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Fuel and Energy: Pakistan


Pakistan is to collaborate with Indonesia on use of Compressed Natural Gas (CNG) as fuel and through the recently-completed Oil and Gas Regulatory Authority (Ogra), well-informed sources told Business Recorder. Pakistan has offered its expertise in CNG field to another country at a time when CNG stations established in Punjab, the largest populated province, are dry and thousands of workers are unemployed.

Pakistan''s first local coal-fired project of 660MW to be established by Sindh Engro Coal Mining Company (SECMC) has reportedly achieved financial close with the help of federal government. The cost of the project is $2.1 billion of which cost of mining project is $900 million. The long awaited milestone materialised during a recent visit of the Pakistani team led by Chief Minister Punjab Mian Shahbaz Sharif and comprising Minister for Planning, Development and Reforms, Ahsan Iqbal and Secretary Water and Power, Younas Dagha to China.
The Oil and Gas Regulatory (Ogra) has recommended the government to cut prices of petroleum products up to Rs 7.5 per litre effective from September 1. The regulator following a massive reduction in international crude oil price on Friday sent a summary to the Ministry of Petroleum and Ministry of Finance recommending Rs 7.5 cut in High Speed Diesel (HSD) price, Rs 7.20 per litre in High Octane Blending Component (HOBC), Rs 6.15 in petrol price, Rs 6.50 per litre in Light Diesel Oil (LDO) and Rs 7.10 per litre in Kerosene Oil (KO) prices.
Pakistan State Oil is required to pay Rs 1.75 billion to Pakistan National Shipping Corporation (PNSC) on account of demurrage, claims PNSC management. Chairman PNSC Arif Ellahi informed National Assembly''s Standing Committee on Ports and Shipping that the issue of outstanding dues is likely to be resolved with the appointment of Managing Director PSO from next month. He said there is a dispute between the two organisations on demurrage outstanding amount.
Directorate of Intelligence & Investigation (DI&I)-FBR, Anti-Smuggling (Customs), Regional Office, Karachi Friday claimed to have seized 40,000 liters of Iranian HSD from North Karachi Industrial Area. According to Director Asif Marghoob Siddiqui, a credible information was received that Imtiaz Khan was supplying smuggled Iranian origin HSD to different parts of Karachi. Reacting to the information, a team raided the said place and seized 40,000 liters of Iranian HSD.
Ministry of Petroleum and Natural Resources is reportedly in no mood to restore gas supply to Pakistan Steel Mills (PSM) until acceptable payment is agreed with the SSGC, well informed sources told Business Recorder. Chief Executive Officer, PSM, Major General Zaheer Ahmad Khan (retired) met with the Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi on August 21, 2015 and requested him to restore gas supply but the decision is yet to be implemented.
National Assembly's Standing Committee on Commerce has suggested that if the government is not in a position to immediately settle refund claims, these should be settled by subsidising gas and electricity bills. This was stated by the Committee's Chairman Siraj Mohammad Khan while speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI), here on Friday.


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln