Year: 2022

ECC Okays Concessionary RLNG Tariff for Five Export-Oriented Sectors

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Ishaq Dar

The Economic Coordination Committee (ECC) of the cabinet on Thursday approved the continuation of concessionary RLNG tariff of $9 per MMBTU for five export-oriented sectors for the current fiscal year 2022-23. The ECC also granted approval to the Ministry of Interior to surrender Rs1 billion funds allocated for the Rawat-Faizabad Metro Bus in favour of the Ministry of Housing & Works for execution of five development schemes. This was done for winning the support of political allies. The schemes include 65 development schemes of Tharparkar at the cost of Rs450…

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Meezan Bank donates Rs. 35 million to finance Solar Panels System for Indus Hospital

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Meezan Bank- Pakistan’s leading Islamic bank has donated Rs. 35 million to Indus Hospital & Health Network for installation of a solar panels system. The initiative is part of the Bank’s Corporate Social Responsibility and Sustainability initiatives for 2022 and will provide financing to cover part of the 1.2MW solar power project being installed on the hospital’s rooftop. The system financed by the Bank will generate nearly 300 KW of electricity, reducing approximately 114,000 Kg of Carbon dioxide emissions per annum, which is equivalent to taking over 25 gasoline-powered vehicles…

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NEPRA Imposes Rs10m fine on NTDC

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National Electric Power Regulatory Authority (NEPRA) has imposed a fine of Rs 10 million on National Transmis-sion & Despatch Company (NTDC) for its failure to satisfy the Authority in the matter of revision in minimum loading limit of Lalpir and Pakgen power plants. According to NEPRA, minimum loading limit of Lalpir and Pakgen power plants was revised from 20 percent to 50 percent in April 2021, whereby, GM (System Operation) had opined to CPPA-G that there will be no adverse operational effect of the said revision on national grid. However,…

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2022 Bidding Round For 08 Onshore Blocks, October

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DGPC has publicly opened bids for 8 Onshore Blocks for grant of Petroleum Exploration Rights through open bidding on October 28, 2022 at Petroleum House, Islamabad. This was the second bidding round conducted during this year. Bids were received for 5 Blocks. The minimum investment to be carried out by the Exploration and Production (E&P) companies in these Blocks will be over USD 22.6 million in three years. Apart from E&P activities, the successful companies will also spend over USD 450,000 in social welfare for the areas of their respective…

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Saudi Aramco: Oil Markets Are Adjusting To Sanctions On Russia

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Global oil trade flows are already realigning after the Western sanctions on Russian exports, as Russia places more crude in Asia while other producers send part of the volumes previously intended for Asia to Europe and other markets, according to Saudi Aramco’s chief executive officer. “And crude that used to go to Asia is now being directed to Europe and other parts of the world,” Aramco’s CEO Amin Nasser said at the Future Investment Initiative (FII) forum in Riyadh on Wednesday, as carried by Bloomberg. “Realignment is happening,” the top executive…

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