Year: 2022

Pakistan faces ‘hard choices’ for export growth: Commerce chief

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Pakistan’s government is targeting a trade deficit of $30bn in the current fiscal year, with new export-centric policies focused on reducing the country’s reliance on textiles and providing incentives to other sectors, the country’s top commerce official has said. Textiles are the South Asian country’s major export, making up more than 60 percent of the country’s $25.3bn in exports last year, according to government data. The sector continues to receive the lion’s share of government export sector subsidies, including subsidised energy, access to cheap credit for working capital and long-term…

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Oil sales surge 20% to 1.8m tons in January 2022

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The demand for petroleum oil products remained robust despite the uptrend in prices, as wheat harvesting, power generation through oil-fired plants and building of domestic reserves in anticipation of a further hike in international prices generated strong demand in January. Besides, healthy industrial activities and growing car numbers on roads also contributed to the rising momentum in sales of petroleum products. Overall oil sales surged almost 20% to 1.8 million tons in January 2022 compared to 1.51 million tons in the previous month of December 2021, Arif Habib Limited (AHL)…

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Is Uganda Ready For An Oil Boom?

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Uganda is aiming to become a crude oil exporter as the Uganda National Oil Company solidifies plans for a large oil field and pipeline project this year. This builds upon efforts by the government to attract greater foreign investment to the oil and gas sector. In addition, the development of a 60,000 bpd refinery will boost the country’s output. However, Uganda must strike the balance between fossil fuel development and its greenhouse gas emissions. As countries around the world curb their oil production in favor of renewable energy, as a…

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Performance of power sector: Govt hires PWC for third-party validation

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The government has hired Pricewaterhouse Coopers (PWC) for Third Party Validation of the country’s power sector as Prime Minister Imran Khan is unhappy with the performance of sector, sources close to Special Assistant to Prime Minister on Establishment, Shahzad Arbab, told this correspondent. “As per the direction of SAPM on Establishment, it has been decided that a Third Part Validation Technical Advisory to assess and improve verification process of target status of Performance Agreements (PAs) will commence from February 1, 2022 by Pricewaterhouse Coopers (PWC),” the sources added. Secretary Power…

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Extraction of lignite coal deposits begins in Thar’s Block 1

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Sino-Sindh Resources Ltd (SSRL) said on Monday it successfully extracted the first shovel of lignite coal at Block 1 of the Thar coalfields near Islamkot Town of Tharparkar, Sindh. Block 1 boasts lignite coal deposits of over three billion tonnes (equivalent to over 5bn barrels of crude oil) with an annual output of 7.8 million tonnes. SSRL, whose majority shareholder is Shanghai Electric Group, was granted a mining lease on May 24, 2012, and the project was included in the Joint Energy Working Group by the governments of Pakistan and…

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