Day: February 5, 2023

The OCAC in a letter to the federal government highlighted the challenges being faced by the oil companies due to the shortage of petroleum products, US dollars, rupee devaluation and limited issuance of letters of credit (LCs) for imports. The advisory council expressed serious concern over the devaluation of the rupee due to which OCAC is facing a loss of over billions on daily basis. Moreover, the unavailability of dollars is interrupting the supply chain and production of petroleum companies. READ: OIL COMPANIES SOUND ALARM ON FUEL SHORTAGE IN LETTER…

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The Canadian and Chilean gold mining companies dropped their $5.9 billion damage claim against Pakistan after Islamabad gave them the contract for the fifth-largest gold mine in the volatile province of Balochistan. In mid-December 2022, the Pakistani government, Barrick Gold, and Antofagasta PLC inked an agreement in London that handed the mining corporations half of the ownership rights of the Reko Diq gold mines in Pakistan’s northeastern Balochistan province, with the remaining half belonging to the federal and Balochistan provincial governments. The agreement calls for the “reconstruction of the Reko Diq project…

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The government has approved a 10-year plan to incorporate an additional power generation capacity of 36,292 MWs into the system, including Karachi, at estimated investment of over $50 billion. Besides increasing the generation capacity, the government will substantially reduce its reliance on imported fuels to ensure the country’s energy security and save multi-billion dollars it spends every year on its import. Currently, the share of energy purchases from abroad in total imports is more than 40pc. The National Transmission and Despatch Company (NTDC) prepared the ten-year Indicative Generation Capacity Expansion…

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The Oil Com­panies Advisory Council (OCAC) has sent a note of caution to the Oil and Gas Regulatory Autho­rity (Ogra) and the energy ministry that the oil sector is on the brink of collapse due to a massive rupee plunge over the last few days, despite an eight per cent month-on-month reco­very in oil sales last month. The country’s overall oil sales (petrol, diesel and furnace oil) stood at 1.44 million tonnes in January, as against 1.33m tonnes in December 2022, while sales posted a drop of 19pc to 10.47m…

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Chairman of National Electric Power Regulatory Authority (Nepra), Tauseef Farooqui has said that Rs7 billion of incremental units that the government owes, will be paid. In this regard, Kati’s written request will be processed immediately. He expressed these views while addressing a luncheon held in his honor at the Korangi Association of Trade and Industry (Kati). President Faraz-ur-Rehman, Kite Limited CEO Zubair Chhaya, Standing Committee Chairman Rehan Javed, K-Electric CEO Monis Alvi, Aamir Zia, former presidents Danish Khan, Salim-uz-Zaman, Ehtishamuddin, Syed Farrukh Mazhar, Arif Elahi, Bilal Talib and others were…

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