Category: Shortcode

Islamabad: The Board of Directors of Oil & Gas Development Company Limited (OGDCL) in its meeting held on 22nd September, 2022 at Islamabad announced the financial results for the year ended June, 30, 2022 of fiscal year 2021-22. Net sales revenue clocked at Rs.335.463 billion translating to profit after tax of Rs. 133.783 billion, showing an increase of 56 percent compared to a profit of Rs. 91.534 billion in the same period of last year and earnings per share of the company clocked at Rs. 31.11 from Rs. 21.28.The Board…

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U.S. natural gas prices have hit a fresh six-week low, closing at $7.75/MMBtu on Monday with the Wall Street Journal saying that the market has lost momentum due to U.S. production topping 100 Bcf/day for the first time ever. The odds are now that ample U.S. production will be enough to meet local demand in the final months before winter arrives. Prices are likely to remain depressed unless there’s a breakout of storm activity in the Gulf of Mexico which could disrupt production.   Meanwhile, benchmark European gas prices have continued to…

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Amidst a continuous denial from the Ministry of Energy over making any change to the net metering rates, National Electric Power Regulatory Authority has announced to hold hearing on downward revision of the tariff by almost 53pc. The National Electric Power Regulatory Authority has decided to hold a public hearing on the (Alternative & Renewable Energy) Distributed Generation and Net Metering Regulations, 2015 on September 27, 2022. Federal Minister for Power Khurram Dastagir last week denying any such development of amendment in the net metering regulations tweeted that “There is…

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World Bank’s Regional Vice president for South Asia, Mr Martin Raiser alongwith a delegation called on Federal Minister for Power Engr Khurram Dastgir Khan today. Minister apprised the Vice president about the unprecedented destruction caused by floods in Pakistan. He briefed on the devastation and accompanying economic misery of the people. He further highlighted how the untiring efforts of the Ministry and Government of Pakistan helped restore electricity in most of the flood affected areas. Minister assured the World Bank that present government is committed to reform the energy sector…

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Abdul Rasheed, President Site Association of Industry has expressed serious concerns over 8 hours’ load shedding from 12:00 a.m. at night to 8:00 a.m. in the morning in SITE area on daily basis. He said that load shedding is bound to have adverse impact on the economy, particularly on export industries. As such, the government should ensure uninterrupted supply of electricity to industries to keep the wheels of industry moving and to ship export orders on time. In a statement, SAI chief said that industrial production is being badly affected…

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