Year: 2022

EU States Mull Deal on Emergency Rules to Fill Gas Storage

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European Union countries will this week debate a possible deal to share out the costs of buying gas to fill storage and build a supply buffer ahead of next winter, according to a draft document seen by Reuters. EU countries are negotiating proposed rules that would require them to fill their gas storage to at least 90% of capacity by Nov. 1 each year from 2023 and 80% this year – an attempt to reduce the leverage of Russia, which supplies around 40% of EU gas. The proposal had worried…

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Guddu power plant fiasco: PD, CPGCL BoD adopt different stances

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Power Division and Board of Directors (BoD) of Central Power Generation Company Limited (CPGCL) are reportedly challenging each other’s stance on 747-MW Guddu Combined Cycle Plant damaged last year due to undoubted negligence, well informed sources told Business Recorder. The inquiries conducted so far are holding M/s GE and plant’s staff responsible for the damage of billions of rupees. Power Division has also held the Board of CPGCL responsible for not taking timely action against those responsible. Power Division wrote a letter to the Board on March 31, 2022, operating part…

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Deregulated power sector to pave way for reasonable tariffs

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Liberalising of the power sector will prove to be a game-changer as it will do away with monopoly to encourage competition and reasonable tariffs, a top government official said on Tuesday. Tauseef Farooqi, chairman of the National Electric Power Regulatory Authority (Nepra) said the authority approved the detailed design and 18-month implementation plan of the competitive trading bilateral contract market (CTBCM) that will usher in a competitive environment in power sector. The government initiated financial health assessment of power distribution companies to know their credit worthiness. The power sector is…

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Diesel Stocks Sufficient; More Cargoes on Way

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Ample inventory of petroleum products including diesel is available in the country, while cargoes are waiting off-port, industry officials said on Monday, advising against any panic-buying. “It’s mainly because of the fact that refineries are producing higher amounts of fuels, while OMCs (oil marketing companies) planning importing them to meet volume commitments on time, despite the limited availability in world markets,” said Oil Companies Advisory Council (OCAC), in a statement. “Since HSD sales have drastically soared in the country due to the harvesting season, OCAC is actively playing its role…

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Subsidy ‘reversal’: Diesel disappearing in small cities on hoarding

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ogra

As the government weighs ceasing fuel subsidy to ensure the IMF loan, diesel, the main transport fuel, is nowhere to be found in smaller stations in Punjab courtesy hoarding, officials said, warning the crisis was not far from big cities. Sources in the oil sector said the hoarding of diesel has started in view of likely price hike in the next fortnightly review, which looks imminent after the government agreed with the International Monetary Fund (IMF) to withdraw the fuel subsidy. Though Oil & Gas Regulatory Authority (OGRA) and Oil…

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