Year: 2022

Venezuela boosts oil exports amid US sanctions

Admin

Venezuela doubled its crude oil exports to reach an average of 619,000 barrels a day during December despite US sanctions, Bloomberg reported. The US has imposed sanctions prohibiting its citizens from doing business with the Venezuelan oil sector — a move which saw exports from the South American country hit a 77 year low in 2020. The recent increase in exports were helped by Iran, which provided assistance to help with oil production under a deal struck in 2021.The increase in exports is attributed to the 50 percent surge of…

Read More

Slowdown of FO-based power generation reduces petroleum sales

Admin
petrol-price

The total petroleum and lubricant sales clocked-in at 1.51million tonnes in December 2021, depicting a decline of 6 per cent on a year-on-year basis, a research report by Arif Habib Limited showed. The decline in sales volume is attributable to lower Furnace Oil (FO) requirement amid slowdown in FO based power generation, as the sales declined 14 per cent on a month-on-month basis. The FO volumes in December 2021 clocked in at 0.13 million tonnes, down by 47 per cent on a year-on-year basis and 28 per cent on a…

Read More

Two IPPs Serve Payment Notices to Govt

Admin

Two Independent Power Producers (IPPs) namely, Attock Gen Ltd (AGL) and Sapphire Electric Company Ltd (SEL) have served payment notices to GoP, which, according to Managing Director, PPIB will have serious consequences for the CPPA-G besides having adverse effect on GoPs guarantee obligations, well informed sources in PPIB told Business Recorder. PPIB Managing Director in a letter to CEO CPPA-G has stated that pursuant to Section 1.5.1 of the respective guarantees of September 25, 2007 and June 20, 2007 read with Section 16.9 of the respective Power Purchase Agreements (PPAs), Attock…

Read More

Proposed transaction of Discos: PC fails to hire financial advisers

Admin

Privatisation Commission (PC) has failed to find suitable Financial Advisers for the proposed transaction of power Distribution Companies (Discos) in one year, well informed sources in PC told Business Recorder. Sharing the details, sources said after approval of CCoP/ Cabinet for engaging Private Sector in management of Discos, the Expression of Interest (EoI) for hiring of Financial Advisory Consortium (FAC) for the transaction was floated in the national/ international press in September,202l. In response, only two Consortiums showed their interest but pre-qualification Committee did not find them suitable for the…

Read More

FPCCI urges govt to raise forest cover up to 25pc

Admin

The newly elected President of the Federation of Pakistan Chambers of Commerce and Industry Irfan Iqbal Sheikh Tuesday urged the government and private sector to join hands for raising forest cover from 5 to 25 percent to meet the ever-growing needs of the furniture industry in the country. Talking to Mian Kashif Ashfaq, CEO of Pakistan Furniture Council (PFC) today Irfan Iqbal Sheikh said that currently, furniture and local industries were experiencing serious supply shocks, which were not only impeding their further growth, but also adversely affecting their international competitiveness.…

Read More