Year: 2022

Attock Refinery Announces 8-day Closure on Fuel Oil Glut

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Attock Refinery Limited (ARL) on Tuesday announced a temporarily shut down of its main unit due to low demand of furnace oil in the country. “ARL is temporarily shutting down its main distillation unit for approximately eight days,” ARL announced in a communication sent to the Pakistan Stock Exchange (PSX). Local refineries have been grappling with high furnace oil stocks as thermal power plants were not collecting stocks due to low demand of electricity in the winter. Last week, Pakistan Refinery Limited (PRL) had announced a shutdown due to the…

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Regarding additional 100-MW electricity from Iran,

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electric

Regarding additional 100-MW electricity from Iran, Power Division has informed that the Jiwani to Gwadar transmission line of 60-KM would be completed during the current month and it will be provided 60-70 MW on one circuit. Evacuation, foundation concreting and backfilling work is in progress whereas 25-KM string work has been completed. NTDC component will be completed this month whereas Ministry of Foreign Affairs and Power Division will coordinate with Iran. Additional Rs 1.8 billion is required to complete the project. Sponsors will meet it through re-appropriation or will process…

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Why Supertanker Rates Are Suddenly Crashing

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Earlier in the year, supertanker freight rates hit record levels as traders scrambled to park crude in storage to take advantage of a record gap between spot and future prices shortly after Russia invaded Ukraine. Freight rates for very large crude-oil carriers (VLCC) along the Middle East Gulf to China route reached as high as $180,000 a day while VLCC time charter rates for floating storage jumped to as much as $120,000 per day. But the situation has now reversed with supertanker rates plunging sharply. According to Bloomberg, ships capable…

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Another Thar coal power plant starts test run: minister

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The Thar coal power project has started generating 1,320 MW on a trial basis and the electricity would soon become part of national grid, a senior official said on Sunday. “The test production of 1,320 MW has successfully been started,” Sindh Energy Minister Imtiaz Sheikh said in a statement issued on Sunday. “This production plant is being run in cooperation with Shanghai Electric. The fresh production of power supply would soon be included in national grid. The power plants of Engro and Hub Power are already contribution 660 MW each…

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Pakistan’s energy sector running ‘on tick’ as economy reflects bad shape

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With the country’s economic situation getting appalling, the documents have revealed that Pakistan’s energy sector is running completely on credit. The circular debt in the energy sector is also swelling as the government is unable to pay dues to independent power producers (IPPs). The documents available with SAMAA TV containing details of dues of the energy sector revealed that it is running on credit amid the poor economic situation.https://imasdk.googleapis.com/js/core/bridge3.549.0_en.html#goog_543225490 of 10 secondsVolume 0%  The documents disclosed that Pakistan State Oil (PSO) is facing a severe liquidity crunch as its circular debt has…

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