Category: Highlights

Pakistan State Oil (PSO) here on Friday got the highest-ever bid from the Qatar Petroleum (QP) Trading at 34.6688 percent of the Brent that translates into $25.30 per MMBtu for spot LNG cargo required to be delivered for September 16-17. The state-owned entity also received the bid price from VITOL at 24.5456 percent of Brent, meaning $17.91 MMBtu for the other spot LNG cargo for the delivery window of 26-27 September. Both the bids PSO got are costlier if compared with the price of LNG cargo at 22.1311pc PSO procured…

Read More

Pakistan is considering different options for arranging foreign exchange from global creditors to ease the burden on country’s foreign currency reserves and kick off work on the $2.5 billion Pakistan Stream Gas Pipeline (PSGP) project. A meeting of the Cabinet Committee on Energy (CCOE) was held under the chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar on Friday. Sources told The Express Tribune that CCOE was informed that the Petroleum Division was working on different options to arrange the funding. The Petroleum Division said that different…

Read More

The sponsors of an upcoming new ‘integrated’ liquefied natural gas (LNG) terminals have opposed unlimited capacity enhancement to government-guaranteed existing ‘un-bundled’ LNG terminals, saying such a move would monopolise the market and discourage new investment to set up merchant terminals. In a letter to the Oil & Gas Regulatory Authority (Ogra), Tabeer Energy Pakistan Limited (TEPL) — a 100 per cent subsidiary of Mitsubishi Corporation of Japan — warned that the draft LNG Terminal Access Rules and Codes would “discourage new LNG terminal investors seeking to build integrated projects” without…

Read More

The Cabinet Committee on Energy (CCoE) is likely to approve the long-awaited Pakistan Oil Refining Policy 2021 on Friday (tomorrow) aimed at attracting $ 10-15 billion for setting up a world-scale deep conversion refinery and petrochemical complex and potential investors are seeking incentives/commitments prior to investment decisions. The sources said Petroleum Division had tabled the policy before the Economic Coordination Committee (ECC) of the Cabinet on August 11, 2021 but Minister for Planning, Development and Special Initiatives, Asad Umar, who is also Chairman of CCoE raised objections, maintaining that since…

Read More

LONDON — Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least liked commodity. Australian thermal coal at Newcastle Port, the benchmark for the vast Asian market, has climbed 106% this year to more than $166 per metric ton, according to the latest weekly assessment by commodity price provider Argus. The Newcastle weekly index, which stood at a 2020 low of $46.18 in early September, now appears to be closing in on an all-time high of $195.20 from July…

Read More