Year: 2022

OGRA Grants 2-Year More Time To SNGPL To Build LPG Plant In Gilgit

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Oil and Gas Regulatory Authority (Ogra) has granted an extension of two years to Sui Northern Gas Pipeline Limited (SNGPL) for construction of LPG Air-Mix plant in Gilgit as the company has failed to meet its earlier deadline for the completion of the project. Ogra has also imposed a fine of Rs 20 million on SNGPL for two years delay in the installation of LPG Air-Mix plant in Gilgit and misreporting to Economic Coordination Committee (ECC) of the Cabinet regarding the progress of the project. “The Authority observes that the…

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Why LNG Won’t Fully Replace Russian Gas In Europe

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Europe became the largest customer of U.S. producers of liquefied natural gas recently, taking in more than 50 percent of total U.S. shipments over the last three months. But U.S. LNG, as well as LNG from other sources, would only provide short-term relief. For starters, there are the long-term contracts that all LNG producers in the U.S., Australia, and Qatar already have with other buyers. Then there is the question of insufficient LNG import capacity in Europe. Germany has announced a decision to urgently build two LNG terminals—the country has…

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Analyst says high interest rate to undermine growth objective

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 In the Recent Monetary Policy the State Bank of Pakistan left the benchmark interest rate unchanged at 9.75% for the next one and half month, significantly higher than the countries in the region, which is a surprise for the business community, said Ateeq Ur Rehman, economic & financial analyst. He said basically, Pakistan is struggling for foreign and local investment mobilization in order to boost revenue, create employment opportunities, restore sick industries and above all practically grow industrialization. A high rate of interest rate shall not help and support the…

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PSO refuses oil import for OMCs

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State-owned Pakistan State Oil (PSO) refused to take responsibility of oil imports on behalf of other Oil Marketing Companies (OMCs), saying market situation was volatile with regards to product availability, The New learnt on Saturday. PSO said suggestions put forth by Oil & Gas Regulatory Authority (OGRA) were not only anti-competitive, but also appeared to be contrary to the public interest as it would most likely create supply chain related, causing the general public to suffer. Even otherwise, the suggestions would create legal implications, a letter to Director General Oil…

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Country needs an ‘energy emergency’

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The US-led West is placing sanctions on Russia. These have global repercussions in terms of energy pricing and security. The US and the UK are largely unaffected while the EU is facing consequences. The Middle East is a beneficiary as higher prices will add to oil producing countries’ coffers. Russia is economically doomed due to the sanctions. Second in line are poor oil importing developing nations, including Pakistan, where the war in Ukraine is causing economic hardships, to say the least. The US is banning procurement of Russian oil and…

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