Day: February 16, 2024

Industrialists reject gas tariff hike, warn closure of industries SITE President demands to withdraw Gas tariff hike

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Gas-Project

KARACHI: The President, SITE Association of Industry Muhammad Kamran Arbi, has condemned the recent increase in gas tariff as approved by the Economic Coordination Committee and the caretaker govt. He has demanded the caretaker Prime Minister Anwarul Haq Kakar, Federal Minister for Commerce, Industries & Production Dr. Gohar Ejaz and Minister for Energy Muhammad Ali to take back the decision of hike in gas tariff in the larger interest of national economy and to save the industries from collapse. He warned that in case, the decision is not withdrawn, the…

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MARI PETROLEUM COMPANY ANNOUNCES GAS DISCOVERY AT ITS MAINWAND X-1 ST-1 WELL LOCATED IN BLOCK – 28, BALOCHISTAN PROVINCE

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mari-petrolium

By the grace of Almighty Allah, Mari Petroleum Company Limited (MPCL) is pleased to announce a gas discovery resulting from its exploratory efforts at Maiwand X-1 St-1 exploration well, drilled in Block 28, in Kohlu District, Balochistan Province. MPCL is the Operator of Block 28 having 95% working interest along with OGDCL as joint venture partner with 5% carried working interest. The said well was spudded on June 12, 2023 and successfully drilled down to 2,516 meters (Measured Depth) on November 12, 2023. Multiple promising zones were tested during Drill…

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PPIB Urges SBP to Settle $789 Million Outstanding Dues of IPPs

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ppib

The Private Power & Infrastructure Board (PPIB) has called upon the State Bank of Pakistan (SBP) to clear the outstanding payments of $789 million owed to power projects, including those under the China Pakistan Economic Corridor (CPEC), to ensure the seamless progress and operations of these projects. Sources close to the Managing Director (MD) of PPIB disclosed this information to Business Recorder. In a letter addressed to the Governor of SBP, Jameel Ahmed, MD PPIB Shah Jahan Mirza referred to previous communications, highlighting the urgency of resolving the issue. The…

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Aramco Refinery Likely to Join CPEC Framework

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CPEC-IPPs

According to well-informed sources within the Petroleum Division, the government is considering the inclusion of the $10 billion Saudi Aramco refinery project within the framework of the China Pakistan Economic Corridor (CPEC). A meeting held on December 22, 2023, between Pakistan’s Deputy Ambassador in Beijing and key officials from Sinopec Engineering Group (SEG) discussed Aramco’s proposal to involve Sinopec as a technical and equity partner in the Greenfield refinery and petrochemicals project. The SEG expressed willingness to move forward after being briefed on the Greenfield Refinery policy incentives approved by…

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Gas Price Hike Hits Unprotected Consumers Hard

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LNG-import

In line with the federal cabinet’s decision, the Oil and Gas Regulatory Authority (OGRA) has announced a significant increase in natural gas prices effective from February 1, 2024, with unprotected consumers facing the brunt of the hike. Protected consumers will experience a gradual increase in tariff slabs, ranging from Rs. 80 to Rs. 100 per Million British Thermal Units (MMBtu), with a cross subsidy of Rs. 108 billion. However, unprotected consumers will see a larger spike in prices, ranging from Rs. 200 to Rs. 300 per MMBtu. The monthly fixed…

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