Year: 2023

Oil firms warn govt of ‘impending collapse’

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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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Kati’s request: Rs7bn of incremental units owed by govt to be paid: NEPRA

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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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K-Electric functioning without agreement since 2015, Senate told

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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 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,…

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US natgas drops to 25-month low

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gas

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…

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EU Supports $100 Russian Diesel Price Cap

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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, 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…

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