Year: 2022

PSO to recover Rs594b in circular debt

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The supply of expensive liquefied natural gas (LNG), during the past four seasons, to domestic consumers has resulted in a steep hike in circular debt, trapping gas-utilities and Pakistan State Oil (PSO). The gas sector is currently facing circular debt of Rs1.5 trillion, with LNG being the major contributing force. Additionally, captive powerplants and fertiliser plants have been receiving gas at discounted rates which has also contributed significantly to the ballooning of circular debt. PSO, which is a key importer of LNG from Qatar, supplies the commodity to gas-utilities which…

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POL starts production from Tolanj well

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Pakistan Oilfields Ltd (POL) said on Friday production from the Tolanj West-2 well has started “significantly ahead” of the original plan. Earlier, the company announced on Aug 16 and Aug 25 the testing results of Tolanj West-2 well. It said at the time that production from the well was expected to start from December 2022. “However, with the best efforts of our technical teams, wellhead surface facilities and tie-in activities have been completed successfully and hydrocarbon production from the well has commenced,” it said. The well is currently producing 13.97…

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ECC hikes petroleum levy on ‘luxury vehicle fuel’ to bridge revenue shortfalls

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As the country’s fiscal deficit surged by 43 per cent in the first quarter of the current fiscal year, the government on Friday decided to increase Petroleum Development Levy (PDL) by about 67pc (Rs20 per litre) on top quality petrol used in luxury vehicles. The decision to increase PDL on Research Octane Number (RON) 95 and 97, commonly known as high-octane blending component (HOBC), was taken at the meeting of the Economic Coordination Committee (ECC) of the Cabinet which also allowed up to $15 per barrel premium on high-speed diesel…

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Pakistan looks forward to benefit from European expertise in renewables”, remarked Federal minister for power Engr. Khurram Dastgir Khan

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Federal minister for Power Engr. Khurram Dastgir Khan held a meeting with a delegation of European Parliamentarians here today.Federal minister briefed the delegation about the rehabilitation efforts done in flood affected areas. The tireless efforts of Ministry of Energy enabled early restoration of electricity in the worst hit areas. Minister highlighted that climate change is no more a theory but a real disaster for Pakistan. Despite minimum share in world pollution, Pakistan had to face the brunt of Climate change. Engr. Khurram Dastgir Khan apprised the delegation of the present…

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Tariff increase in Oct: Nepra refuses to endorse PBS claim

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The National Electric Power Regulatory Authority (Nepra) has refused to endorse the Pakistan Bureau of Statistics (PBS) claim that electricity tariffs rose by 89.59 percent in October 2022 while calculating the Consumer Price Index for October 2022. We believe that PBS has done something wrong in its calculations due to which it showed an increase of 89.59 per cent which is unreasonable,” said one of the officials of Nepra on condition of anonymity. The PBS quoted higher charges of electricity in its Consumer Price Index (CPI) of October 2022 against…

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