Author: Admin

Iran oil prices to China at multi-year high after exports fall

Admin
oil price

SINGAPORE: Discounts on Iranian crude oil sold to China are at their tightest in around five years as lower exports drive up prices amid concerns that Middle East tensions may disrupt supply, trading sources said. The discounts are the narrowest since Chinese independent refiners, known as teapots, stepped in as buyers in late 2019, filling a vacuum left by the country’s state refiners wary of sanctions reinstated on Iran by the United States a year earlier. Higher prices or a reduction in Iranian oil flows, which make up 10% of…

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Pakistan Petroleum Limited Secures 10-Year Lease Extension for Sui Gas Field

Admin
Gas-Prices

KARACHI: Pakistan Petroleum Limited (PPL) announced the approval of a 10-year Development and Production Lease (D&PL) for the Sui gas field, securing exclusive operational rights over a 455.80 sq. km area until May 31, 2025. This extension, effective from June 1, 2015, follows the expiration of the original 60-year Sui Mining Lease in 2015 and was granted under the Pakistan Onshore Petroleum (Exploration & Production) Rules, 2013. According to PPL’s filing with the Pakistan Stock Exchange, total liabilities related to the lease, including Lease Extension Bonus, Production Bonus, and Social…

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ECC Approves Key Circular Debt and Financial Measures for Fiscal Year 2024-25

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circular-debt

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Senator Muhammad Aurangzeb, approved the Circular Debt Management Plan for FY 2024-25 on Monday, aiming to reduce power sector liabilities and improve financial stability. The ECC discussed various significant agenda items, including: Circular Debt Management: The Power Division presented the debt management plan for approval to tackle the mounting circular debt, targeting fiscal sustainability in the energy sector. PSO-SOCAR Agreement: Approval was granted for the Sale Purchase Agreement (SPA) between Pakistan State Oil (PSO) and SOCAR Azerbaijan…

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Stalemate Persists in Talks with 18 IPPs as Dispute Over Figures Impedes Progress

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Power-IPP

ISLAMABAD: Despite the Task Force on Energy’s success in terminating or amending contracts with 13 Independent Power Producers (IPPs), negotiations with the remaining 18 IPPs from the 1994 and 2002 policies remain deadlocked, as both sides contest each other’s financial figures, sources revealed. The Task Force, chaired by Minister for Power Sardar Awais Khan Leghari and comprising key officials from NEPRA, CPPA-G, and PPIB, has been engaging with IPP representatives, yet disagreements over government-provided statistics have strained discussions. Some IPPs have objected to the shift from “take or pay” to…

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Traders Urge SSGC for Reliable Winter Gas Supply, Call for Official Distribution Points in Hyderabad

Admin
Gas-Project

KARACHI: The Hyderabad Chamber of Small Traders and Small Industry (HCST&SI) President, Muhammad Saleem Memon, has appealed to Sui Southern Gas Company (SSGC) to guarantee a reliable and safe gas supply during the winter months. In a letter addressed to the SSGC managing director, Memon highlighted the seasonal rise in gas demand, which often results in a surge of unlicensed and unsafe gas filling centers in residential areas. He warned that these unauthorized outlets pose serious safety risks and violate safety regulations. To address this, he proposed establishing official, registered…

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