Day: June 24, 2023

UAE firm to pay $50m upfront to Karachi Port

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Karachi-Port

KARACHI: Federal Minister for Maritime Affairs Faisal Sabzwari said on Friday that Abu Dhabi Ports (AD Ports) of the UAE will pay $50 million upfront to the Karachi Port and will invest $102 million for expansion in the next three to five years under a deal reached between AD Ports and Karachi Port Trust (KPT). Addressing a press conference, Sabzwari said that AD Ports will invest in reinforcement and restructuring by acquiring more area. “It will provide the country more revenues and royalty as well per box movement will also…

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Karachi ranked among world’s least liveable cities

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Karachi-ranked

KARACHI: Karachi has been ranked as one of the world’s least liveable cities in The Global Liveability Index 2023 published by the Economist Intelligence Unit (EIU). Karachi, the only Pakistani city in the ranking, is at the bottom fifth spot, standing at number 169 out of 173 cities. Its ranking is the same as that of last year, when it ranked 168 out of 172 cities in the 2022 survey. The EIU judges a city’s performance on the basis of five factors: stability, reliable infrastructure, health services, education, culture and…

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Rise in LNG chain circular debt feared

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LNG

ISLAMABAD: Pakistan State Oil (PSO) has voiced fear that circular debt related to the liquefied natural gas (LNG) supply chain, which has already piled up to Rs447 billion, will continue to increase. In a recent corporate briefing on the company’s performance in first nine months of financial year 2022-23 and its operational dynamics, PSO highlighted concerns over the mounting LNG-related circular debt. The state-owned oil marketing giant emphasised that while the recent increase in gas prices curtailed circular debt in the wellhead gas segment, the LNG segment continued to pose…

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Oil prices dip on demand worries

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Oil price

HOUSTON: Oil prices fell on Friday, headed for a weekly decline as traders worried interest rate hikes could sap demand despite signs of tighter supplies including lower US crude stocks. In a second straight day of losses, Brent crude slipped 53 cents, or 0.7%, to $73.61 a barrel by 1527 GMT. US West Texas Intermediate (WTI) crude was down 63 cents, or 1%, at $68.86. On Thursday, Brent dropped about $3 a barrel after the Bank of England (BoE) raised interest rates by a bigger-than-expected half a percentage point. Central…

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Russia gas flows via Ukraine could stop

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Russia-gas

BENGALURU: Russia could shut off one of the last arteries carrying its gas supplies to Europe by the end of next year when Ukraine’s supply contract with Gazprom expires, the Financial Times said on Thursday, citing an interview with Ukraine Energy Minister German Galushchenko. The chances of Kyiv and Moscow agreeing to a renewal of the five-year transit contract, first signed in 2019, were slim, even though the route through Ukraine accounts for almost 5% of Europe’s total gas imports, the newspaper reported. When asked if Ukraine would be prepared…

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