Month: January 2023

Would shutting down the lights early really save Rs62 billion? 

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To help stabilise the economy, the federal cabinet resolved on Tuesday to take drastic steps, such as closing markets at 8:30 p.m. and wedding halls at 10.00 p.m. This is part of the government’s greater plan to cut back on energy consumption in order to save precious foreign exchange reserves.  According to Defence Minister Khawaja Asif, “with this initiative, which has been taken in consultation with trade bodies, there will be a saving of around Rs 62 billion (annually).” During a press conference, Asif also stated that, “the approval to…

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Oil Prices Plunge Below $80 As Near-Term Demand Worries Grow

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oil

Oil prices crashed early on Wednesday, with Brent Crude falling below the $80 a barrel mark again, as concerns about immediate global oil demand intensified with soaring Covid cases in China and slowing economies globally. As of 8:33 a.m. ET on Wednesday, the U.S. benchmark, WTI Crude, had plummeted below $75 per barrel and traded down by 2.68% at $74.91. The international benchmark, Brent Crude, dipped below $80 and the front-month contract was down by 2.70% at $79.92. Oil prices continued on Wednesday the Tuesday rout when both benchmarks dipped…

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Saudi Arabia May Cut Oil Prices To Asia Even Further

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Saudi Arabia could reduce the official selling price for its flagship Arab Light crude further for Asian buyers, Reuters has reported, citing four analysts it surveyed. The discount will be for Asian purchases. Aramco already cut the price of its Arab Light for Asian buyers to the lowest in 10 months for shipments taking place this month. The price was set at a $3.25 premium to the Dubai/Oman benchmark, a cut by $2.20 per barrel from the prior month’s price. Now, according to the four analysts surveyed by Reuters, Aramco…

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Power generation from Dasu project to commence by end of 2026, Wapda chief told

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Construction work is under progress on 12 different sites of Dasu Hydropower Project. The critical diversion system will be completed in May this year, while electricity generation will commence by the end of 2026. The project management briefed Chairman Wapda Lt-Gen Sajjad Ghani (retd) during his visit to Dasu Hydropower Project which is being constructed by Wapda on River Indus upstream of Dasu Town in Upper Kohistan district of Khyber Pakhtunkhwa. The Chairman visited various sites of the project including diversion tunnels, dam area and the project colony. He was…

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Reko Diq project: A ray of hope for Balochistan

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reko

The federal and Baluchistan governments inked a deal on Reko Diq with the Canadian business Barrick Gold on 16 December, after the Supreme Court approved a settlement to begin mining at the site located in Chagai district. The Baluchistan administration described the arrangement as historic and the largest investment pact ever made by the nation. The statement said, “The $6.5 billion punishment levied by an international court has been ineffective after signing the Reko Diq accord. Senior authorities attended a ceremony where the deal was signed by representatives of the…

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