Category: Recent Post

ISLAMABAD: The government has adopted a unique way to seek go-ahead from International Monetary Fund (IMF) for signing the much-awaited amended power purchase agreements (PPAs) with independent power producers (IPPs) in line with some terms and conditions the government signed with the Fund under a $6billion loan programme, well-placed sources told The News. Pakistan sought approval of the IMF over the financial instrument under which dues of Rs392 billion will be paid to IPPs. Interestingly, not energy minister or special assistant to PM on power sector, but Khalid Mansoor, CEO…

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ISLAMABAD: Pakistan has reported 17 deaths in the last 24 hours due to novel coronavirus, taking the nationwide tally of fatalities to 6,823, said the National Command and Operation Centre (NCOC) on Sunday.According to the NCOC, 977 fresh infections emerged during this period, lifting the national tally of cases to 333,970. Around 27,655 samples were tested during the last 24 hours across the country. There are a total of 12,592 active cases of the coronavirus as 314,555 patients have so far recuperated from the disease.So far, Sindh has reported 145,851…

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Byco Petroleum Pakistan Ltd. (BPPL), Pakistan’s largest oil refining company, Saturday reported financial results for the three months ended 30 September 2020. The company recorded a 23% decrease in gross sales to Rs 48.4 billion from Rs 62.9 billion in the same period last year, mainly due to a more than 30% decrease in oil prices in the international markets, says a Press release. Byco Petroleum reported a gross profit of Rs 1.7 billion, down 18% from Rs 2.08 billion last year. Net profit fell to Rs 453 million, or…

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LAHORE: Pakistan’s first and mega High Voltage Direct Current (HVDC) project — Matiari-Lahore transmission line — has almost been completed as engineers finished the entire line stringing work besides energising the converter station near Lahore. The project, launched under the China-Pakistan Economic Corridor, has now officially entered the testing and commissioning phase that is likely to complete by December this year, Dawn has learnt. “We have completed all major works (civil, electrical, mechanical, erection etc) of the 886km transmission line. After completion, the project has officially entered a new stage of energised…

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Already struggling with weak prices from oversupply, the pandemic is taking a heavy toll on the oil industry. The International Energy Agency (IEA) says the impact on investments in the oil industry will continue to be felt for years to come. The ongoing coronavirus pandemic will end up having long-term impacts on the petroleum industry that could be felt for years to come. The IEA suggests that in 2020, so far, oil majors have made spending cuts averaging about 35 percent in response to the effects that the coronavirus pandemic…

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