Day: December 22, 2022

For the end consumer in Pakistan, the current tariff structure is uniform throughout the country. Still, it distinguishes between residential, commercial, industrial, agriculture, and customer categories. It is further divided by consumption level (tariff slabs), load, or time of use. The main reason behind a uniform tariff arrangement is political, allowing all consumers across the country to pay the same price, irrespective of service cost. This system inevitably benefits providers operating in areas where costs of provision are high because of high system losses. The design of cross-subsidization across different…

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In order to materialise the $4.5 billion oil refinery project in Gwadar, five-member delegation of Chinese Company “East Sea Group Limited (ESGL)” is visiting Gwadar, Gwadar Pro reported on Tuesday. ESGL official Jason Zhou said that ESGL chief engineer Liu along with other officials will be in Gwadar from December 20. The delegation consisting of technical team with marine engineering, commerce and petroleum professional background will be headed by Group’s General Manager Fang Haixia. Delegation will stay for three or four days in an effort to tune in conceptual and…

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Asia’s spot fuel oil market extended gains on Tuesday, although recovery remains capped as monthly supplies to Asia hit a year-to-date high. December fuel oil arrivals were at 5.5 to 6.0 million tonnes, the latest assessments by Refinitiv Oil Research showed on Tuesday, with strong arbitrage inflows from the West leading the climb. Asia is expected to be flooded with more fuel oil supplies in 2023 as Kuwait’s new Al-Zour refinery ramps up output and as Russia diverts record volumes from Europe to the East ahead of sanctions. While spot…

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Engineering firm Ados Pakistan Ltd is going to delist from the Pakistan Stock Exchange (PSX) on Jan 9 after the bourse accepted its request on Thursday for going private. Engaged in the supply of oil and gas field–related equipment, Ados grappled with “serious concerns” about its ability to continue its regular operations following low sales and “structural changes” in the energy exploration and production (E&P) industry. The PSX’s Voluntary Delisting Committee approved in August the minimum buyback price of Rs29 per share. The exchange advised minority shareholders on Tuesday to…

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Global law firm White & Case LLP has advised the Federal Government of Pakistan, the Provincial Government of Balochistan, Government Holdings (Private) Limited (GHPL), Oil & Gas Development Company (OGDCL) and Pakistan Petroleum Limited (PPL) on the reconstitution of the Reko Diq project and the comprehensive resolution of a US$11 billion dispute.  White & Case partner Kamran Ahmad, who co-led the Firm’s team, said: “Our role advising the Federal Government of Pakistan, the Provincial Government of Balochistan, GHPL, OGDCL and PPL has helped turn the albatross of the second-largest ICSID…

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