Year: 2022

US and 30 allied countries to release 60m barrels of oil amid price surge

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The United States and 30 countries have agreed to release 60m barrels of oil from their strategic reserves to stabilise global energy markets, the US Department of Energy said on Tuesday, as oil prices surged to a seven-year high. The move, ahead of Joe Biden’s State of the Union address to Congress, failed to calm fears about supply disruption from the Ukraine crisis and sanctions against Russia. US stock markets fell sharply even after the news. West Texas Intermediate crude futures, the US oil benchmark, jumped 11.3% to $106.50 a…

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OGRA Notifies Big Increase in Gas Prices for Domestic Consumers

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The Oil and Gas Regulatory Authority (OGRA) has increased the average prescribed gas prices by up to 16.37 percent for Sui Northern Gas Pipelines Limited (SNGPL) and Sui Sui Southern Gas Company Limited (SSGC) consumers. In two separate decisions on the petitions regarding the review of its estimated revenue requirement for the fiscal year 2021-22, filed by the state-owned gas companies SNGPL and SSGC, the regulator has jacked up the prescribed gas prices by 16.37 percent or Rs. 94/mmBtu for the consumers of SNGPL and 6.35 percent or Rs. 50/mmBtu…

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Holding Statement

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engro

Today at around 5pm an explosion happened at the EPTLpower plant in the coal conveyor system of the 330MW Unit 1of the plant. Immediately the safety and emergency responseteams were activated. At this point in time our foremost priorityremains the safety of our people and we remain focused onproviding them with all necessary support. Due to the incident,05 people were affected directly who are currently stable andare being provided with necessary medical aid. According to initial reports, the explosion occurred in the conveyor belt systems which feed the coal into…

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Pakistan Recorded Fastest-Ever Export Growth in February

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The Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood said in a tweet that according to provisional data released by the Pakistan Bureau of Statistics (PBS), exports soared by 36 percent to $2.808 billion in February 2022 as compared to $2.068 billion in the corresponding period last year. He added that Pakistan’s exports increased at the rate of $100 million per day, which is the fastest for any month. Dawood mentioned that Pakistan’s exports increased by 26 percent to $20.552 billion during July-February 2022 as compared…

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Pak-India crucial water talks: Six-point agenda on table for three-day meetings

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Pakistan and India began three days of crucial talks Tuesday at the Permanent Commission of Indus Waters (PCIW) level on a six-point agenda that includes hydropower projects on the Chenab River such as Pakal Dal (1,000MW), Kiru (624MW), and Lower Kalnai (48MW), as well as other projects on the Indus in Ladakh. The agenda for the three-day talks also includes Pakistan’s objections to Tamasha Hydroelectric Power (HEP), Kalaroos-II HEP, Baltikulan Small, Darbuk Shyok HEP, Nummu Chilling HEP, Kargil Hunderman HEP, Phagla HEP, Mandi HEP, and Kulan Ramwari HEP. Both sides…

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