Category: News & Announcement

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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ISLAMABAD: The Centre on Monday decided to take the provinces on board on issues of royalty on gas, distribution of water and appointment of chairman and members of the Water and Power Development Authority (Wapda). The decisions were taken at a meeting of the Council of Common Interests (CCI) presided over by Prime Minister Imran Khan. It was attended by chief ministers Usman Buzdar of Punjab, Mahmood Khan of Khyber Pakhtunkhwa, Syed Murad Ali Shah of Sindh and Jam Kamal Khan Alyani of Balochistan. The meeting approved all conditions of…

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LAHORE: As hydel power generation considerably squeezed to just 1,700MW on average in the last 24 hours, the gas shortfall in Punjab and Khyber Pakhtunkhwa jumped to 400MMCFD on Monday, forcing the authorities to curtail supplies to power sector. “Though the gas supply to the CNG sector and industry has already been suspended for an indefinite period to ensure provision of gas to domestic users and zero-rated export industry, massive reduction in power generation has left the distribution companies, including the Lahore Electric Supply Company (Lesco), with no other option…

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