Month: August 2024

India Surpasses China as Top Importer of Russian Oil

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Russian-oil

NEW DELHI: In July, India overtook China as the largest importer of Russian oil, driven by reduced purchases from Chinese refiners who faced lower profit margins from fuel production. Russian crude accounted for a record 44% of India’s total oil imports, reaching 2.07 million barrels per day (mbpd), marking a 4.2% increase from June and a 12% rise compared to the previous year, according to trade and industry data. This figure surpassed China’s July imports of Russian oil, which stood at 1.76 mbpd, including both pipeline and shipment deliveries, based…

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KE Seeks Additional Rs6.2bn Through July Fuel Cost Adjustment

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k-electric

ISLAMABAD: Following a recent approval to charge about Rs10.5 billion in additional fuel cost adjustments (FCA) for May and June, K-Electric (KE) is now seeking to extract another Rs6.2 billion from its consumers through a Rs3.1 per unit FCA for July. The National Electric Power Regulatory Authority (Nepra) has scheduled a public hearing for August 29 to address KE’s latest request. Just a day prior, the regulator had permitted KE to impose additional FCAs of Rs2.59 and Rs3.168 per kWh for electricity consumed in May and June, respectively, to be…

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Clarification Regarding False News About Gas Discovery by MPCL

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mari-petrolium

MPCL would like to address and clarify recent misinformation circulating about a supposed gas discovery by Mari Petroleum Company Limited (MPCL) in Chagi, Balochistan. We categorically deny these reports and confirm that no such discovery has been made or claimed by MPCL.As a responsible and reputable organization, MPCL is committed to the highest standards of transparency and disclosure. We urge everyone to be vigilant and verify the accuracy of information before sharing or publishing.MPCL will continue to provide accurate and timely updates about our operations and achievements through our official…

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Karachi Residents to Face Higher Electricity Bills in October and November

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Your-Bill

ISLAMABAD: Karachi residents are set to experience a significant hike in their electricity bills in October and November, following a decision by the National Electric Power Regulatory Authority (Nepra). The regulatory body has approved K-Electric’s request to impose additional charges of Rs2.5934 per unit in October and Rs3.1688 per unit in November, leading to a total increase of Rs5.763 per unit. These increases stem from monthly fuel charge adjustments (FCA) for May and June 2024, resulting in an added burden of approximately Rs10.6 billion on consumers, which could rise to…

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Pakistan to Auction 20 Offshore Blocks for Oil and Gas Exploration

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oil price

ISLAMABAD: In a bid to address the nation’s escalating energy needs, Pakistan is set to auction 20 offshore blocks for oil and gas exploration, Petroleum Minister Musadik Malik informed a parliamentary panel on Wednesday. This marks the first time the country will auction offshore blocks, with the government hopeful of discovering new reserves. Minister Malik, speaking at the National Assembly’s Standing Committee on Energy (Petroleum Division), chaired by Syed Mustafa Mehmood, also announced accelerated efforts in onshore tight gas exploration. New incentives have been introduced to attract companies, as previous…

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