Year: 2022

NEPRA approves tariff Rs3.99 hike

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The National Electric Power Regulatory Authority (Nepra) indicated on Tuesday an increase of Rs3.99 per unit in power tariff on account of fuel cost adjustment (FCA) for April 2022. The decision would place an additional burden of Rs51 billion on the power consumers. The decision would not apply to the K-Electric consumers and the lifeline users. A hearing was held at Nepra over a proposal to raise the tariff by Rs4.5 per unit. The Central Power Purchasing Agency (CPPA-G), while applying for the April fuel price adjustment, stated that 12.55…

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Pakistan’s economic crisis and ousted PM Khan’s food & fuel deals with Russia

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Mr. Iftikhar clearly had his country’s best interests in mind when responding to the journalist who asked him about this on Friday and should therefore be praised for articulating such a pragmatic stance on behalf of the new authorities, but he also unwittingly discredited some of their most influential supporters who insisted that it’s impossible for Pakistan to refine Russian oil. Former Pakistani Prime Minister Imran Khan has consistently claimed that the Russian dimension of his independent foreign policy was one of the reasons why the US allegedly conspired with…

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Mari Petroleum Company Limited Announces Gas / Condensate Discovery At Well Bannu West-1 Located In Bannu West Block – KP Province

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By the grace of Almighty Allah, Mari Petroleum Company Limited (MPCL) is pleased to announce a gas/condensate discovery resulting from its exploratory efforts at Bannu West-1 ST-1 Exploration Well, drilled in Bannu West Block, located in North Waziristan district, KP Province. MPCL is the Operator of Bannu West Block having 55% working interest alongwith OGDCL and ZPCL as joint venture partners having 35% and 10% working interest respectively.The said well was spud-in on June 06, 2021 and successfully drilled down to the depth of 4,915 meters. The Drill Stem Tests…

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Oil And Equities On The Rise As China Eases COVID Restrictions

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While US cash markets are closed today, the rest of the world – as well as US futures – are busy levitating amid renewed optimism that China has finally managed to contain its latest Covid breakdown after Beijing said the outbreak is now under control and the country eased more virus curbs. The upside momentum was also boosted by the best week on Wall Street since November 2020, which was catalyzed by speculation that the Fed will pause its hiking plans in September (and then proceed to ease once the…

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Russia Plans New Bond Scheme To Skirt Sanctions

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Russia’s finance chief said Moscow is planning a new system for making foreign bond payments similar to the rubles-for-gas scheme in an effort to prevent a historic sovereign default after Washington ended a key sanctions exemption that raised Russia’s chances of defaulting on its debt. Anton Siluanov, Russia’s finance minister, was cited by Vedomosti on May 30 as saying that the new system that is in the works would basically mirror the one in place that lets foreign buyers of Russian natural gas settle the transactions without falling afoul of…

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