Pakistan Army’s School of Artillery Visits Cnergyico’s Oil Refining Complex

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A delegation from the Pakistan Army’s School of Artillery visited Cnergyico’s oil refining complex (formerly Byco Petroleum) in Hub – Balochistan. The delegates were received by Company’s senior executives and were given a detailed briefing on the refinery operations and future plans. Cnergyico’s oil refining complex is capable of processing up to 156,000 barrels per day of crude oil to…

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Pakistan’s case: US ready to allow Russian oil trade

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The United States (US) has reportedly showed willingness to allow trade of Russian oil at discounted rates for a specific period, well informed diplomatic sources told Business Recorder. In case of Pakistan, US Embassy in Islamabad has expressed willingness to meet the officials of Petroleum Division to explain to them the mechanism to cut a short-term cut rate deal for Russian…

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SSGC plans to start power production

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State-owned gas marketing firm Sui Southern Gas Company (SSGC) has decided to diversify its business, as the company has announced that it will start power production following a continuous drop in gas supplies from domestic fields. Its subsidiary company will also work on projects like producing gas from coal, biogas, bio-methane and hydrogen gas. “SSGC Alternate Energy (Pvt) Limited, a…

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Completion of ‘T-5’ likely to enhance Tarbela hydel generation to 6,418MW

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The hydel generation capacity of Tarbela Dam will touch 6418 MW from the existing 4888 MW with the completion of 5 th Extension Hydropower Project (T-5) scheduled to be completed in 2025. The under-construction (T-5) will add 1530 MW to the already installed capacity of 4888 MW, sources told APP here. They said before commissioning of Tarbela 4th Extension, the…

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Inefficient Power Plants

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National Electric Power Regulatory Authority (Nepra) has reportedly accused Ministry of Energy of passing “unjustified” financial burden of Rs 30 billion to consumers by not supplying required RLNG or operating of inefficient/ expensive power plants during the last two years, well informed sources in Nepra told Business Recorder. The power regulator, sources said, has written a letter to Secretary Power…

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Closing date of Thar Coal Block-1 Power Generation Co

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The government has approved one year extension to the Financial closing date of Thar Coal Block-1 Power Generation Company, well informed sources told Business Recorder. M/s Thar Coal Block-I Power Generation Company (Pvt,) Limited was issued a Letter of Support (LoS) on July 20, 2016 which was amended on September 15, 2017, January 12, 2018, August 17, 2018, February 22,2019,…

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Explainer: How worried should we be about Pakistan’s economy?

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Explainer: How worried should we be about Pakistan’s economy? Sept 30 (Reuters) – Concerns are rising again over the health of Pakistan’s economy as foreign reserves run low, the local currency weakens and inflation stands at decades-high levels despite the resumption of an International Monetary Fund funding programme in August. The IMF programme was meant to stabilise an economy that…

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GIDC collection remains as elusive as ever

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Earlier this week, the Public Accounts Committee of the National Assembly of Pakistan was told that a paltry sum of Rs7 billion has been recovered against the outstanding Gas Infrastructure Development Cess (GIDC) of Rs459 billion. In times of tight fiscal constraints, there is not enough money for requisite gas infrastructure. However, the matter of collecting long pending GIDC amount…

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Government slashes petrol price by Rs12.63 per litre

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Addressing his maiden press conference after assuming the charge, the finance minister also announced the extension in income tax returns filing till October 31. The government last revised fuel prices on September 21 when it announced an increase of Rs1.45 per litre in the price of petrol. The high-speed diesel (HSD) price was kept unchanged by adjusting the petroleum levy…

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