Category: News & Announcement

Amid reports of furnace oil crisis, local Pakistani refineries including National Refinery Limited and Attock Refinery Limited have decided to take up the matter to the Ministry of Energy. “Reference to several articles published in several newspapers on the issue of Furnace Fuel Oil (FFO) crisis being faced by local refineries, the company’s management along with other local refineries has taken up this matter with the Ministry of Energy (Petroleum Division),” said Attock Refinery Limited, in their announcement to PSX. A similar statement was shared by the National Refinery Limited.…

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The National Electric Power Regulatory Authority (NEPRA) has dropped another inflation bomb on electricity users, as it increased on Wednesday power tariff once again. The electric power regulator NEPRA has approved a hike Rs1.56 per unit increase in electricity prices, which would add a burden of Rs14.50 billion on the pockets of consumers. As per details, NEPRA Chairman Tausif H Farooq chaired a request for increase in electricity prices in the wake of the Central Power Purchasing Agency’s (CPPA) monthly fuel adjustment. The CPPA had argued in the petition that…

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RIYADH: Saudi Arabia and Kuwait have ended a nearly five-year-long dispute over shared oil fields and have agreed to resume oil production from the divided Neutral Zone, but stressed this would not change their OPEC commitments to crude oil production cuts. The allied Gulf Arab nations signed the agreement in Kuwait City on Tuesday. Local media reported that about 300,000 barrels per day were being pumped from the area before the dispute halted production in early 2015. The divided zone, located between the two neighboring countries’ land borders, can produce…

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ISLAMABAD: Provinces have turned down a proposal floated by the federal government that asks provinces to withdraw their first right of use over natural gas and give top priority to domestic consumers across the country. The proposal, taken up by the Council of Common Interests (CCI) in its recent meeting, was aimed at overcoming the emerging gas crisis in winter. Under Article 158 of the Constitution, gas-producing provinces like Balochistan, Khyber-Pakhtunkhwa and Sindh have the first right of use over the natural resource found in their jurisdictions. However, Punjab, which has…

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ISLAMABAD: Pakistan’s plan to raise around $1.5 billion from the privatisation of two power plants is facing delay as only one foreign investor has submitted documents amid uncertainty caused by Prime Minister Imran Khan’s decision to skip the Kuala Lumpur Summit 2019.Foreign investors of Malaysia, China, Qatar, the United Arab Emirates and Saudi Arabia had initially shown interest in taking part in the international competitive bidding for the sale of two liquefied natural gas (LNG)-fired power plants.About 19 firms procured documents from the Privatisation Commission including around 14 foreign firms…

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