Month: February 2023

K-Electric functioning without agreement since 2015, Senate told

Admin

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 was expected to be signed in the next few weeks. He said with a view to resolving various issues between the government and K-Electric, including the recovery of pending amount,…

Read More

US natgas drops to 25-month low

Admin

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 states was the second warmest on record in January with an average temperature of about 41.8 degrees Fahrenheit (5.7 Celsius). The warmest January on record was in 2006 when the…

Read More

EU Supports $100 Russian Diesel Price Cap

Admin

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, called for capping the price of Russian diesel sold to third countries at $100 per barrel for products that trade at a premium and $45 for those that sell at…

Read More

Iran To Help Venezuela Overhaul Major Refinery Complex

Admin

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. refinery technology. Over the past decade, Venezuela’s oil industry has crumbled due to mismanagement, corruption, and a lack of investment in maintenance, and U.S. sanctions on Venezuela’s oil industry and…

Read More

OGDCL donates PKR 100 mln to PM’s Flood Relief Fund

Admin

ISLAMABAD: As a responsible corporate entity, the Oil and Gas Development Company Limited (OGDCL) – the leading Exploration & Production Company of Pakistan – has donated PKR 100 million to the Prime Minister’s Flood Relief Fund for the relief and rehabilitation of the flood-affected people of the country.Mr. Khalid Siraj Subhani, Managing Director/CEO OGDCL, presented the cheque of PKR 100 million to the Honorable Prime Minister of Pakistan, Mohammad Shehbaz Sharif, during a ceremony held at the PM Office. The donated amount will be spent on the relief and rehabilitation…

Read More