Category: News & Announcement

Various reports hit the news feeds today quoting a deliberately headline-grabbing statement by Paul Sankey, managing director at Mizuho Securities, in which he is reported as saying, “Oil prices can go negative.” That is, they could as a combination of Saudi Arabia (and Russia) flooding the market with increased oil and the market running headlong into COVID-19-induced curtailment of activity that is suppressing consumption, which combined will create the perfect storm of excess supply. In reality, inventory levels are already rising. CNN quotes Sankey, who said global oil demand is only around 100…

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KARACHI: The leadership of the Karachi Chamber of Commerce & Industry (KCCI) and the industrial town associations here on Saturday urged the federal government to order the K-Electric to immediately stop and defer the Industrial Support Package Adjustment (ISPA), which is being charged retrospectively at a very odd situation as all the industries remained completely shut due to the outbreak of the coronavirus, and it is impossible to pay such exorbitant electricity bills carrying the ISPA. Addressing a press conference along with presidents and chairmen of all the seven industrial…

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The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights In the past few weeks, Covid-19 (coronavirus) has gone from being a Chinese health crisis to a global health emergency. While China has taken strong measures in response to the outbreak, the situation appears to be worsening…

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KARACHI: The country on Saturday appeared to be moving towards a lockdown given the severity of the spread of the novel coronavirus. Hours after the Punjab government announced a lockdown in the province from Saturday night till Tuesday morning, the Sindh government also decided in principle to follow suit, and an announcement in this regard is expected on Sunday (today), sources said. The option of lockdown was discussed in a civil-military huddle at the Governor House in Karachi. “The coronavirus pandemic is very serious, which can create Iran- and Italy-like situations…

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Private Power and Infrastructure Board (PPIB) is reportedly facing stiff resistance from the Finance Division on “wished” risk coverage to the Chinese company, which is establishing Kohala Hydropower Project under the CPEC, well-informed sources in the PPIB told Business Recorder. The Power Division tabled the summary, which was returned by the Prime Minister’s Advisor on Finance, Dr Abdul Hafeez Shaikh saying that comments of other stakeholders be obtained prior to submission to the ECC. The PPIB Managing Director, Shahjahan Mirza, who is supervising the entire process, held a meeting in the Power…

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