Category: Recent Post

KARACHI: Sales of petroleum products surged 26 percent year-on-year to 1.4 million tons in February as consumer demand was seen recovering back to the pre-COVID level, official data showed on Tuesday. The off-takes of petroleum products stood at 1.1 million tons in February 2020. However, sales of petroleum products were down eight percent month-on-month partly due to two working days less in February compared to January. “The growth in sales volumes was primarily attributable to resilience displayed by the economy and the ensuing demand for motor spirit, better agricultural yields…

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Around 3 years ago the general view in the Pakistan electricity sector was that solar and wind power (together termed “variable renewable energy,” or VRE) should not be allowed to go above 5% of Pakistan’s installed capacity. This view was in part due to fears of the variability of solar and wind and their impact on the proper functioning of the grid, but underlying it was also a concern that they would further burden the power sector with high generation costs. The result was a reluctance to issue Power Purchase Agreements (PPAs)…

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The award of unutilised Liquefied Natural Gas (LNG) terminal capacity is currently in process, following which the private sector is likely to start the import of LNG in April or May. According to a senior official privy to petroleum sector developments, a similar trend of importing LNG through private firms may be seen in the future. At present, the official said, the re-gasification volume is at around 1,000 Million Cubic Feet per Day (MMCFD) against the total existing capacity of around 1,200 MMCFD gas.“So, the government has no serious concern…

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The government is likely to introduce amendments to the Oil and Gas Regulatory Authority (Ogra) Ordinance 2002 in order to give representation to provinces in the regulatory body. Provinces have supported the amendments proposed by Sindh for giving them representation in the regulatory authority. Under the amendments, the government will also appoint a vice chairman from amongst Ogra members for one year from each province through rotation. Following the 18th Constitution Amendment, the provinces have joint and equal role and responsibility in natural resources. Amendments to the Ogra Ordinance have been proposed to…

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Pakistan’s landmark, new deal with Qatar for liquefied natural gas at lower rates will save Islamabad a total of about $3 billion over the next 10 years, an adviser to the country’s prime minister said Monday.The agreement, signed last Friday, will save the state $317 million annually due to the reduced price of the gas compared to the 2015 agreement between the two countries, according to Nadeem Babar, Prime Minister Imran Khan’s adviser on petroleum.This “will result in the lowering of the overall cost of liquefied natural gas” imported from…

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