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NEW YORK: Oil touched $90 a barrel for the first time in seven years on Wednesday, supported by tight supply and rising political tensions in Europe and the Middle East that raised concerns about further disruption in an already-tight market, Reuters reported. Brent crude rose $1.67, or 1.9 percent, to $89.87, after hitting $90.02, the first time the global benchmark has broken that level since October 2014. US West Texas Intermediate (WTI) crude was up $1.69, or 2 percent, to $87.28. U.S. President Joe Biden said on Tuesday he would…

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The Head Office of the National Transmission and Despatch Company (NTDC) will be shifted to Islamabad from Lahore in phases. According to a decision taken by the public sector power transmission utility, the Liaison Office of Managing Director, NTDC, will be shifted to Islamabad by April 30, 2022. In the second phase, the offices of Deputy Managing Director, Asset Development & Management and Deputy Managing Director, Planning & Engineering along with offices of General Manager (Assets Management), North, General Manager (Project Development), North and General Manager (Technical) having strengths of…

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Ministry of Industries and Production (MoI&P) is to seek supplementary grant of Rs 5 billion to ensure supply of RLNG to two urea fertilizer plants on SNGPL system till March 2022. This decision was taken at a recent meeting of the ECC, which was ratified by the Federal Cabinet on January 25, 2022. Sharing the details, sources said, a Fertilizer Review Committee (FRC) meeting was convened to assess the situation on December 24, 2021, wherein Minister for MoI&P, after detailed deliberations, announced that SNGPL-based plants would run till March 2022,…

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Pakistan Ministry of Finance showed that the federal government’s burden was Rs 11.8 trillion higher than legally allowed limit set by parliament and that some targets fixed under the debt management strategy were also breached. The cost of interest payments also reduced from USD 2 billion to USD 1.5 billion due to debt suspension initiative by the G20 countries. The government’s reliance on highly expensive and shorter-term foreign debt also further increased due to its decision to increase dependency on foreign commercial banks and Naya The government’s reliance on domestic…

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Senate Standing Committee on Power has decided to issue summons to Chairman, National Electric Power Regulatory Authority (NEPRA) in case he fails to appear in the forthcoming meeting of the Committee. According to official documents, Chairman Standing Committee, Senator Saifullah Abro reminded Power Division officials that it was decided in the last Committee meeting that a fresh correspondence will be undertaken with NEPRA regarding the rehabilitation of the plants. Muhammad Imran, CEO, GHCL informed the Committee that CCoE will be approached for approval, and business plan will be submitted to…

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