Year: 2022

A price Pakistan has to pay

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The International Monetary Fund (IMF) has asked the Pakistan government to bring the current account deficit (CAD) under control — a deficit that has ballooned to 13.16 billion dollars in the first eight months of the current fiscal year and at this rate is likely to surpass the 20 billion dollar deficit that the Khan administration inherited in 2018. Memories of the subsequent mitigating measures that the government was compelled to implement to deal with the crisis by the IMF may still be fresh in the minds of the general…

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Addition of over Rs500bn to power circular debt: WB holds previous govt, Nepra responsible

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The World Bank has held the previous government and National Electric Power Regulatory Authority (Nepra) responsible for addition of more than Rs 500 billion to the Circular Debt (CD) in FY 2021-22 as many prior actions were not taken on time. “There have been delays in annual tariff rebasing and Quarterly Adjustments (QTA) which were included in five Priority Actions (PA5), resulting in increased CD. Half of the increased CD compared to earlier projections (which were close to CDMP target) is attributable to exogenous factors (ie, inflation and Rupee depreciation),…

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Shell Says It’s Impossible to Trace Russian Crude In Refined Products

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There is no way to trace whether there is Russian crude oil or how much crude from Russia will go into the refined products market globally, Shell’s chief executive Ben van Beurden said on Thursday. “We do not have systems in the world that trace back whether that particular molecule originated from a geological formation in Russia…. that doesn’t exist,” van Beurden told journalists, as carried by Reuters. “So therefore, diesel coming out of an Indian refinery that was fed with Russian crude is considered to be Indian diesel,” Shell’s…

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Germany Will Have First LNG Import Capacity By Year’s End

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Germany has begun construction on its first LNG import terminal, and in the meantime, has rented four mobile floating tankers as it scrambles to rid itself of the need for Russian natural gas. Construction of the LNG import terminal has been fast-tracked, with German Economics Minister Robert Habeck hoping to complete this at “Tesla speed”, in less than a year. The terminal is being built in Wilhelmshaven on the German North Sea, and officials are aiming to see the first LNG tankers dock at it by the end of this…

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Libya’s Zueitina Port Receives First Oil Tanker After Lifting Force Majeure

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Libya’s Zueitina port has received its first oil tanker after temporarily lifting force majeure last week to free up storage space. While Libya’s National Oil Company (NOC) did not issue a statement, NOC sources told LIbyan media that the Melos 21 oil tanker had docked at Zueitina for loading, after which it will sail to China. Libya’ declared force majeure on Zueitina, along with its largest oil field, Al-Sharara, and the El Feel oilfield in mid-April amid anti-government protests over the way oil revenues are distributed. On April 30th, the…

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