Category: Recent Post

Despite declaring a loss after tax of Rs 6.465 billion for the year ended June 30, 2020, Pakistan State Oil (PSO) may have found a silver lining as the company has managed to retire Rs 42 billion debt in the company’s short-term borrowings. As per details, PSO short term borrowings reduced from Rs 121.678 billion in FY19 to Rs 79.032 billion in FY20, signifying a debt decline of an impressive 35 percent. As per a report from Foundation Securities, the decline in short-term debt is likely to have a strong positive…

Read More

LAHORE: The Multan Electric Power Company (MEPCO) remained very close to its recovery target, followed by Gujranwala Electric Power Company (GEPCO) and Lahore Electric Supply Company (LESCO) by showing their recoveries as 99.8 percent, 98 percent and 97.67 percent respectively during 2018-19, said Performance Evaluation Report of National Electric Power Regulatory Authority (NEPRA) for the fiscal year 2018-19. However, none of the DISCO has achieved the milestone of 100 percent recovery. According to details, against a target of 100 percent, the actual recovery of Peshawar Electric Supply Company (PESCO) stood…

Read More

Karachi — Pakistan may auction unutilized LNG regasification capacity of around 300 MMcf/d available at the government-owned Gasport Terminal in an effort to reduce the financial burden, Abdullah Ghais Paracha, chairman of the All Pakistan CNG Association, told S&P Global Platts. The country’s Economic Coordination Committee in July approved a proposal to give third parties access to its LNG receiving facilities by selling capacity not utilized by the state-run importer, a move industry officials say would encourage more private sector participation in the country’s LNG sector. Ghais said the government’s plan…

Read More

Looming Energy Crisis September 24, 2020 Warnings from both the Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) about confirmed gas shortages for Punjab and Sindh respectively, means that residential consumers and businesses are in for a tough winter. Federal Energy Minister Omar Ayub had, as early as the start of August, informed a Senate standing committee that the problem of gas loadshedding would continue this winter as countrywide demand for gas had risen to 7.5 billion cubic feet per day while supply would fall short…

Read More

Volkswagen will leverage its global footprint to profitably produce a new all-electric SUV called the ID.4. The vehicle, which will be produced at five factories on three continents, targets mainstream buyers, starting at $39,995 when it arrives in U.S. showrooms early next year. Pricing excludes an up to $7,500 federal tax credit to purchase electric vehicles. “This is truly a breathtaking global car,” Scott Keogh, CEO of Volkswagen Group of America, said during a media briefing ahead of the vehicle’s online reveal Wednesday. “I think the upside of that is it’s…

Read More