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The wire transfer was just one of millions that ricochet through the global financial system every day. Starting at the Zurich branch of a Russian state bank, $800 million zipped through Citigroup Inc. in New York before landing in a small bank in Lebanon. The payment came from Russian oil giant Rosneft PJSC –- a loan to the cash-strapped government of the breakaway region of Kurdistan in northern Iraq that would be repaid with barrels of crude. It was the opening tranche of a $6 billion torrent of cash that made a…

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MOL revealed Tuesday that it has discovered “significant” gas and condensate reserves in Pakistan. The Mamikhel South-1 exploratory well, which is located in Pakistan’s TAL Block, achieved a flow rate of 6,516 barrels of oil equivalent per day during testing, according to the company, which noted that further testing of the well is currently ongoing. Mamikhel South-1 marks MOL’s 13th discovery in Pakistan and the 10th discovery in the TAL Block. MOL’s 13 oil, gas and condensate finds have all been made since the year 2000. “I am delighted to announce that we have…

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KARACHI: K-Electric hosted a press conference at its Office to allay the concerns of Karachi consumers around the power supply situation and address misinformation around various power-related issues. The conference which, was hosted by Chief Executive Officer (CEO) K-Electric, Moonis Alvi, Chief Financial Officer (CFO) Aamir Ghaziani and Chief Distribution Officer (CDO) Amer Zia, focused on transparently addressing the prevailing myths around the power utility. CEO K-Electric, Moonis Alvi focused on K-Electric’s ambitious investment plan which would see USD 2 bn spent across the power value chain over the next three…

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KARACHI: Ismail Suttar, President of Employers Federation of Pakistan (EFP), the Apex Body of Manufacturers of Pakistan, has appealed to Prime Minister Imran Khan to further reduce the gas prices as the industry was expecting a huge cut in gas prices as is the case worldwide. Speaking on behalf of local manufacturers, Ismail requested that the gas prices should be the same for exporters as well as local industry. He reiterated the importance of import-substitution in the current COVID situation and said that this cannot happen if cost of production for…

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Iran and China have quietly drafted a sweeping economic and security partnership that would clear the way for billions of dollars of Chinese investments in energy and other sectors, undercutting the Trump administration’s efforts to isolate the Iranian government because of its nuclear and military ambitions. The partnership, detailed in an 18-page proposed agreement, would vastly expand Chinese presence in banking, telecommunications, ports, railways and dozens of other projects. In exchange, China would receive a regular — and, according to an Iranian official and an oil trader, heavily discounted —…

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