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Earlier when the National Power Policy 2013-18 was promulgated, the column talked about how the petroleum sales were bound to shoot. Reason being while fixing the lopsided generation mix of the energy sector takes its time, the government will have no option but to continue having the expensive lot as fuel to feed the national grid.
Being bruised is one thing and hemorrhage is several steps further. The energy sector of the country resembles more like the latter for long now with no respite on the horizon, at least for the cynics.
Maybe it is too soon to know which way the wind blows, but the end of Hugo Chavez is certainly an event for the international oil industry. Uncertainty abounds the Venezuelan oil sector, a country with the worlds 18 percent proven oil reserves as per latest BP estimates. Why are the aftereffects vague? During his reign oil sector had major setbacks where production fell sharply and Chavez nationalized many foreign-run oil fields.
Precariously entangled in the circular debt mesh, the largest state owned oil marketing companys (OMC) payables and receivables might be portraying a weedy cash position, but its performance over six months is laudable amid such shaky times. The Company announced its 1HFY13 result yesterday, which shows a substantial improvement in its profitability over comparable period.
When the Compressed Natural Gas Dealers Association of Pakistan sends out greeting cards for the New Year, they will probably skip Dr Asim Hussain. The Advisor to Prime Minister on Petroleum has been publicly vocal against the rampant use of natural gas in the transport sector, especially in private transport. Unfortunately, he is often the lone voice in the government machinery.
Things could not get messier and more heated up close to the judgment day – December 5, 2012. So much for the plans and across the board deliberations, the country’s biggest challenge, energy crisis, seems to have taken a big receding leap with the CNG quandary taking the centre stage.
As 2012 approaches its close, the disconnection between the two contracts, Brent and WTI, and the vulnerability to localised demand and supply issues, become vividly startling. Once again the spread between the American Midwest and European standards hovers around one year high, the latter being more reflective of the global events.
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln