Category: Shortcode

Shell Predicts 50% Surge in LNG Demand by 2040

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Pakistan-LNG

London: British energy giant Shell has forecasted a significant increase in global demand for liquefied natural gas (LNG), estimating a rise of over 50 percent by 2040. This surge in demand is primarily attributed to China’s transition away from coal. According to a report released by Shell, while natural gas demand has already peaked in certain regions, it continues to grow on a global scale. The latest industry estimates suggest that LNG demand could reach approximately 625-685 million tonnes per year by 2040. Shell anticipates that beyond 2040, global LNG…

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Senate Finance Committee Criticizes Surge in Utility Bills

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Finance-Committee

Islamabad: Members of the Senate Standing Committee on Finance expressed strong criticism on Wednesday regarding what they described as a significant and burdensome increase in electricity and gas bills. During the committee’s proceedings chaired by Senator Saleem Mandviwala, members voiced their concerns one after another, highlighting the unusual surge in bills despite the installation of solar panels. Senator Sadia Abbasi pointed out that consumers were receiving hefty electricity bills even after investing in solar panels, attributing the situation to the IMF program. Senator Kamil Agha cited an instance where a…

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Petrol and High-Speed Diesel Prices Expected to Rise

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Petrol-price

The prices of petrol and high-speed diesel (HSD) are anticipated to increase by Rs4-11 per litre for the next fortnight, starting from February 16. This hike is attributed to higher international prices and import premiums, offsetting the impact of a minor exchange rate gain. Sources familiar with the matter revealed that both petrol and HSD experienced an uptick in international market prices over the current fortnight. Additionally, Pakistan State Oil (PSO) faced higher import premiums on petrol despite a slight appreciation of the rupee against the US dollar. Consequently, the…

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Caretaker Government Approves Increase in Natural Gas Tariff to Meet IMF Deadline

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gas-prices

Under pressure to meet the February 15 deadline set by the International Monetary Fund (IMF), the caretaker government in Islamabad allowed for an additional up to 45 per cent increase in the natural gas tariff, effective from February 1. This decision was made during a meeting of the Economic Coordination Committee (ECC) of the Cabinet chaired by Caretaker Finance Minister Dr Shamshad Akhtar. The move aims to meet the revenue requirements of the gas utilities targeted for the current year. The ECC meeting resulted in adjustments to the rates of…

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Signing Ceremony of MoU between the Stakeholders onConsortium Formation for Machike-Thallian-Tarujabba White Oil Pipeline

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New-SIFC

In a landmark achievement, the signing ceremony of MoU between the Stakeholders on Consortium Formation for Machike-Thallian-Tarujabba White Oil Pipeline Project has been held on February 14,2024 at SIFC Secretariat, PM Office. The ceremony was witnessed by Minister for Power and Petroleum Muhammad Ali, Secretary (Petroleum Division) Momin Agha, Secretary SIFC Jameel Qureshi. The heads of consortium entities i.e. MD Pakistan State Oil (PSO) Syed Muhammad Taha, DG Frontier Works Organization (FWO) Major General Abdul Sami, MD Inter state Gas Systems Pvt. Ltd (ISGS) Nadeem Bajwa signed the historical Memorandum…

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