KSE-100: Covid concerns, forward inflation risk keeps Investors on sidelines; index dips 82 points
July 7, 2021
Bears continued to rule at the KSE-100 index for the third consecutive session as investors remained on the sidelines- treading cautiously amid resurging Covid -19 cases in the country and rising concerns over forward Inflation.
On Tuesday, the trading activity resumed on a positive note, as the Index traded in the range of 417.75 points or 0.88 percent of previous close, showing an intraday high of 47,662.68 and a low of 47,244.93. The index clocked at 47,346 level by the closing bell after posting an 82 points loss. During the day, the National Command and Operation Centre (NCOC) held a meeting and indicated towards re-imposition of stringent standard operating procedures in view of a consistent uptrend in Covid-19 cases over the past one week. This report, in particular, coupled with higher international oil prices which weighed on inflation expectations, played on in
Bunkerworld News - FUJAIRAH DATA: Oil product stocks fall to six-week low on higher summer demand
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Fujairah data: Oil product stocks fall to six-week low on higher summer demand | Hellenic Shipping News Worldwide
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PQA ends cess on LNG vessels
Collects $47.5 million CDC meant for widening the channel to berth
The SAPM on power and petroleum stated that it was very difficult to pre-empt the demand of LNG, which fluctuates heavily due to the seasonal and other reasons. PHOTO: FILE
ISLAMABAD:
The Port Qasim Authority (PQA) has discontinued the Channel Development Cess (CDC) it has been charging on LNG vessels.
PQA had collected $47.5 million CDC meant for widening the channel to berth the liquefied natural gas (LNG) vessels.
However, two state-run energy companies - Pakistan LNG Limited (PLL) and Pakistan State Oil (PSO) - had pointed out that LNG vessels were still facing problems in navigating despite PQA collected the cess. The two companies informed the Petroleum Division that the CDC was collected for the first 200 LNG carriers for channel widening and dredging.
Qatar LNG supply in limbo as govt drags feet on dry dock
July 2, 2021
LAHORE: An indecisive Federal Ministry of Energy dragged its feet on carrying out dry docking of most efficiently run Liquefied Natural Gas (LNG) based Floating Storage and Regasification Unit (FSRU), missing several low demand periods during mild weather and lockdowns despite repetitive reminders, The News learnt on Thursday.
As a last resort, Qatar was contacted to allow filled FSRU in place of outgoing ship with a view to saving shutdown time but that move was too late to be a starter given the documentation required for this purpose. Hence, Qatar, the principal and pioneering exporter of LNG to Pakistan was left with no option but to refuse loaded LNG ship as no time was left to fulfill altered contractual requirements in this regard, officials associated with the development confirmed to The News.