ECC approves assignment of 34% working interest of POL, 6% of AOC to POGC in Kirthar South Block (Sindh)
The Economic Coordination Committee (ECC) approved the assignment of 34% working interest of M/s Pakistan Oilfields Limited (POL) and 6% of M/s Attock Oil Company Limited (AOC) to M/s Polskie Gornictwo Naftowe I Gazowinictwo S.A (Polish Oil and Gas Company) (POGC) in Kirthar South Block (Sindh). Federal Minister for Finance and Revenue Senator Mohammad Ishaq…
Adil Aziz
France provides € 120 Million for Keyal Khuwar Hydropower Project
The government of France would provide soft loans of € 120 million for Keyal Khuwar 128 MW Hydropower Project located in Khyber Pakhtunkhwa province. According to press release issued by Economic Affairs Division, Secretary, Ministry of Economic Affairs (MoEA), Dr. Kazim Niaz and Country Director, French Agency for Development, Philippe Steinmetz signed an agreement in…
Prices of petroleum products to remain unchanged
Minister for Finance and Revenue Senator Muhammad Ishaq Dar said that the government has decided to keep the existing prices of petroleum products unchanged for next 15 days to facilitate the masses in the country, particularly to provide relief to lower-income people during intense winters. Addressing a press conference, the minister said that these prices…
Pakistan, Saudi Arabia sign agreement to finance oil derivatives worth $1 Billion
Pakistan and the Kingdom of Saudi Arabia (KSA) signed an agreement to finance oil derivatives worth $1 billion. The agreement was inked by Secretary Economic Affairs Dr Kazem Niaz, and Chief Executive Officer (CEO) of the Saudi Fund for Development Sultan bin Abdulrahman Al-Murshed, an Economic Affairs Ministry news release said. Dr Kazem Niaz, on…
EETL saves Pakistan’s $3 Billion by handling 450 LNG cargoes substituting Furnace Oil import
Engro Elengy Terminal (Private) Limited (EETL) said it had successfully handled over 450 ship-to-ship [LNG] transfers since 2015, enabling Pakistan to save more than $3 billion through import substitution of the Furnace Oil. “In 2015, Engro developed the first-ever LNG terminal facility of Pakistan, built in a record 335 days. The terminal currently handles 68%…
Pakistan, Saudi Arabia expected to ink a US one billion dollar agreement in oil sector
Pakistan and Saudi Arabia are expected to ink an agreement of over US one billion dollars in the days ahead in the oil sector, through the Saudi Development Fund, a Saudi news channel. “The coming days will witness the signing of an agreement between the Kingdom and Pakistan through the Saudi Development Fund for Development…
Solarization – sincere efforts needed to curtail energy crisis
Amidst economic challenges and fluctuating fuel prices the world over and within the country, exploring alternate energy resources has become imperative for curtailing fuel import bill and providing cheaper energy to domestic, commercial and industrial consumers. With most of world nations already using solar, wind and hydel power as major chunk of their energy base,…
Oil prices rise US$1 on China’s reopening optimism
OIL prices rose as much as US$1 on Friday, extending gains from the previous trading session on hopes of a China demand boost and after data showed lower fuel inventories in the United States following a winter storm that hit during the year end. Brent crude futures were 94 cents, or 1.2 per cent, higher…
Oil falls by more than 5% on global economy worry, China Covid cases
OIL fell by more than US$4 a barrel on Wednesday (Jan 4), with Brent suffering its biggest percentage loss in the first two trading days of the year since 1991, as demand concerns linked to the global economy and rising Covid-19 cases in China crushed crude prices. Brent futures settled at US$77.84 a barrel, falling…
Investment under CPEC to reach $62 Billion by 2030: Report
The total planned investment under China Pakistan Economic Corridor (CPEC) is $62 billion between FY2015 and FY2030, out of which $27.4 billion projects have been realized, with energy sector (power generation, coal mining and transmission lines) representing 76 percent. It covers power generation projects, both fossil fuel and renewable, of about 11 GW. To date,…