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…
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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…
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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…
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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…
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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…
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The Senate was informed on Friday that K-Electric was operating without any formal agreement since 2015 and the accumulated payables against the country had climbed to Rs490 billion till December 31, 2022. Minister for Power Khurram Dastgir Khan told the house during the question hour that efforts were under way to resolve payment issues with K-Electric and a new agreement…
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US natural gas futures fell about 3% to a 25-month low on Friday on forecasts for less cold weather and lower heating demand over the next two weeks than previously expected. That put the gas contract on track to drop over 63% over the past seven weeks, its biggest seven-week collapse in history after weather in the US Lower 48…
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EU members have agreed to support a price cap level of $100 per barrel on Russian diesel sales to third-party countries, people familiar with the matter told Bloomberg on Friday afternoon. The EU’s ban on Russian seaborne crude oil products imports, including diesel and naphtha, is scheduled to go into effect on February 5. The EU’s proposal, submitted last week,…
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Venezuela’s Paraguana refinery complex is soon to begin a 100-day overhaul to reclaim its crude distillation capacity, anonymous Reuters sources suggested on Friday, with work set to be completed as a joint effort by Venezuela’s PDVSA and National Iranian Oil Refining and Distribution Company (NIORDC). Iran’s assistance with Venezuela’s Paraguana Refining Center—the nation’s largest—looks to ease Venezuela’s reliance on U.S.…
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