Category: Recent Post

ISLAMABAD, Oct 5 (Reuters) – Pakistan will ramp up spot buying of liquefied natural gas (LNG) from the international market, seeking up to six cargoes for December, its procurement subsidiary said on its website, as the country prepares for a potentially crippling gas shortage. December and January see the largest spike in demand for gas in Pakistan, but this year the demand-supply shortfall will be greater on the back of higher consumption and diminishing indigenous supply, authorities believe. A source in Pakistan LNG Ltd (PLL), which handles LNG imports, told…

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The federal government is abolishing Rs. 143 billion Liquefied Natural Gas (LNG) agreements inked by the Pakistan Muslim League-Nawaz (PML-N) government. Federal Minister for Planning and Development, Asad Umar, revealed this while speaking in a TV show on Thursday. The federal minister noted that the country will incur an overall burden of Rs. 1,000 billion due to these LNG agreements. If we pass on this burden to the masses, then it would see a Rs. 10 increase in per unit tariff of electricity. Admitting inflation as one of the biggest…

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The Department of State and USAID have launched the COVID-19 Private Sector Engagement & Partnership Fund with an additional $10 million in new assistance funds. The Fund has been established to strengthen the efforts of the private sector and bolster ongoing response efforts, helping the world’s most vulnerable overcome the devastation inflicted by the COVID-19 pandemic. What is the purpose of the Fund? 1) To create a formal and transparent process to surface the most innovative private sector solutions to mitigating the secondary impacts of COVID-19 in developing countries, and 2) to seed-fund the most promising of these solutions within the…

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The solar power is the way forward for Pakistan to safeguard its energy security and to lower the basket price of electricity for the consumers in the country.This was stated by CEO of Alternative Energy Development Board (AEDB) Dr Rana Abdul Jabbar Khan in his keynote address at the 1st Virtual Conference on Solarization of Pakistan organized by the Energy Update.The AEDB CEO said that Pakistan should massively take advantage of its presence in one of the best solar zones in the world.He said that lately solar energy had become…

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The circular debt was around Rs2 trillion by June 20. The toll is still growing, and without doing anything, it will grow at a faster pace. Out of this Rs2 trillion, around half is on PHPL books and the remaining half is on CPPA-G balance sheet. PHPL debt is being paid off to power suppliers and has nothing to do with energy sector liquidity problem. The real challenge is around CPPA-G debt. The problem is not only the flow (incremental debt) but also of the stock (accumulated debt). On stock,…

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