Category: Shortcode

Federal Minister for Energy Hammad Azhar held a meeting with Mr. Shixin Chen, Vice President (operations) for Asian Development Bank (ADB) at Ministry of Energy today. Both sides broadly discussed the ADB’s energy program in Pakistan, Government’s energy reforms. Minister lauded ADB’s support in pursuing reforms agenda and various development projects for the country. He expressed satisfaction on the firm commitment of ADB as key partner in reforms agenda in priority sectors including energy. Various projects in power sector are moving forward with good pace including the Advance Metering Infrastructure…

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Pakistan is finding it difficult to obtain diesel from international markets due to a supply crunch created by the Russia-Ukraine conflict, reported Bloomberg. While merchants are exploring avenues to import diesel from Europe, Pakistan State Oil (PSO) is struggling to stock additional diesel from its key source, Kuwait Petroleum Corp (KPC). It had sought extra diesel from KPC and purchased cargoes on the spot market, according to a spokesman for the retailer. The spokesperson told Bloomberg that the “product is flowing west,” and there is a need to diversify foreign…

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Pakistan State Oil (PSO) has expressed its inability to ensure the import of petroleum products for other Oil Marketing Companies (OMCs) in the country. PSO General Manager (Supply), Asad Faiz, in a letter to the Ministry of Energy (Petroleum Division), has raised voice against OGRA for suggesting it (PSO) to import petroleum products for other Oil Marketing Companies (OMCs).  He said that PSO currently has only one fuel supply contract under a government-to-government (G2G) arrangement with Kuwait Petroleum Corporation (KPC) for supplies of HSD and the contractual volumes with KPC are…

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Intergovernmental Panel on Climate Change (IPCC), UN body, has revealed that Pakistan would face greater consequences of climate change in coming decades in rural and urban areas. The findings were carried by Resilient Future International (Pvt) Ltd (RFI), an Islamabad-based research and training outfit, in its Sixth IPCC Report on ‘Impacts, adaptation and vulnerability.’ The report shares the most advanced compendium of current and future climatic impacts in the world. Nearly 1,000 authors reviewed 34 thousand scientific reports in 6-7 years to prepare this report approved by 195 governments worldwide.…

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Despite the federal government’s intervention, commercial banks remain reluctant to increase the credit limits of oil marketing companies (OMCs) spurred by Hascol’s Rs54 billion default, which might trigger a country-wide fuel shortage. The hesitance on part of commercial banks to increase the credit line would certainly serve nothing, but expose the country to massive shortage of POL products, particularly high speed diesel, which was in high demand for harvesting wheat in Punjab and Sindh – the country’s food baskets. “Apart from HASCOL, there are two more OMCs” that are facing…

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