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Fuel and Energy: Pakistan


Equalisation, Debt-Servicing, Universal Obligation Fund and Neelam-Jhelum surcharges collected through electricity bills have been declared illegal by Lahore High Court (LHC). A bench on Friday asked the government to refund and adjust the amount collected from consumers under these surcharges and also asked National Electric Power Regulatory Authority (Nepra) to work out a repayment plan in three months from the receipt of the court order.

The Punjab mines and minerals minister has claimed that his government is focusing on resolving the chronic issue of energy shortages and special measures are being taken in the next year's provincial budget.
The Oil and Gas Regulatory Authority (OGRA) on Friday recommended to the government to increase the prices of petroleum products in the range of Rs 6.19 per litre to Rs 13.25 per litre. According to a summary forwarded by OGRA to the Petroleum Ministry, the authority keeping in view international changes in crude oil prices has recommended an increase of Rs 6.19 per litre in petrol and Rs 13.25 per litre increase in price high Octane Blending Component (HOBC).
MOL Group has announced the winners of the Freshhh competition 2015. The top five teams out of 2,210 international teams compete against each other at the live final event in Budapest, Hungary. The team "Just ask Siri" with three students from the University of Economics of Prague and Czech Technical University is ranked as the top team of the international online competition Freshhh in 2015.
Compressed Natural Gas stations, expected to reopen on Friday after seven months, are still shutting down despite announcements by the federal and the Punjab governments. All Pakistan CNG Association Central leader, Shuja Anwar talking to Business Recorder said the stations were yet to reopen in the provincial capital Lahore, and that the delay in reopening was because of the complex procedure of payment of the Sui Northern Gas Pipe Lines Limited.
National Electric Power Regulatory Authority (Nepra) on Friday reserved its judgement on a review petition filed by the Ministry of Water and Power aimed at reconsideration of tariff determinations of Discos for 2014-15, a reduction in subsidy and inclusion of surcharges in the consumer end tariff. The public hearing was chaired by the Chairman Nepra, Brigadier Tariq Sadozai (Retd) who, insiders claim, gave assurance to the interviewing committee headed by the Finance Minister that he will extend full co-operation to the government with respect to implementations of policy guidelines to be issued from time to time.
According to a K-Electric press release, the company expressed its pride in announcing that the KE Sukuk issue of Rs 22 billion, including a green shoe option of Rs 2 billion, has been fully subscribed on its launch day. The Sukuk has a tenor of seven years and is rated AA+ by the JCR-VIS Credit Rating Agency Limited. It is the largest listed Sukuk issue in Pakistan''s corporate history and will offer investors lucrative value for their investment. It will also be listed in the stock exchanges of Karachi in June 2015.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.795 bln
Exports $1.995 bln
Imports $3.790 bln
WeeklyMay 28, 2015
Reserves $17.494 bln