Opec agrees first
output cut since ’08:
The
OPEC oil cartel defied expectations Wednesday and nailed down its first joint
output cut since 2008 after tough talks in Vienna, sending oil prices
soaring.At 1622 GMT Brent North Sea crude for January delivery was up $3.77 at
$50.15, the first time it has risen above $50 in a month. West Texas
Intermediate was up $3.98 at $49.21.The accord announced by the Organization of
the Petroleum Exporting Countries is aimed at reducing a global supply glut
that has kept prices painfully low.It represents a dramatic reversal from
OPEC’s Saudi-led strategy, introduced in 2014, of flooding the market to
pressure rivals, in particular US shale oil producers.The cartel will lower its
monthly output by 1.2 million barrels per day (bpd) to 32.5 million bpd from
January 1, Qatar’s energy minister and president of the OPEC conference
said.“This is a major step forward and we think this is a historic agreement,
which will definitely help rebalance the market and reduce the stock overhang,”
Mohammed Bin Saleh Al-Sada told a news conference in Vienna.
Petrol price
increased by Rs2 per litre:
The
Ministry of Finance approved on Wednesday an increase in prices of petroleum
products for the month of December.According to Radio Pakistan, price of petrol
will go up by Rs2 whereas high speed diesel price has increased by
Rs2.70.Petrol and diesel will now be sold at Rs66.27 and Rs80.64 per litre,
respectively. However, prices of light diesel and kerosene oil remain
unchanged.Officials at the petroleum and natural resources ministry had
indicated a day earlier that petroleum product prices in the country could be
increased by up to 7.5% for December 2016 due to a rise in global crude prices.
Tax collection
fell 5.8pc in November:
The
revenue collection fell around 5.8 per cent year-on-year in November to Rs212
billion, according to provisional figures available with Dawn.In October, the
revenue collection stood at Rs233.7bn, a shortfall of Rs22.3bn against the
target of Rs256bn. The shortfall was Rs59bn in the first quarter (July to
September) of this fiscal year.One reason behind the successive shortfalls was
the unprecedented payment of sales tax refunds to exporters during the last few
months, a tax official said.
North-South
pipeline: Pakistan, Russia reach LNG price accord:
Pakistan
and Russia have agreed on the price for the $2-billion North-South pipeline
that will pump imported liquefied natural gas (LNG) from Karachi to Lahore to
satisfy growing energy needs of Punjab. They will sign a commercial contract
soon.“The Foreign Office played a key role in finalising the gas price with
Russia ahead of Brics summit in October in order to muster Moscow’s support
against Indian influence.”
Textile sector
eager for package announcement:
Pakistan
Readymade Garments Manufacturers and Exporters Association (PRGMEA) Central
Chairman Ijaz Khokhar has asked the prime minister to announce the much-awaited
textile package, which was agreed between the government and all stakeholders
of the textile chains to pull the value-added textile industry out of
crisis.“The cash subsidy of 8% to exporters, as was decided at the highest
level and agreed by all the export industries of the country, should be given
immediately and without any delay along with announcing cut in utility prices
as par with the rates of regional competitors.”Denouncing the Pakistan Apparel
Forum’s ‘so-called’ Chairman Jawed Bilwani, Khokhar said that Pakistan needs to
follow the Indian textile policy, which has already given a lot of cash
incentives and rebates along with significant reduction in energy cost for the
export sectors.
Thar: SECMC
unveils plans for five more coal-fired plants
Sindh
Engro Coal Minning Company (SECMC) Chief Executive Officer Shamsudin Ahmed
Sheikh has informed that five more coal-fired power plants would be set up in
block II of Thar by December 2021 and the total production capacity of coal
based electricity of Thar would be expanded to around 3,000 megawatts.He was talking
to a group of journalists in Islamabad at the site of the project in Islamkot,
Tharparkar, said a statement issued here on Wednesday.He informed that the coal
mining project’s total cost was $845 million which would be on the basis of
75:25 debt to equity ratio and would consist of 31.5% foreign and 68.5% local
debt.
Nepra notifies
cut in electricity price:
The
National Electric Regulatory Authority (NEPRA) Wednesday issued notification
for reduction in electricity price by 2.60 rupees a unit on account of
variations in the fuel charges for the month of October 2016. Variations in the
fuel charges for the month of October 2016.The new tariff will be applicable to
all the consumer categories except lifeline consumers, domestic consumers
consuming up-to 300 units and Agriculture Consumers of all the XWDISCOs.NEPRA
further clarified that negative adjustment on account of monthly FCA is also
applicable to the domestic consumers having Time of Use (ToU) meters
irrespective of their consumption level. It further directed that the
adjustment should be shown separately in the consumers’ bills on the basis of
units billed to the consumers in the month of October 2016.
Japanese
companies join race for Pak LNG tender:
Pakistan
says Japan’s biggest trading houses are among almost two dozen companies eyeing
its liquefied natural gas purchase tender that it says is the largest on
record.Mitsubishi Corp., Mitsui & Co. and Marubeni Corp., have expressed
interest in the LNG order, which was announced earlier this month and has a
deadline of Dec. 20, according to M. Adnan Gilani, chief operating officer at
state-owned Pakistan LNG Ltd. The company is seeking bids for 60 cargoes over
five years and separately 180 cargoes over 15 years, according to two tenders
on its website published earlier this month.“Most of the large traders were
interested — the reception was much above expectation,” Gilani said in an
interview in Tokyo on Friday. “It is the largest tender that has ever been
floated.”
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