gas supply to household consumers for 16 hours,” adding that natural gas was scarce in Pakistan and the coming winter was quite difficult in…

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OGDCL Conducts 221 Line-Km 2D Seismic Surveys

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The acquired 221 Line km of 2D seismic data and 21 Sq. km of 3D seismic data represents 49% of total 2D and 17% of total 3D seismic data acquisition in the country respectively,” the company said in its first quarterly financial report for 2022-23. Moreover, the OGDCL using in-house resources processed/reprocessed 1,065 Line km of 2D seismic data, besides carrying out an additional 135 Line km of geological fieldwork in Nowshera. On the drilling front, the company spud one exploratory well namely Shahpurabad-1 (1Q 2021-22: 3 wells). It also…

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K-Electric announces winners of first 7/11+ Innovation Challenge

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K-Electric (KE) announced the winners for the first 7/11+ Innovation Challenge in partnership with INNOVentures Global at a day-long event held at Habib University in Karachi. KE’s 7/11+ Innovation Challenge is the first of its kind event in Pakistan’s utility market, designed for entrepreneurs, startups, researchers, and university students to promote and accelerate strategic innovation. Participants spent the first half of the day making final pitches to the esteemed Jury followed by a panel discussion and award announcement in the second half. Chairman NEPRA, Tauseef H. Farooqi was also in…

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The Problem With Oil And Gas Price Caps

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This week saw two documents published by two government departments: the European Commission in Brussels and the Department of Treasury in Washington. The Commission’s document was a proposal for “a new instrument” aimed at limiting excessive gas prices in Europe. The Treasury’s document was guidance on the implementation of a price cap policy towards crude oil originating in the Russian Federation. Both were slammed by critics within hours of their publication. The two documents represent the long-awaited price caps that have been discussed since June for the oil price cap on Russian crude and…

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