Day: February 1, 2023

Here’s Why Qatar Is About To Make A Big Move On Iraqi Oil & Gas

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Prior to the unwitting boost that Russia’s ongoing failure in Ukraine has given the U.S., NATO, and Europe, Washington’s intentions regarding Iraq were mixed. On the one hand, the reasons why the U.S. invaded Iraq – to secure oil supplies that would lessen its reliance on Saudi Arabia, to control the centre ground in the Middle East, and to counteract Iran’s growing influence in Iraq and in the region – still stood. On the other, though, it had long been clear in Iraq, Afghanistan and indeed Saudi Arabia, among many…

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Oil import LCs shrink up to 20pc on rupee devaluation

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oil

Pakistan’s oil sector on Monday sought urgent revision in the exchange loss adjustments mechanism on import of petroleum products as the letters of credit limits have shrunk by 15-20 percent overnight on account of rupee devaluation. Oil Companies Advisory Council (OCAC), the representative body of refineries and oil marketing companies (OMCS), in a communication to the Petroleum Division stated that the sudden depreciation of rupee has caused a loss of billions of rupees to the industry, whose letters of credits are expected to be settled on the new rates whereas…

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Expansion in nuclear power generation hits snags

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The development of C-5, which is the fifth unit of the Chashma Nuclear Power Generating Station, has hit a snag because of the reported refusal by the Ministry of Finance to furnish a sovereign guarantee, sources told Dawn on Monday. The Chinese partner has agreed to provide financing for up to 85 per cent of the $3.7 billion nuclear power plant having a nameplate capacity of 1,200 megawatts, subject to the sovereign guarantee. Such guarantees are meant to assure the creditor that the government will satisfy the obligation if the…

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Govt, IMF discuss policies, reforms required to complete 9th review Govt, IMF discuss policies, reforms required to complete 9th review

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The government and the International Monetary Fund (IMF) on Tuesday began discussions on the country’s economic and fiscal policies and the reforms required to complete the much-delayed ninth review of a $7 billion loan programme. A delegation of the international money lender led by IMF Mission Chief Nathan Porter held a meeting with Finance Minister Ishaq Dar and other officials at the Finance Division in Islamabad. The meeting was also attended by IMF Resident Representative Esther Perez Ruiz, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, SAPM…

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Pakistan braces for fuel shortages amid liquidity crisis

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Pakistan could face a crunch in fuel supplies in February as banks have stopped financing and facilitating payments for imports due to depleting foreign exchange reserves, traders and industry sources said. The country is facing a balance of payments crisis and the plummeting value of the rupee is pushing up the price of imported goods. Energy comprises a large chunk of the import bill. Pakistan typically meets more than a third of its annual power demand using imported natural gas, prices for which shot up following Russia’s invasion of Ukraine.…

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