Year: 2023

Energy imports drop 13% to $1.42 billion in Nov

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Energy-Production

Sluggish economic activities, soaring product prices contribute to reduced demand KARACHI: Pakistan experienced a 13% decline in overall energy imports, reaching $1.42 billion in November 2023, shedding light on subdued demand for petroleum, oil, and gas products. Economic activities remained lacklustre due to sluggish growth, and the recent surge in product prices has hampered purchasing power across various sectors. The diminishing demand for products, particularly furnace oil utilised in power production, prompted refineries to explore export opportunities. By exporting furnace oil, refineries created room to import larger quantities of crude…

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Oil drops as Angola announces OPEC exit

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Oil price

Angola’s oil production is around 1.1 million bpd. LONDON: Oil prices fell by more than $1 a barrel on Thursday after Angola announced it is leaving the Organisation of the Petroleum Exporting Countries (OPEC). Brent crude futures were down $1.30, or 1.63%, to $78.40 a barrel by 1419 GMT, while US West Texas Intermediate crude was lower by $1.19, or 1.60%, at $73.03. Angola’s oil minister Diamantino Azevedo said the country’s membership in OPEC was not serving its interests. At a meeting in November, Angola had protested a decision by…

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Expensive gas hits textile exports

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textile-export

KARACHI: High gas prices appeared to have made textile exports uncompetitive on the world market resulting in an eight per cent month-on-month and 7pc year-on-year decline to $1.3 billion in November. In rupee terms, the country’s textile exports clocked in at Rs376bn, down by 7pc month-on-month but rose 19pc year-on-year owing to rupee depreciation against the dollar, said a note by Topline Securities on Thursday. Basic textiles witnessed a fall of 14pc MoM and a rise of 20pc YoY to $243m in November. The YoY substantial increase resulted from the…

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U-turn on electric car tariffs as EU, UK extend trade rules

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electric-vehicles

LONDON: British Prime Minister Rishi Sunak on Thursday hailed a deal with the European Union to delay post-Brexit tariffs on electric vehicle sales that were due to kick in from January. It comes after the European Commission agreed earlier this month that it would back a one-off postponement until the end of 2026 of the planned 10 per cent tariffs, in a major reversal of its previous position. The U-turn, which came after the UK and EU automotive industries raised cost concerns, paved the way for Thursday’s announcement of the…

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SECMC pays Rs12bn royalty, Rs8bn profit to Sindh govt since its inceptionThar producing, adding 2640 MW in national grid: CM

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SECMC

Mithi (Dec 20): Sindh Engro Coal Mining Company (SECMC) has deposited Rs12 billion in royalty to the Sindh government accounts and paid Rs8 billion to the shareholders of the company- which means the government and the displaced persons who are paid Rs100,000 annually.This was disclosed in a meeting held under the chairmanship of Caretaker Sindh Chief Minister Justice (Retd) Maqbool Baqar at the SECMC office, Islamkot on Thursday. The meeting was attended by Secretary energy Rehan Baloch, Secretary Health Dr Mansoor Rizvi, Secretary Irrigation Niaz Abbasi, Chairman SECM Commissioner Yousif…

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