Category: Highlights

Turkey has halted survey for oil and gas in the Mediterranean and had its survey vessel back to a Turkish port, days before European Union leaders are set to discuss the possibility of EU sanctions on Turkey over its intention to drill for oil and gas in waters that EU members Greece and Cyprus consider part of their territorial waters. The Turkish seismic survey vessel Oruc Reis has completed surveys in the Demre field in the eastern Mediterranean that began on August 10 and has now returned to the port…

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The Oil and Gas Regulatory Company (OGRA) has advised the petroleum division to raise fuel prices in December. It has sent a summary with higher prices to the division. OGRA recommends raising petrol prices from Rs2.55 per litre from December 1. High speed diesel should be increased by Rs2.70, it advised. Prime Minister Imran Khan has to approve the increase in prices before they come into effect. The finance ministry will announce the new prices on November 30. It can also decide to keep prices unchanged. Petrol prices in Pakistan…

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ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Monday notified a Rs2/kg hike in the price of Liquefied Petroleum Gas (LPG) for the month of December 2020. As per the notification, LPG will be available at Rs132/kg in the market; domestic cylinder will cost Rs1,553 (Rs23 more than last month) whereas commercial cylinder will be sold at Rs5,976 (+Rs88). Sources in the LPG industry informed that local production of LPG during the ongoing year stood at approximately 603,997 metric tonnes (MT), whereas LPG imported so far was 360,285MT. Approximately 120,000MT…

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The international media think tanks and government agencies have discussed at length the near failure of Venezuela, once Latin America’s most stable and developed nation, and the emergence of this century’s second-worst humanitarian crisis. The country’s implosion can be blamed upon a variety of factors, the key being the socialist Maduro regime’s gross mismanagement of its economic engine, Venezuela’s oil industry. While the economic, political, and humanitarian fallout from what can only be described as the world’s worst peacetime economic crisis is widely recognized, the environmental consequences have long been…

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ISLAMABAD: Competition and privatisation are the buzz words for economic growth and modernisation. Privatisation has had a chequered history in Pakistan. Lack of a developed private sector has prevented privatisation and vice versa. The elite, bureaucracy and their cronies and relatives have found relatively well-paid jobs in the public sector and have been opposing privatisation. Competition has been hijacked by collusive business mafia creating fear among people and policymakers of markets and competition. On the other hand, the regulated and control regime is bursting at its seams due to growth…

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