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Fuel and Energy: Pakistan

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Iranian Ambassador to Pakistan Ali Raza met Pakistan Muslim League-Nawaz (PML-N) president Nawaz Sharif at his Raiwind residence on Saturday and discussed various important issues ahead of formation of new democratically elected government of the PML-N.

A sudden spurt in electricity loadshedding in Pakistan''s largest city, Karachi, is said to have been caused by a significant reduction in gas supply to the utility agency. According to sources, the Sui Southern Gas Company has reduced gas supply to KESC by 50 mmcfd, resulting in a high incidence of power loadshedding across Karachi. Sources said that SSGC is required to supply 276 mmcfd gas for all KESC power plants excluding BQPS II.
Judicial Activism Penal (JAP) has approached the Lahore High Court through a petition seeking court directions for constitution of judicial commission (JC) to fix responsibility for power crisis in the country. Chairman JAP Muhammad Azhar Siddique stated that the ongoing power crisis was artificial.
Caretaker Prime Minister Mir Hazar Khan Khoso's directives on the release of funds to the power sector are not being implemented while his administrative directives relating to transfers and postings are being implemented without delay, sources told Business Recorder on Saturday.
Pakistan''s foreign policy will not change with Pakistan Muslim League-Nawaz (PML-N) coming into power and all agreements signed by the former government, including Iran-Pakistan gas pipeline project, will be pursued, Foreign Secretary Jalil Abbas Jilani declared on Friday. Addressing a weekly press briefing along with Pakistan ambassador to China Khalid Masood, Jilani said that Pakistan was facing worst energy shortage and it will pursue all available options, including the Iran gas pipeline project, to meet the energy requirements.
The Secretary of Water and Power Ministry has said that approximately an amount of Rs 3.27 billion is required on a daily basis to deal with the electricity deficit. During the session of Senate standing committee on water and electricity, the senators protested against the prolonged hours of loadshedding and hike in power tariff.
US Ambassador Richard Olson on Friday met Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif at his Raiwind residence and discussed with him various matters of mutual interest. This was the second meeting of the US diplomat with the PML-N head after May 11 elections. Shahbaz Sharif and Ishaq Dar were also present in the meeting. Olson said that the US wanted to strengthen its ties with Pakistan and was willing to help the country overcome energy crisis.

 



 
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Banking Review 2012

Annual2011/12
Foreign Debt $65.562bn
Per Cap Income $1,372
GDP Growth 3.7%
Average CPI 10.08%
MonthlyApril
Trade Balance $-1.779 bln
Exports $2.130 bln
Imports $3.909 bln
WeeklyMay 20, 2013
Reserves $11.601 bln