Year: 2022

Pakistan seeks bids for six spot LNG cargoes to run power plants

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With a new government headed by Prime Minister Shehbaz Sharif in place, Pakistan LNG Limited (PLL), which earlier decided not to buy spot LNG cargoes for April and May, has issued tenders seeking bids from international suppliers to purchase six cargoes from LNG spot market—three each for May and June at competitive prices, a senior official of the Energy Ministry informed The News. The PMLN government which in its last era had set up three state-of-the-art LNG-based power plants in Punjab, Haveli Bahadur Shah 1,230MW, Bhiki 1,180 MW and Balloki…

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PSO Struggling to Manage Oil Supply

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With record Rs520 billion receivables on its books, the state-run Pakistan State Oil (PSO) is struggling with oil supply management as private firms and banks try to limit their exposure and volatile international oil market players prefer cash and higher premium. In a report sent to the federal government, the cash-starved leading fuel supplier has said its total receivables stood at Rs519.485bn on April 14 and counting as power companies, gas utilities and other public sector entities as well as the government hold back large amounts on various counts. That…

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PM inaugurates Metro Bus Service from Peshawar Morr to New Islamabad Int’l Airport

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Prime Minister Shehbaz Sharif has reaffirmed the commitment to work tirelessly for the welfare of the people.Inaugurating Orange Line Metro Bus Service from Peshawar Morr to New Islamabad International Airport on Monday, the Prime Minister said he will work with the same speed that he is used to.The Prime Minister regretted delay in the operationalization of Peshawar Morr-New Islamabad airport metro bus service. It was started in 2017 and it had to be operationalized in 2018.The Prime Minister said that no ticket will be charged from the commuters using this…

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Opening of Bids for Grant of Petroleum Exploration Rights of Onshore Blocks

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DGPC today publicly opened bids for 14 Onshore Blocks for grant of Petroleum Exploration Rights through open bidding on April 18, 2022 at Petroleum House, Islamabad. Bids were received for 9 Blocks and opened by the Bid Opening Committee in the presence of companies’ representatives. The minimum investment to be carried out by the Exploration and Production (E&P) companies in these Blocks will be over USD 70.2 million in three years.Apart from E&P activities, the successful companies will also spend over USD 810,000 in social welfare for the areas of…

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EU Embargo on Russian Oil, Gas Will Take ‘Months’

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The EU is working on broadening sanctions on Russia to include oil and gas embargoes but such measures would take “several months”, European officials told AFP on Friday. The bloc last week announced a ban on Russian coal in a first step against Russian energy exports — together, Moscow’s main hard currency earner. But the coal sanction only kicks in from mid-August, and would hit around eight billion euros ($8.7 billion) in Russia’s sales abroad, annually. Russian oil and gas sales to the EU account for a far higher amount…

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