Author: Admin

Middle East share of India’s Nov oil imports at 9-mth high; Russia down

Admin
crude oil

NEW DELHI: India’s November crude imports showed Middle Eastern oil at a 9-month high while Russia accounted for its smallest share in three quarters, ship tracking data obtained from sources showed. Refiners in India have been gorging on cheaper Russian oil despite problems posed by sanctions aimed at reducing Moscow’s oil revenue to fund its war in Ukraine. The world’s third biggest oil importer and consumer in November shipped in 13% less Russia oil compared with October at 1.52 million barrels per day (bpd), about 32% of India’s overall intake,…

Read More

SSGC Ensures Uninterrupted Gas Supply in Franchise Areas Amid Challenges

Admin
SSGC

KARACHI: Despite a significant reduction in indigenous gas supplies, the Sui Southern Gas Company (SSGC) claims there is no gas load-shedding in its franchise areas, particularly for domestic consumers, according to a press release issued on Sunday. The company highlighted a 40% decline in gas supplies since the 2017-18 fiscal year, with a cumulative depletion of 465 mmcfd over the past seven years. Under the Economic Coordination Committee’s (ECC) approved load management plan, domestic, commercial, and general industrial sectors remain the top priority for gas allocation. While no formal load-shedding…

Read More

Power Ministry Confirms Circular Debt Target with IMF on Track

Admin
power-solar

ISLAMABAD: The Ministry of Power reaffirmed on Sunday that the circular debt targets agreed upon with the International Monetary Fund (IMF) are well within limits, with the December 2024 goal firmly on track. In a statement, the Power Division clarified that its performance aligns with quarterly targets for circular debt management. “The agreed target with the IMF ensures circular debt remains within specific thresholds during each quarter, and the power sector is operating comfortably within these limits,” the ministry said. Addressing recent reports, a Power Division spokesperson emphasized that routine…

Read More

Foreign Oil, Gas Firms Secure Victory Against PEL in ArbitrationICC Tribunal Awards Damages, Invalidates Forfeiture of Working Interests

Admin
Oil prices

ISLAMABAD: In a significant legal triumph, Frontier Holdings Limited (FHL) and Spud Energy Pty Limited (SEPL) have won an arbitration case against Petroleum Exploration (Private) Limited (PEL) at the International Chamber of Commerce (ICC). The dispute revolved around PEL’s attempt to forfeit FHL’s 27.5% working interests in the Badin IV South and Badin IV North Blocks (collectively, the “Badin Blocks”). The ICC Arbitral Tribunal ruled in favor of FHL and SEPL, invalidating PEL’s forfeiture attempt and affirming FHL’s 27.5% working interest in the Badin Blocks. The tribunal also awarded damages…

Read More

Pakistan Shelves $300 Million Floating Solar Project Power Division Excludes Scheme from IGCEP 2024-34

Admin
Solar-Project-2

Pakistan has decided to shelve a proposed $300 million floating solar power project, which was intended to generate 300 megawatts (MW) of electricity. The Power Division opted not to include the initiative in the 2024-2034 Indicative Generation Capacity Expansion Plan (IGCEP), citing the absence of an assured power purchaser. On December 20, the Power Division formally conveyed its decision to the Ministry of Economic Affairs and the World Bank, effectively pausing preparations for the project. Initially planned for Tarbela and Ghazi Barotha hydropower reservoirs, the project was deemed economically viable,…

Read More