Category: Recent Post

The distribution companies (Discos) have witnessed an increase in demand of 800 megawatt by the industrial consumers with suspension of gas supply by the government, said reliable sources. They said this rise in demand has occurred at the outset of the current week against the previous one, when the ministry of petroleum had suspended gas supply to the industrial units. Meanwhile, said the sources, the Ministry of Energy was considering shifting of power plants on furnace oil, which prices have fallen to Rs 98 per kg against Rs 117 per…

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Pakistan Petroleum Limited (PPL) has sought government nod to produce additional 125 mmcfd gas from Kandhkot gas field to sell to any other buyer, revealing that Genco-IIs 747 MW unit is going to be sold to third party. In a letter to MD/CEO, Genco Holding Company Limited (GHCL), a senior official of PPL Abid Ashfaque Malick has also proposed constitution of a committee to review everything in historical perspective instead of going back to square one and starting all over again, adding that time is of essence, as the nation…

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Pakistan is teetering towards an energy-cum-economic crisis as natural gas supplies dry up, export-oriented factories that use the fuel close down and households that rely on it for heat and cooking are left in the cold. Critics blame short-sighted government policymaking as textile producers, the backbone of the export industry, warn of an indefinite shutdown from next month due to fuel shortages. The government has already cut supplies to non-export industrial units due to the sudden shortfall in supplies. Gas shortages are pumping up the price of food while many…

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Pakistan and Russia have reportedly agreed to develop bilateral financial infrastructure through their central banks aimed at facilitating trade, investment activities, etc., well informed sources told Business Recorder. This consensus was evolved at the 7th Session of Pak-Russia Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation held recently in Yekaterinburg city of the Russian Federation. Pakistani side was led by Minister for Economic Affairs, Omar Ayub Khan. According to sources, Pakistan side expressed interest in connecting to the financial messaging system of the Bank of Russia (SPFS). Both sides resolved…

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Turkey’s lira gained more steam and was up 7% on Tuesday following a historic 25% recovery from record lows, after President Tayyip Erdogan unveiled a plan he said would guarantee local currency deposits against market fluctuations. The currency dipped then strengthened in volatile trade to 12.21 versus the dollar at 0559 GMT, from a close of 13.15. In a late Monday speech, Erdogan said the series of steps will ease burdens from a currency crash over the last few weeks and encourage Turks to hold lira savings rather than dollars.…

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