Category: News & Announcement

Pakistan has requested the International Monetary Fund to relax the condition of immediate increase in electricity tariffs due to an already double-digit inflation and unfavourable political conditions. Pakistan has requested the International Monetary Fund to relax the condition of immediate increase in electricity tariffs due to an already double-digit inflation and unfavourable political conditions. The government has assured the IMF that it would adhere to the overall circular debt reduction plan and annual revenue requirements goal despite delaying the notification, sources in the Ministry of Finance and the Ministry of…

Read More

Denmark-based world’s leading manufacturer of wind turbines, Vestas has expressed deep interest in establishing wind turbines factory in Pakistan and has in this regard started ground work for exploring the feasibilities. Pakistan has offered various options to Denmark based company Vestas including to establish wind turbines factory in the CPEC Special Economic Zone. The matter was discussed here in a meeting of delegation of Vestas company led by Danish Ambassador Rolf Holmboe with Federal Minister for Power and Petroleum Omar Ayub Khan here Thursday. Special Assistant to the Prime Minister…

Read More

Natural gas markets continue to chop around just above the psychologically and structurally important $1.80 level. Ultimately, this is a market that should continue to see a lot of back and forth noise, as the market simply haven’t gone anywhere of the last couple of weeks. Quite frankly, we are at extreme lows but also don’t have much in the way of demand at the same time. With that, there isn’t much for this market to do because the oversupply issue continues to be a major problem. The solution is going…

Read More

ISLAMABAD: Amid a growing energy crisis which has forced the country to rely on imported gas, Pakistan may have found one of the largest hydrocarbon reserves, with potential deposits of one trillion cubic feet, in Balochistan’s Margand block owned by Pakistan Petroleum Limited (PPL). PPL, which operates the block with 100% working interest, has already announced a hydrocarbon discovery in its first exploratory well Margand X-1, located in Kalat district, Balochistan. However, PPL – a state-run oil and gas exploration company – has not yet announced the actual size of the…

Read More

Oil prices dipped only slightly after the Energy Information Administration reported a crude inventory build of 3.4 million barrels for the last week of January.PauseUnmuteLoaded: 100.00%Remaining Time -0:40Picture-in-PictureFullscreen This compares with an inventory build of 3.5 million barrels for the previous week and analyst expectations of a 3-million-barrel increase for the week to January 31. In gasoline, the EIA reported an inventory draw of 100,000 barrels for the last week of January. This compared with an increase of 1.2 million barrels for the previous week. Gasoline production in the seven days to January 31 averaged 9.9 million bpd, versus 9.2…

Read More