Year: 2022

EU gives companies green light to buy gas from Russia

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The European Union said companies can keep buying gas without breaching sanctions, as it softened its stance in a standoff with Moscow over energy supplies. The European Commission sent its revised guidelines to member states on Friday, a spokesperson said on Monday. In the updated recommendations, it said companies should make a clear statement that they consider their obligations fulfilled once they pay in euros or dollars. EU sanctions “do not prevent economic operators from opening a bank account in a designated bank for payments due under contracts for the…

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Global energy crisis opens possibilities for Israel’s natural gas drillings

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The discovery of another marine natural gas reservoir, announced May 9 by British natural gas company Energean, underscores Israel’s emerging status over the past decade as a regional power in the field of natural gas. The country is capable of providing not only for its own needs, but for the needs of its neighbors as well, and even for other countries around the world. The discovery in the Athena well led the company to go public about the near certainty that the Block 12 search zone contained nearly 60 billion…

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Guddu Power Plant Fiasco: Senate panel asks Power Division to suspend CPGCL BoD

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Senate Standing Committee on Power has directed Power Division to suspend Board of Directors (BoD) of Central Power Generation Company Limited (CPGCL) and send their case to an authorized probe agency for not taking action against alleged officials responsible for damage to GT-14 of 747 MW Guddu Combined Cycle Plant. Presided over by Senator, Saifullah Abro, the committee held that the Board is responsible for financial loss of Rs 40 billion to the national exchequer which includes loss of $ 32 million to GT 14 plant and Rs 30 billion…

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Govt’s decision to keep oil prices unchanged political move’

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The government’s decision to keep the price of oil unchanged is a political move in the context of the current political situation in the country, which contradicts the ground realities, said Chairman of National Business Group Pakistan and President Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain. He said complete elimination of oil, gas and electricity subsidies is necessary to save the country. Mian Zahid Hussain said that delaying unavoidable decisions is hurting the economy. He said that if the price of oil is to be maintained then why time…

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Total fuel subsidies hit Rs195 billion

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The total fuel subsidy to date reached Rs195 billion during March-May 2022, posing negative implications on the Oil Marketing Companies (OMCs) liquidity. The subsidy poses negative implications in particular to Pakistan State Oil (PSO) which has the largest share of around 50 per cent in retail fuel supply in the country. The government has maintained the prices of local oil products to protect consumers by further raising subsidies through price differential claims (PDCs). Farhan Mehmood at Sherman Securities said this would cost the national exchequer Rs60 billion on a fortnightly…

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