Author: Admin

Oil prices on track for weekly loss as Chinese demand wanes

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oil price

HOUSTON: Oil prices slipped on Friday and were bound for a weekly loss as investors digested waning Chinese demand and a possible slowing of the U.S. Federal Reserve’s interest rate cut path. Brent crude futures dropped 71 cents, or 0.98%, to $71.85 a barrel by 10:32 a.m. EDT. U.S. West Texas Intermediate crude futures were down 72 cents, or 1.05%, at $67.98. For the week, Brent is set to fall 2.9% while WTI is set to decline 3.6%. China’s oil refiners in October processed 4.6% less crude than a year…

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K-Electric Bags Two Prestigious Asian Power Awards for Energy Innovation

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circular-debt-K-electric-ceo

KARACHI: K-Electric (KE) has earned two distinguished honors at the 2024 Asian Power Awards, underscoring its role as a leader in energy efficiency and innovation. The company’s 560MW Bin Qasim Power Station II (BQPS-II) was awarded both the Gas Power Project of the Year – Pakistan and the Power Plant Upgrade of the Year – Pakistan, recognizing its advanced upgrades in energy efficiency, according to a statement released Thursday. KE’s substantial investment in BQPS-II, part of a larger $4 billion modernization strategy post-privatization, has significantly boosted the plant’s operational adaptability…

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Government Accelerates Oil Sector Deregulation, Proposes Uniform Gas Pricing

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lng

ISLAMABAD: The government is expediting consultations on deregulating the petroleum sector and establishing uniform gas prices across local and imported supplies for the processing industry, including wellhead gas, piped gas, and liquefied natural gas (LNG). Prime Minister Shehbaz Sharif has tasked the Petroleum Division with formulating proposals to achieve deregulation in the sector and consistent pricing across gas sources. A high-level meeting, chaired by the Prime Minister’s Office, reviewed these priorities, which have been discussed in previous meetings. The main points of the briefing covered the proposed deregulation of petroleum…

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Neelum-Jhelum Project’s Faulty Tunnel to Undergo Rs23bn Repairs

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Neelum-Jhelum

ISLAMABAD: The government has approved Rs23 billion in repairs for the compromised Headrace Tunnel (HRT) of the 969-megawatt Neelum-Jhelum Hydropower Project (NJHP), keeping it offline for an estimated eight more months. At a recent meeting chaired by Planning Minister Ahsan Iqbal, international consultant James Stevenson outlined that a full reconstruction of the HRT would exceed Rs222 billion and take years. Instead, the targeted repairs will focus on the damaged section between kilometers 13 and 16, accessible via horizontal entry points (adits), using concrete lining as a viable, cost-effective solution. Officials…

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Liberal Import Policy Set to Challenge Local EV Assembly

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Electric-Vehicle

KARACHI: The upcoming National Electric Vehicle Policy (NEVP) 2025-30 aims to reshape Pakistan’s automotive industry with a shift from fossil fuel vehicles to electric alternatives through notable tax breaks on imports. However, local EV assemblers are concerned that these liberal import measures will hinder domestic manufacturing efforts. A key feature of the policy draft offers reduced customs duties for imported NEV category vehicles, including cars, SUVs, and light commercial vehicles. Completely Built-Up (CBU) units will enjoy a 25% customs duty until June 30, 2027, increasing to 50% after that, with…

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