Month: January 2023

Dalian and Singapore iron ore futures fell on Tuesday, along with Chinese steel benchmarks and other steelmaking ingredients, as Covid-19 pressures that have been dragging down China’s economy weighed on sentiment on the first trading day of 2023. Top steel producer China’s factory activity shrank at a sharper pace in December as surging Covid-19 infections disrupted production and curbed demand after Beijing largely removed anti-virus curbs, a private sector survey showed. Iron ore’s most-traded May contract on China’s Dalian Commodity Exchange fell as much as 1.5% to 842 yuan ($121.66)…

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The Oil and Gas Regulatory Authority (Ogra) on Tuesday released details of activities undertaken by the authority’s oil enforcement team to promote a healthy environment. The team held a meeting on Safety Awareness Campaign-Mission. Regarding safe usage of heaters on gas, LPG, and LPG cylinders, a safety awareness walk was conducted at Murree jointly with the SNGPL and local administration. Chief Secretary of Khyber Pakhtunkhwa was requested to advise district authorities including the deputy and assistant commissioners to take stern action on the sale of plastic bags being used for…

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The circular debt of Pakistan State Oil (PSO) has crossed the historic limit and the risk of default of PSO’s Letter of Credit (LC) for importing oil has arisen. According to the details, PSO s circular debt has reached Rs613 billion while gas and power companies have been defaulters of billions of rupees to PSO. PSO owes Rs388 billion to Sui Northern Gas Pipelines (SNGPL), the state-run thermal power plant has to pay more than Rs146 billion to PSO while PSO also owes Rs30 billion to HUBCO and KEPKO. According to…

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Pakistan’s government has ordered all malls and markets to close in the evenings as part of a new energy conservation plan Pakistan’s government has ordered all malls and markets to close by 8:30 pm among other measures in a new energy conservation plan as the country grapples with an economic crisis. The country’s foreign exchange reserve levels barely cover a month’s worth of imports, most of which are accounted for by energy purchases from abroad, with funds expected under an International Monetary Fund programme having been delayed, Reuters reported. Pakistan’s…

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