Year: 2022

Renewable energy projects: Mian Anjum for early completion

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solar-wind

The Businessmen Panel (BMP) of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Sunday called for early completion of renewable energy projects, besides removing the hindrances to avoid delay, as the execution of several wind, solar and hydel power projects are getting delayed. The Businessmen Panel (BMP) Chairman Mian Anjum Nisar warned the government of the impediments including land acquisition, financial flows, Covid-19, and emerging security scenario, causing delays and cost escalations to the Diamer Bhasha and Mohmand Dams, affecting the timeliness set for completion of the projects.…

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PPL – profits up in 1HFY22

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petrol

Pakistan Petroleum Limited (PSX: PPL) announced its financial performance for 1HFY22 last week where its earnings for the six-month period were seen increasing by 21 percent year-on-year. The same was seen growing by 24 percent year-on-year in 2QFY22. The growth in bottom line was however not due to higher oil and gas production. Though PPL is an aggressive E&P sector giant, the declining reserves and small discoveries in general in the upstream oil and gas sector in the country have been stagnating crude oil and gas exploration and production. During…

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Another big rise in oil prices likely

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As tensions boil over in Europe after Russia’s invasion of Ukraine, the prices of petroleum products in Pakistan are likely to surge by up to Rs9.59 per litre from March 1, 2022. In mid-February, the government has already made a record increase in prices of petroleum products, when it raised the price of petrol by Rs12.03 per litre to Rs159.86 per litre. On February 16, the crude oil price stood at $94 per barrel in the international market. As Russia launched an attack on its neighbour, the price of oil…

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New exploration, more gas production: PD asked to set up technical group

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The Economic Coordination Committee (ECC) of the Cabinet has directed Petroleum Division to constitute a technical group to examine the options of new exploration as well as enhancing gas production from existing fields through some incentives, and diverting new exploration towards LPG. These directions were issued at a recent meeting of the ECC during discussion on a proposal of Petroleum Division regarding revision of Gas Price of Mazarani Gas Field held by M/s PPL and GHPL. Petroleum Division, in its summary, proposed that the request of the Pakistan Petroleum Limited…

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The rudderless energy sector

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The country’s print media this week brought to surface the prevailing state of affairs in the energy sector of the country, exposing the extent to which the sector has slid down. Some of the developments are rather very concerning — notably: — “Large Taxpayers Office (LTO), Karachi has attached all bank accounts of Sui Southern Gas Company Limited (SSGC) to recover Rs 23 billion pending sales tax of which the tax department had successfully recovered Rs 312 million through bank account attachments. — “The National Electric Power Regulatory Authority (Nepra)…

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