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Articles for tag: ATPMA, billion, crisis, diverted, domestic, Gas, Gas crisis, LNG, looms, ogra, P.S.O, PLL, RLNG, sector, SNGPL

March 24, 2024

News Desk

Gas crisis looms as $1 billion diverted to domestic sector

Islamabad: The natural gas sector is bracing for another hit as about $1 billion is earmarked to divert expensive RLNG to the domestic sector in a bid to ease a gas crisis expected in the 2024-25 financial year. The state-owned oil and gas entities are already under the burden of a revolving debt of Rs 710 billion, mainly due to the RLNG supply. Pakistan LNG Limited (PLL) is saddled with a revolving debt of Rs 142 billion, while Pakistan State Oil (PSO) faces Rs 568 billion, all from supplying RLNG to state gas utilities. The revelation comes from key stakeholders,

January 19, 2024

News Desk

Rupee closes below Rs 280/$ after one year

KARACHI: The Pakistani currency strengthened to a 12-month high, closing just below the much-anticipated level of Rs 280 against the US dollar in the interbank market on Thursday. According to State Bank of Pakistan (SBP) data, the domestic currency appreciated by 0.04% or Rs 0.12 to close at Rs 279.98 against the dollar. This rise follows the country’s recent report of a current account surplus that hit a six-month high of $397 million, indicating that the supply of foreign currency has outstripped domestic demand. With this latest rally, the currency has gained a cumulative 9.68% or Rs 27.12 in the

December 22, 2023

News Desk

RLNG prices rose 10% in December

Islamabad: The Oil and Gas Regulatory Authority (OGRA) has announced a significant increase in regasified liquefied natural gas (RLNG) prices, increasing by up to 10.11% for the month of December 2023 compared to the previous month. This adjustment, according to OGRA, is mainly linked to a significant increase in the price of delivery on board (DES). In an official statement, OGRA clarified that the revised RLNG rates will be applicable retrospectively from December 1, 2023. This development affects consumers served by both Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipeline Limited (SNGPL ). For SSGC consumers, the new

December 22, 2023

News Desk

Energy imports fell 13% to $1.42 billion in November

KARACHI: Pakistan saw a 13% drop in total energy imports to $1.42 billion in November 2023, shedding light on sluggish demand for oil, petroleum and gas products. Economic activities remained lackluster due to sluggish growth and the recent rise in commodity prices hampered purchasing power in various sectors. Falling demand for products, particularly furnace oil used in power generation, has prompted refiners to explore export opportunities. By exporting furnace oil, refiners created scope to import larger quantities of crude oil, which, in turn, allowed them to produce high-quality products such as gasoline and diesel. According to the latest data from

November 18, 2023

News Desk

The government is considering re-prioritizing natural gas supply

Islamabad: In response to the economic challenges and the rapid depletion of natural gas reserves, the government is considering re-prioritizing the Merit Order for natural gas procurement in various sectors. The Merit Order, which gives priority to domestic consumers, is under scrutiny as the economic decision-making body debates measures to address gas supply to fertilizer plants. During a recent meeting of the Economic Coordination Committee (ECC), concerns were raised about the significant foreign exchange required to import both Regasified Liquefied Natural Gas (RLNG) and urea. Members stressed the need to re-prioritize the Merit Order for gas supply in light of

October 31, 2023

News Desk

Govt increases RLNG duty for Sui gas companies

The Nikolay Urvantsev, a ship carrying Russian liquefied natural gas (LNG), unloads gas in the port of Bilbao, Spain, March 10, 2022. — Reuters Increase due to rise in RLNG Brent prices. Ogra has cut RLNG prices seven times since January. Pakistan relies on LNG to meet almost a third of its requirements. ISLAMABAD: The government has approved an increase of up to half a dollar per MMBTU or 3.8% in re-gasified liquefied natural gas (RLNG) prices for both Sui gas companies for October 2023. The news reported on Tuesday. The Oil and Gas Regulatory Authority (Ogra) has issued a

July 26, 2022

The Pakistan Daily

ECC approves increase in RLNG price for five export-oriented sectors

Economic Coordination Committee has approved the Re-gasified Liquefied Natural Gas rate at nine dollars per MMBTU, to five export-oriented sectors across Pakistan for existing gas connections. The approval was given at a meeting of the ECC chaired by Finance Minister Miftah Ismail in Islamabad. The ECC recommended to the Federal Cabinet to raise the tariff of indigenous gas for export oriented sectors at 1350 rupees per MMBTU and for general industry at 1550 rupees per MMBTU. The Committee also approved the electricity rate at US cents nine per kwh to five export oriented sectors from first of next month. Approval

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