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The Privatisation Division has held a meeting with JP Morgan officials in the backdrop of the privatisation of two RLNG power plants of Haveli Bahadar Shah and Balloki. The JP Morgan is one the world’s largest investment banks and advising the consortium of Qatar Investment Authority (QIA), which showed keen interest for the privatisation of the NPPMCL. The senior representatives of JP Morgan Asif Raza – managing director, Global Corporate Bank CEEMEA along with Imran Zaidi – managing director, Global Corporate Bank MENA and Amin M Khawaja, chief executive officer,…

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PAKISTAN’S cash-strapped government has been forced to buy the priciest LNG shipment from a Qatari trader for delivery later this month to avoid blackouts. Pakistan must pay a huge amount for its energy needs following default by two suppliers on their long-term commitments to supply one LNG cargo each per month at the fixed rate of 11.95pc and 11.63pc of Brent with the spot market now exceeding 35pc of Brent. The Qatari firm will supply the cargo at a price of more than $30.5mmbtu, which will bridge the anticipated gas…

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With supply shortages and unsustainable average cost of gas, the government is going to withdraw subsidised gas rates of $6.5 per unit for the industrial sector as first part of a three-phased tariff rationalisation plan. A senior government official told Dawn that Ministry of Energy (Petroleum Division) had already moved a summary to the federal cabinet for ending subsidised gas supply to the industrial sector, including captive power plants, immediately. He said a meeting of the cabinet scheduled for Tuesday (tomorrow) is expected to take up the summary for a…

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Business community have rejected yet another record increase in prices of petroleum products and urged the government to revise its decision forthwith. Traders while talking to this scribe on Sunday said that a relief package was announced by Prime’s Minister during address to nation, but at the same time, the government has continuously increased prices of petroleum commodities, which was completely incomprehensible and illogical. Terming the increasing prices of petrol and diesel as well electricity and gas tariffs as a part of IMF conditions, the business community described the government’s…

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Top sources said that the Russian delegation that was due to start talks on November 9-12 in Islamabad to finalize the remaining points of the shareholding agreement has been stopped by the authorities in Moscow. They took the letter, the sources said, from the Petroleum Division as a shocking surprise and called back the Russian delegation to Moscow that was in Dubai to reach Pakistan on November 9, 2021. Pakistan and Russia earlier held four-day talks to finalize the shareholding agreement in Islamabad on October 25-28, which ended inconclusively with…

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