ECC allows import of 300,000 tons of sugar to meet likely shortage

ISLAMABAD: The government on Tuesday allowed import of 300,000 tons of sugar in anticipation of its shortage and also decided to change petroleum product prices on a fortnightly basis to help the oil sector to increase its profits. The Economic Coordination Committee (ECC) of the cabinet took these decisions. The ECC also approved the upgrade of Habib Bank Limited’s representative office in Beijing to a branch and remittance of RMB 300 million as the capital of proposed branch from Pakistan. The ECC approved a technical supplementary grant of Rs340 million…

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Power privatisation stalls as IPP talks drag

KARACHI: Two of the parties that remained interested in the privatisation of two RLNG-based power plants have signaled their refusal to place any equity bids for the projects at the moment. They have told the government that they are watching the ongoing tariff renegotiations with the independent power producers (IPPs) that were launched shortly after the release of the inquiry report on the IPPs. At issue are two power plants — Haveli Bahadur Shah and Balloki, both in Punjab — owned by the federal government. Both plants were built with…

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SSGC invites bids to import 7,500MT LPG for winter

KARACHI: The Sui Southern Gas Company (SSGC) has invited bids from suppliers for the provision of 7,500MT of imported LPG in three parcels of 2,500MT each, to be delivered in October, a statement said on Monday. The southern gas utility supplies synthetic natural gas (SNG) during high demand as an alternative to piped gas, it added. SSGC was already setting up LPG air mix plants in remote areas of Sindh and Balochistan where conventional pipelines cannot be laid. LPG is mixed with air to produce synthetic gas for onward supply…

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PTI govt to expand inquiry against OMCs

ISLAMABAD: The government is set to expand the scope of inquiry against oil marketing companies (OMCs) to probe the shortage of petroleum products in June 2020. The Cabinet Division has moved a summary to the cabinet for constitution of a commission of inquiry to investigate the shortage of petroleum products in its meeting scheduled for Tuesday. This will be the third inquiry to be conducted by the government into the petrol crisis, which occurred in June when different OMCs curtailed oil supplies to their retail outlets, shifting the entire burden…

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Electricity generation in Pakistan rising, despite the pandemic

The year 2020 has not been kind to most sectors of the economy, what with the double whammy of a global pandemic and the ensuing global recession. Yet, all things considered, it is remarkable that power generation in Pakistan actually fared alright, declining only marginally when comparing fiscal year 2020 to 2019. Even better, demand for power has picked up in June 2020, according to Sunny Kumar, analyst at Topline Securities, in a note sent to clients on July 23.  Power generation in Pakistan declined by 1% year-on-year to 121,867…

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Govt to set up panel for probe into petrol shortage

ISLAMABAD: The government has decided in principle to set up a commission to probe the recent shortage of petroleum products, shift oil pricing to quarterly basis and change the pricing mechanism for imported Euro-V petrol and diesel to Platt’s Oilgram instead of PSO imports. A final approval is likely to be granted by the federal cabinet at a meeting on Tuesday. The meeting has a heavy agenda, including a proposal for regularisation of the Naval Sailing Club on Rawal Dam, Islamabad. The meeting will take up 13 issues, including recruitment…

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Power generation falls by 1pc in FY20

LAHORE: Power generation in Pakistan has declined by 1% YoY to 121,867 GWh (23,618 MW) during FY20 as compared to 122,708 GWh (23,781 MW) in FY19 due to overall slow economic activity during the year and the impact of COVID-19 related lockdowns and restrictions during Mar-May 2020. According to sources, power mix during FY20 moved in favour of Hydel (32% in FY20 vs. 26% in FY19) and Coal (21% in FY20 vs. 13% in FY19), replacing gas (12% in FY20 vs. 18% in FY19) and furnace oil based generation (3%…

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Pakistan to form Inquiry Commission to probe against OMCs including foreign firms Shell, Total into oil crisis

Islamabad: Foreign oil marketing firms-Shell and Total are in hot water as Pakistan has decided to form a Commission of Inquiry to probe into the recent shortage of petroleum products. Cabinet in its meeting scheduled on Tuesday is set to give-go ahead in this regard. Total and Shell were among those nine oil marketing companies that were imposed a fine of Rs 55 million over involvement in hoarding petroleum products in month of June that resulted in shortage of fuel across the country. These companies included Shell, Total Parco Puma…

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Iran Could Use Replica Of U.S. Carrier For War Games At Strait Of Hormuz

Iran has positioned a replica of a U.S. aircraft carrier at the world’s most important oil chokepoint, the Strait of Hormuz, and could use the mock-up in naval war games in the area, according to satellite images reported by Reuters on Monday. Images taken by U.S. space technology firm Maxar Technologies on Sunday show that Iran had a fast attack boat moving towards the mock-up U.S. aircraft carrier, Reuters noted. “We cannot speak to what Iran hopes to gain by building this mock-up, or what tactical value they would hope…

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Russia Overtakes U.S. In LNG Exports To China

Russia exported more LNG to China in June than the United States did, at 396,000 tons versus 340,000 tons, Russia’s Sputnik reports, citing data first quoted by Bloomberg. According to the data, from Chinese customs authorities, Russia LNG imports were 20.7 percent higher than a month earlier, while U.S. imports of LNG were just 2.4 percent higher. Separately, Natural Gas World reported that China’s liquefied natural gas imports in June were 29 percent higher than a year ago, at 5.79 million tons. January to June imports of LNG were also…

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