Year: 2023

Denmark Envoy advises Pakistan to transform oil & coal-based economy to renewable & green economy

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KARACHI: Ambassador of Denmark Jakob Linulf, while referring to economic crises suffered by Denmark in 70s and 80s when it was also on the verge of bankruptcy, said that Denmark came out of these crises by coming with a concept of transforming oil & coal-based economy to a renewable and green economy, which helped in attaining a unique position and made Denmark standout from any other country around the world.“Pakistan must also adopt a similar concept to deal with the economic crises as the country holds one of the best…

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Low gas output forces govt to book pricey LNG as winter nears

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ISLAMABAD: After a gap of almost one year, Pakistan on Wednesday received three bids for two additional liquefied natural gas (LNG) cargoes needed for the peak winter demand at a significantly higher premium over the prevailing spot market. Petroleum Minister Muhammad Ali later announced in the evening that the government had accepted two lowest evaluated bids to minimise winter gas shortage following a decline in domestic gas production so as to maintain load management at around the same level experienced during winter last year. In an international tender in September,…

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Oil down over $5 on weak demand

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LONDON: Oil prices settled down more than $5 on Wednesday as fuel demand destruction and a bleaker macroeconomic picture took centre stage in the day’s trade. Brent crude oil futures settled down 5.11, or 5.6 per cent, to $85.81 a barrel while US West Texas Intermediate crude (WTI) fell $5.01, or 5.6pc, to $84.22. At their session lows, both benchmarks were down by more than $5, and heating oil and gasoline futures also fell by more than 5%. Crude oil prices have fallen by about $10 since last week’s settlement.…

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SNGPL, Iesco crackdown on gas pilferers, power defaulters continues

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RAWALPINDI/ISLAMABAD: The task force of Sui Northern Gas Pipelines (SNGPL) on Wednesday imposed a fine of Rs500,000 on people involved in gas theft in different localities of the capital, Murree, Fatehjang, Attock and Wah Cantt. On the other hand, the Islamabad Electric Supply Company (Iesco), during the ongoing campaign against defaulters, was able to recover Rs316.3 million from 20,708 consumers. In a press release, a spokesman for the SNGPL said during a campaign against gas theft, the task force registered FIRs against a number of individuals involved in tampering with…

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Approval of new tariff for Kapco plant: Nepra in a fix

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ISLAMABAD: National Electric Power Regulatory Authority (Nepra) is facing a catch 22 situation with respect to approval of new tariff for 1600-MW of tri-fuel Kot Addu Power Plant (Kapco) after CPPA-G and Multan Electric Power Company (MEPCO) showed reluctance to take power from the plant at a tariff ranging from Rs 28 per unit to Rs 77 per unit for different generating units. The Authority comprising of Chairman Nepra Waseem Mukhtar, Member (Technical) Sindh Rafique Ahmad Shaikh, Member (Tariff and Finance) Mathar Niaz Rana, Member KPK Maqsood Anwar Khan and…

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