Year: 2022

Minister of State for Petroleum Musadik Malik on Monday held former planning minister Asad Umar responsible for last year’s gas crisis in the country, saying the latter had recommended not importing the commodity, and emphasised that there would be no gas shortage this winter. Malik made the remarks while addressing the Senate Standing Committee on Petroleum, which met under the chairmanship of Abdul Qadir in the Parliament House. It was further noted that the state-owned petroleum companies would sell LPG at the union council level at official rates. As the…

Read More

As the gas crisis worsens due to non-availability of required LNG in the winter season, CNG stations in Punjab and K-P will dry up from November 2022 to March 2023. While the government is required to import 12 LNG cargoes every month, Pakistan LNG Limited (PLL) has not been able to import LNG and therefore, the country will have 10 LNG cargoes in December whereas in the remaining months, there will be nine LNG cargoes available each month. This will leave gas utilities no choice but to cut 50% supply…

Read More

A syndicate led by the Bank of Punjab (BOP) has raised over Rs10 billion for Thar Energy Ltd (TEL) for working capital financing, a press release said on Monday. In this regard, a financing-document signing ceremony was held at the bank’s corporate office to mark the closure of the first tranche of the facility. The ceremony was attended by the Hub Power Company Ltd (Hubco) CEO Kamran Kamal, TEL CEO Saleemullah Memon, BOP CEO Zafar Masud and the CEOs of syndicate banks, including National Bank of Pakistan Ltd, Bank AL…

Read More

The Oil and Gas Regulatory Authority (Ogra) on Monday notified a 13 per cent reduction in the price of re-gasified liquefied natural gas (RLNG) for October as the international spot market remained out of reach of Pakistan and average cost of cargos under a long-term contract slightly came down with oil price cut. The basket RLNG price was also lower because of four cargos, instead of usual two, under the second LNG contract with Qatar that is available to Pakistan at 10.2pc of Brent. The LNG cargos from Qatar under…

Read More