Admin, Author at Energy Update

Webinar highlights importance of Pakistan’s SEZs for Prospective Chinese investors

June 22, 2021June 22, 2021 Admin

The importance of Special Economic Zones being constructed in Pakistan for prospective Chinese industrialists and businesses as being a lucrative business opportunity was highlighted at a webinar. Dynamic DEA Ltd successfully conducted the webinar to strategically discuss Progress on Special Economic Zones and related Chinese industrial relocation to Pakistan. Owais Mir, CEO of Dynamic DEA Ltd, began the webinar by presenting the current standings and benefits of industries of the Special Economic Zones to well-known Chinese enterprises. The webinar was moderated by Ms. Zoon Ahmed Khan in Beijing and Ms.…

Pakistan, IMF differences persist

June 21, 2021June 21, 2021 Admin

Pakistan and the IMF have so far failed to narrow down their differences, so both sides have decided to put completion of the sixth review under the $6 billion Extended Fund Facility (EFF) on hold for the next few months, it has been learnt. Pakistan and the IMF authorities could not evolve a consensus on the staff-level agreement, so the completion of the sixth review under the EFF was put on hold till September 2021. The IMF Board was scheduled to take up approval of 6th review by July this…

Dasu hydropower project to provide 1200bn units of electricity: PM

June 21, 2021June 21, 2021 Admin

Prime Minister Imran Khan has said that Dasu hydropower project is one of the projects which will immensely benefit the country by giving 1200 billion units of electricity upon completion by 2028. In a tweet with a video clip of project briefing, the Prime Minister expressed the confidence that during the decades of dams which began in 2018, all projects will be completed. He said Dasu Hydro Power Project which is the most significant one will add 1200 billion units of electricity and it will guarantee environmental conservation besides economic…

Chinese drillers announce two MASSIVE oil & gas discoveries in Northwest China

June 21, 2021June 21, 2021 Admin

China has discovered a pair of new deposits containing roughly two billion tons of shale oil and gas, according to the state-controlled energy giant China National Petroleum Corporation (CNPC). One of the wells was discovered in the Fuman oilfield – a major region for crude oil production in the Tarim Basin, in northwest China’s Xinjiang Uighur Autonomous Region. It reportedly contains a billion tons of super-deep oil and gas. With a drilling depth of nearly 27,900 feet (8,500 meters) and a test oil column reaching 1,640 feet (550 meters), the…

Closure of Engro’s LNG Terminal to be Decided in 3 Days

June 21, 2021June 21, 2021 Admin

After taking the opinion of the Law Division, the Cabinet Committee on Energy (CCOE) will decide whether to delay the shutdown of the Engro LNG Terminal or to continue operations, within 72 hours, the Secretary Petroleum, Dr. Arshad Mehmood, informed a local media outlet. This is the standard process of the LNG terminals, whereby the FSRU is taken to the service yard and brought to dry land. This is done to clean and inspect the submerged portions of the hull. Dry docking is essential as a preventative measure and is…

After having legal opinion from Law Division CCOE will decide closure of Engro LNG terminal till August

June 21, 2021June 21, 2021 Admin

The Cabinet Committee on Energy (CCOE) will decide in the next 72 hours to either delay shut down of Engro LNG Terminal by pending the dry docking of FSRU (Floating Storage Regasification Unit) for one and a half or two months or go as per plan after having opinion of Law Division, Secretary Petroleum Dr Arshad Mehmood, told The News. Dry-docking is the process under which FSRU is taken to the service yard and brought to dry land, so that submerged portions of the hull can be cleaned and inspected.…

CNG stations may get no gas as crisis worsens

June 21, 2021June 21, 2021 Admin

The gas crisis in the country has worsened as Sui Southern Gas Company (SSGC) has decided to disconnect supply to CNG stations and industrial units. According to sources privy to the matter, two gas fields in the Sindh province, Kunnar Pasakhi and Gambat gas fields have been shut for repair works, worsening the already strained supply. “The SSGC after the closure of these two gas fields is facing up to 40 percent shortage in gas supply,” they said, adding that the SSGC has a requirement of 1260 mmcfd, however, it…

Karachi industry seeks restoration of gas supply

June 21, 2021June 21, 2021 Admin

Industrial activities come to a standstill in the financial hub of the country due to suspension of gas supply by the Sui Southern Gas Company (SSGC), which may affect industry to meet export orders. Site Association of Industry (SAI) President Abdul Hadi expressing concern over the non-supply of gas to the industries of the Site Area, said that SSGC has suspended the gas supply to the industries, as a result, the gas crisis has intensified and the production activities have come to a halt and many industries have been shut…

Mismanagement in liquefied natural gas business

June 21, 2021June 21, 2021 Admin

Inefficiency and mismanagement in the liquefied natural gas (LNG) business has burdened Pakistani consumers, who are forced to pay an extra billions of rupees. In a recent deal, Pakistan LNG Limited (PLL) put an additional burden of around Rs30 billion by rejecting an offer of the Azerbaijan state firm, Socar, and from one of the Gulf-based producers that were submitted earlier this year. PLL recently floated bids for nine LNG cargoes at the highest price of over $10 per mmbtu, which accounts for 16-17% of Brent crude. Moreover, it refused…

Power sector: the regulatory discontent

June 21, 2021June 21, 2021 Admin

Public hearings were held by the National Electric Power Regulatory Authority (Nepra) recently on the Indicative Generation Capacity Expansion Plan (IGCEP) and allied issues. There was considerable controversy and discontent. There are two major issues that are under deliberation these days, which have a bearing on each other: Competitive Trading Bilateral Contract Market (CTBCM – a competition framework in the power sector) implementation issues and IGCEP. Recently, in this space, we discussed some of the issues that impinge on the accuracy and credibility of IGCEP. In the recent public hearing,…