Category: Highlights

The Islamic Development Bank (IDB) has approved $252 million loans to Pakistan for two projects — the construction of Mohmand Dam in Khyber Pakhtunkhwa and for anti-Covid vaccine support in the country. The approval from the bank’s board of directors was conveyed by IDB President Dr Muhammad Sulaiman Al-Jasser to Minister for Economic Affairs Omar Ayub Khan at a meeting in Islamabad, the ministry said on Monday. A financing agreement of $72.5m for obtaining Covid-19 vaccines was signed by the Jeddah-based bank and the economics ministry. Dr Al-Jasser updated the…

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The cost of generating electricity has increased close to 85% in just one year, going up to Rs6.32 kWh in November 2021 compared to Rs3.42 kWh during the same month last year. The increase in cost has come mainly due to a rise in cost of furnace oil, coal and Regasified Liquefied Natural Gas (RLNG), according to a note by brokerage house Ismail Iqbal Securities. Interestingly, the generation mix reveals lower dependence on RLNG in November 2021, with gas and nuclear sources of power stepping up to cover the void.…

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Pakistan’s petroleum group imports surged up 112.3 percent to $8.340 billion in the first five months of the current fiscal compared to $3.947 billion in the corresponding period of last fiscal. “The global price of petroleum products caused the massive surge in the import of petroleum groups, with increased quantity of these products also adding its share in it,” said Arsalan Hanaif, analyst at Arif Habib Limited. According to official data, imports of petroleum group jumped up 180.5 percent to $2.183 in November this fiscal compared to $778 million in…

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U.S. oil demand and inventories have offered support to oil prices in recent months and, volatility excluded, have continued to do so, with stocks below the five-year average for this time of the year. While oil prices have swung in recent weeks between as high as $85 in late October to below $70 in late November amid fears of Omicron denting demand and a looming oversupply, lower-than-usual American stockpiles have been one constantly bullish theme for oil, especially the U.S. benchmark, WTI Crude. Coupled with robust U.S. gasoline demand and…

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The crisis of non-availability of POL products has started emerging on the scene as the Pakistan Refinery Limited (PRL) with capacity to refine 55,000 barrels per day of crude oil has shut down its operations to produce the POL products in the wake of non-availability of storage capacity, brimming with FFO (Furnace Fuel Oil). The PRL, in its official statement, announced the temporary refinery shutdown due to its operational and ullage constraints. All the refineries, including PARCO, BYCO, NRL, ARL, PRL and OCAC (Oil Companies Advisory Council) have been sensitising…

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