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Fuel and Energy: Pakistan


Punjab Chief Minister Shahbaz Sharif presided over a high level meeting which reviewed the pace of progress on ongoing projects of energy and infrastructure in the province. Addressing the meeting, the Chief Minister said that all out efforts are being made for coping with energy crisis and work is being carried out expeditiously on power projects.

Pakistan State Oil(PSO) and Qatargas have agreed to revise the price of Liquefied Natural Gas(LNG) after ten years and, in case of disagreement between the parties, the contract will be annulled, sources close to Secretary Petroleum and Natural Resources told Business Recorder. The Economic Co-ordination Committee (ECC) of the Cabinet is expected to approve $16 billion deal (Sale Purchase Agreement (SPA) between PSO and Qatargas on Monday.
United Arab Emirates'' Dragon Oil is in talks with Turkmenistan on its potential involvement in the Turkmenistan-Afghanistan-Pakistan-India (TAPI) natural gas pipeline project, the company said on Friday. Ashgabat plans to begin construction of the $10 billion, 1,735-kilometre (1,084-mile) pipeline next month in order to diversify exports away from China and Russia. It remains unclear how the project will be financed.
The Oil and Gas Regulatory Authority (OGRA) has recommended to the government to reduce petrol price by Rs 1.05 per litre and increase High Speed Diesel (HSD) price by Rs 1.42 per litre, effective December 1, 2015. According to the summary forwarded to the Ministry of Petroleum and the Ministry of Finance, the regulator on the basis of monthly fluctuations in crude oil prices in the international market has recommended the government to increase High Octane Blending Component (HOBC) price by Rs 0.87 per litre.
Finance Minister Ishaq Dar has turned down the proposal of Ministry of Water and Power with respect to tax exemption for facilitating successful execution of financing facility of Rs 100 billion for Neelum Jhelum Hydropower Project (NJHP). Sources told Business Recorder that Ministry of Water submitted a proposal to the Economic Co-ordination Committee (ECC) of the Cabinet dated November, 25 2015 for issuance of a Sukuk to raise Rs 100 billion to bridge a shortfall in local financing for NJHP.
The Nandipur power project is said to be the victim of confusion that prevailed in the Ministry of Water and Power (MoWP) for the past two years with no one aware of who was calling the shots in the ministry. There are reports that the controversial Nandipur Power Plant has again been shut down as no electricity is being purchased from 425MW plant.
K-Electric on Friday announced that the power utility through its sustainability management has extended support to Indus Hospital and will now provide a dedicated 132 KV connection for the hospital and its new grid. A statement said that the K-Electric has already been providing subsidised electricity to the hospital which serves its patients free-of-cost and on humanitarian grounds.


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln