Category: Recent Post

Having pocketed a record Rs136 billion in lieu of Petroleum Levy during 1QFY21, the government is well on course to rake in even higher number for 2QFY21. In all likelihood, a new quarterly Petroleum Levy record is all put in the bag – where it could likely cross Rs150 billion. Lower international crude oil prices have helped no doubt. Arab light crude for the reference period between July to December has averaged a lowly $44.8 per barrel – in stark contrast to $70/bbl in the 1H of FY20. The Petroleum…

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ISLAMABAD: The federal government on Tuesday “formally” considered a proposal to appoint administrator on Karachi Electric (KE), for resolution of outstanding issues, prior to transfer of 66.40 per cent stakes of M/s Abraaj to Chinese company Shanghai Electric Power (SEP), well informed sources told Business Recorder. Co-chaired by Minister for Privatisation, Mohammedmian Soomro and Minister for Energy, Omar Ayub, the meeting was attended by SAPM on Petroleum Nadeem Baber, SAPM on Power Tabish Gohar, Secretary Privatisation, Hassan Nasir Jamy, KES Board Chirman; Shan Ashary CEO K-E Syed Moonis Alvi, and…

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ou may be surprised to learn that of the trio of long-awaited coronavirus vaccines, the most promising, Moderna’s mRNA-1273, which reported a 94.5 percent efficacy rate on November 16, had been designed by January 13. This was just two days after the genetic sequence had been made public in an act of scientific and humanitarian generosity that resulted in China’s Yong-Zhen Zhang’s being temporarily forced out of his lab. In Massachusetts, the Moderna vaccine design took all of one weekend. It was completed before China had even acknowledged that the disease could…

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ISLAMABAD: The government has imposed a ban on new gas connections for industrial units based on locally produced gas and liquefied natural gas (LNG) solely for power generation purpose. At present, the industries, especially the textile sector, have gas connections and are producing electricity in addition to getting electricity at subsidised rates from the national grid. They are not only receiving subsidised electricity but are also receiving LNG at half the rate for captive power plants. The ministries concerned have also not raised any question as to why industries are…

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The government continues to struggle with ensuring a seamless supply chain for imported liquefied natural gas (LNG) for the third winter in a row. The Petroleum Division is again under fire this year for delaying LNG import orders resulting in higher prices. This caused a loss to the exchequer and made gas less affordable to consumers. While the peak winter season is still weeks away, complaints about gas shortages and low pressure have become widespread particularly in Punjab. But such grumblings have become almost a routine owing to continuously expanding…

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