Business

Export and non-export sectors in Punjab deprived of gas supply till July 9

Published

2 years ago

Farwa

Govt decides to suspend gas supply to divert more LNG to power sector.
To review decision after Eidul Azha.
Official says gas supply to two sectors may be cut off in Sindh as well.

The supply of gas for the export and non-export sectors in Punjab has been cut off till July 9, The News reported.

The decision to suspend the gas supply has been taken to shift the flow of LNG supply towards the power sector so that more electricity could be generated to mitigate the intensity of hours long power outages currently affecting the entire country.

However, the government will review its decision after Eidul Azha.

In the month of July, the government will have only eight LNG cargoes against the demand of 12 cargoes, showing a deficit of 400mmcfd RLNG.

Pakistan LNG Limited (LNG) failed to obtain any LNG cargo from the international spot market in its three attempts. ENI has also defaulted on its LNG cargo, which had to be delivered on July 8. So the government is on a tightrope and has no space to accommodate the industrial sector, a senior official of the Petroleum Division said.

“It has also been decided to cut off gas supply to the export sector and non-export sector in Sindh for 24 hours from Monday onward as there is a shortage of gas supply in Sui Southern Gas Company system, owing to which the availability of gas has decreased, resulting in low pressure in the system.”

He said that if hydrogenation increases substantially by mid of July, then the government may find itself in a position to restore some gas supply to the export sector.

“The government has shut down the gas supply to captive power plants of export and non-export sector in Punjab,” Executive Director of All Pakistan Textile Mills Association (APTMA) Shahid Sattar confirmed to The News. He added that the textile industry was expecting a massive decline in exports in the month of July in the wake of the non-availability of gas.

According to the notification, the gas supply to the industrial sector, including captive Power Plants, has been closed down till July 9 and after Eidul Azha, the government will review its decision.

The government is facing the biggest challenge of loadshedding across the country. The coal-based power plants including Port Qasim, Sahiwal, and China HUB are not running at the full capacity because of the lower stock of coal. Port Qasim is producing 312 MW, Sahiwal 330 MW against their capacity of 1,320 MW each.

Likewise, the China HUB also has the capacity to generate 1,320 MW but is generating over 600 MW. The government on Thursday generated 20,774 MW against the demand of over 28,000 MW, showing an electricity shortfall of over 7,000 MW. “We have not enough money to purchase coal at $450 per ton. However, we are in talks with the Afghanistan government for purchasing coal under transaction based on Pak rupee.”

Business

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

7 hours ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

7 hours ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

Published

7 hours ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.