Category: Shortcode

The country has purchased around 10 liquefied natural gas (LNG) cargoes at a weighted average cost of $14.5 mmbtu (Metric Million British Thermal Units) for the current month, which is almost 75 percent less as compared to the existing rate of $60/mmbtu in the international spot market. Minister for Energy Hammad Azhar said this in a tweet on Thursday, adding: “LNG spot cargoes have touched $60/mmbtu in international markets”. “However Pakistan’s weighted average of 9-10 cargoes arriving in March is priced only at $14.5/mmbtu of long term and spot cargoes…

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As a major supply crunch of liquefied natural gas (LNG) looms amid Russia’s invasion of Ukraine, Pakistan is switching to expensive and dirty diesel fuel to generate electricity, Bloomberg has reported. Pakistan’s diesel-fired power generation surged to the highest level in at least seven years in January, while LNG-based output dropped to the lowest in almost two years, according to government data compiled by Arif Habib Ltd. It is prudent to note that the two fuels each generated about 7% of the South Asian country’s electricity in January. That’s bound…

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Senate Standing Committee on Maritime Affairs, Thursday, asked the Gwadar Port Authority (GPA) to expedite work on acquisition of land for the port, as the panel was informed that PC-1 regarding land acquisition worth Rs48 billion has been sent to the prime minister for approval. The committee, chaired by Senator Rubina Khalid, was given a detailed briefing on Gwadar Port Development Plan by Chairman GPA Naseer Khan Kashani, on a question asked by Senator Palwasha Khan in the Senate sitting. While briefing the committee, the Chairman GPA apprised that the…

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Oil Companies Advisory Council (OCAC) has warned of a brewing petroleum crisis, similar to the one in June 2020, in case the government kept domestic prices frozen till the next budget as per the prime minister’s announcement. Warning the Ministry of Energy, OCAC, the umbrella organisation of oil sector companies in a letter requested the ministry to remove Price Differential Claim (PDC) element to revise petroleum product prices immediately or alternatively implement a subsidy mechanism. Referring to the Oil and Gas Regulatory Authority (Ogra) announcement imposing Rs2.28/liter PDC on High…

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The experts said this during a special meeting ‘Examining the future direction of the electricity market in Pakistan: The case of Competitive Trading Bilateral Contracts Market (CTBCM),’ held by Sustainable Development Policy Institute (SDPI). Delivering his keynote speech, Dr Fiaz Ahmad Chaudhry, Werner-Von-Siemens Chair, LUMS Energy Institute (LEI), informed the participants about the design of the CTBCM model for Pakistan and how relevant stakeholders contributed to its implementation. He said the objective of introducing a wholesale electricity market in Pakistan is to improve the conditions for attracting investments based on…

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