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Crippling energy crisis

Crippling energy crisis All state-owned enterprises in the power and petroleum sectors must hire highly qualified professionals based on merit The writer is a retired professional based in Karachi. He can be reached at [email protected] Crippled with an overwhelming energy crisis, Pakistan is increasing its dependence on oil and gas, especially on imported LNG. The circular debt, currently standing at a colossal Rs2.3 trillion, is all set to cross Rs2.6 trillion by the end of the ongoing fiscal year. Reportedly, Rs1 trillion is owed by Sui Southern Gas Company Ltd (SSGCL) and Sui Northern Gas Pipelines Ltd (SNGPL) to Oil & Gas Development Company Ltd (OGDCL) and Pakistan Petroleum Ltd (PPL) which are the mainstay of oil and gas exploration and production in Pakistan. This cheap indigenous source of energy is almost half the price of imported LNG, the use of which is increasing in Pakistan. This is placing a heavy financial burden on our limited foreign exchange reserves and holdi

Eni exits Pakistan, sells assets to local JV - Newspaper

Italian energy company Eni headquarters is seen in Rome, Italy September 30, 2018. Reuters LAHORE: The Italian energy company, Eni, has sold its assets in Pakistan to Prime International Oil & Gas Company, a newly established joint venture (JV) between its local employees and Hub Power Company, in line with its 2021-24 business plan to dispose of its non-key assets to raise cash after the global downturn triggered by the Covid-19 pandemic and to move towards cleaner fuels. A statement posted by the oil and gas exploration firm on its website said the sale of its Pakistani assets aligned to its wider strategy of reshaping and simplifying the company’s portfolio, extracting additional value from its strategic assets and disposing non-core business as per its four-year strategic plan.

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