Day: January 25, 2023

The Economic Coordination Committee (ECC) of the Cabinet is all set to approve the pact between Pakistan LNG Limited (PLL) and Azerbaijani company, M/s SOCAR/ SOCAR Trading, for import of one LNG cargo monthly, official sources told Business Recorder. Pakistan State Oil (PSO) and Pakistan LNG Limited (PLL) are importing Liquefied Natural Gas (LNG) under long-term LNG supply contracts to minimise gap in demand and supply of gas under three pacts. The first long-term agreement had been signed by PSO with Qatar Gas in 2015 at 13.37 per cent of price…

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Crude oil prices slipped on Tuesday on concerns about a global economic slowdown and an expected build in US oil inventories. Brent futures for March delivery fell $2.06, or 2.3%, to $86.13 a barrel. US crude fell $1.49, or 1.8%, to $80.13 per barrel. US business activity contracted in January for the seventh straight month, though the downturn moderated across both the manufacturing and services sectors for the first time since September and business confidence strengthened as the new year began. The US economy “still could roll over and some…

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The government has planned to instal over 155,700 Advanced Metering Infrastructure (AMI) meters in all of the power distribution companies (DISCOs) by June aimed at reducing power sector losses, enhance quality of billing and recoveries besides addressing consumers complaints of over billing. Official sources told APP here that AMI system would help identify areas of power outage and power losses. The system would be installed at all high losses feeders and transformers in DISCOs, he said. They said AMI was a proven technology in utilities worldwide to improve technical and…

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After the gas crisis, the Liquified Petroleum Gas (LPG) distributors have announced a four-day strike to protest against the inflated prices, ARY News reported on Tuesday. The LPG distributors announced to observe a strike from January 28 to 31 after the prices of Liquified Petroleum Gas hiked up to Rs300 per kilogram. The distributors announced to halt the supplies due to insufficient stocks of LPG to meet the demand. The chairman of the LPG Distributors’ Association Irfan Khokhar addressed a press conference in Karachi today. He said that the gas…

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Oil and Gas Regulatory Authority (OGRA) on Tuesday strongly rejected speculations about the shortage of diesel and petrol in the country. Sufficient stocks of petrol and diesel are available across the country,” OGRA spokesperson Imran Ghaznavi clarified in a press statement, after scores of people rushed to pumps and panic-bought the commodity. He said the country had sufficient petrol and diesel stocks for meeting the needs of 18 and 37 days, respectively. “Furthermore, ships carrying 101,000 (tonnes) petrol is at berth/outer anchorage,” the spokesperson added. Ghaznavi said the local refineries…

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