Category: Shortcode

Cold winter on the cards as govt fails to secure gas

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secure-gas

ISLAMABAD: The country has failed to secure liquefied natural gas (LNG) from the spot market in its first attempt after a year-long break, as it received no bid for six shipments for the coming winter months. State-run Pakistan LNG Ltd (PLL), which last week floated short-term tenders for three cargoes each in October and December, announced on Tuesday that it received no bid for any of the delivery windows until the closing time at 12:30pm. The LNG supplies in the spot market eased in recent months, with significant price drops…

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CPEC turns 10; commemorations next month

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CPEC-Project

ISLAMABAD: The government has decided to commemorate decade of China Pakistan Economic Corridor (CPEC) early next month both in Pakistan and Beijing, well-informed sources told Business Recorder. China has invested billions of dollars in the CPEC projects in first phase across the country, especially in power sector and infrastructure. The Ministry of Planning, Development and Special Initiatives (PD&SI) has prepared a number of functions to celebrate the event to be attended by key personalities of both countries. The sources said, Ministry of Foreign Affairs, Pakistan Embassy Beijing, CEPC Secretariat have been…

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Lesco tops the list: Zorlu eyes stakes in Discos

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Lahore-Electric

ISLAMABAD: Turkish firm M/s Zorlu has shown interest in acquiring stakes in power Distribution Companies (Discos) especially in Lahore Electric Power Company (Lesco), well-informed sources told Business Recorder. The federal government is already developing bidding documents of Discos, aimed at handing over to the respective provinces which have already conveyed their intentions to take them over with come conditions. Privatisation Commission has nominated its senior Consultant (Energy) Salman Amin to facilitate Power Division as part of the team to develop bidding documents for engagements of transaction advisor for acquisition of Discos…

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Saudi Wafi Energy Co: Potential front-runner to acquire Shell PLC’s stake in Pakistan?

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Shell-PLC

June 19, 2023 (MLN): Pertaining to Shell PLC’s announcement to exit Pakistan, intense speculation has been sparked about the potential buyer who will acquire Shell PLC’s stake in the country. Amidst the uncertainty, all eyes are now focused on Saudi Wafi Energy Co., which made headlines with its agreement to enter the Saudi mobility market via trademark licensing with Shell Global last year. The partnership between these two industry giants has raised hopes that Saudi Wafi Energy Co. could be the frontrunner to purchase Shell PLC’s stake in Pakistan or even…

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Rs10m fine sought for illegal oil storage

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oil-storage

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has proposed a rigorous imprisonment of up to 10 years or a fine of Rs10 million on the oil marketing companies or private parties which commit the unauthorised storage and handling of petroleum for the purpose of sale, resale, transport or distribution to any consumer. The Pakistan Penal Code (Amendment) Act 2023, moved by Ogra, has already been vetted by the Ministry of Law and sent to the Cabinet Division for approval. The addition of Sections 285-A, 285-B and 285-C to the…

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