Month: January 2023

Jamshoro coal-fired power plant unit: KE proposes three participation structures

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K-Electric (KE) has proposed three structures for its participation in the second unit of Jamshoro coal power plant (2×600 MW), saying that the development of the project can be fast-tracked by structuring the transaction under G2G framework with Saudi Arabia. In a letter to Power Minister Khurram Dastgir Khan, CEO KE Syed Moonis Abdullah Alvi shared the outcome of the recently held meetings of the Prime Minister’s Task Force (PMTF) headed by former Prime Minister, Shahid Khaqan Abbasi, wherein it was decided that supply from National Grid to KE would…

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ENI unable to deliver Feb LNG cargo to Pakistan

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Eni said on Wednesday that the delivery of a liquefied natural gas (LNG) cargo to Pakistan LNG Limited that was scheduled for February has been disrupted due to an event of force majeure. The Italian major has a 15-year deal to supply Pakistan LNG with one cargo a month from 2017 to 2032. “February LNG delivery disruption is beyond the reasonable control of ENI and due to an event of force majeure. ENI does not benefit in any way from the situation,” said the company in a statement to Reuters. “All…

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Europe’s Energy Crisis Leaves Almost All Of Pakistan Without Power

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Pakistan faced an almost nationwide power outage on Monday. A significant energy shortage is one of the main drivers of the nation’s current economic crisis…………..The long-awaited winter energy crisis has finally hit…but it wasn’t in Europe after all. On Monday, almost the entirety of Pakistan was left without power when a misguided energy saving strategy by the government backfired. Runaway inflation, a severely weakened currency, and rapidly emptying foreign exchange reserves have left Pakistan on the brink of economic collapse. The country of 230 million people is plagued by overdue…

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Import of LNG: ECC is all set to approve PLL-SOCAR pact

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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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Oil dips $2 on global economic concerns

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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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