Tag: Gold prices

August 5, 2021 (MLN): Attock Refinery Limited (ATRL) has re-appointed Mr. M. Adil Khattak as Chief Executive Officer (CEO) of the company, with effect from July 18, 2021 for the period ending on December 31, 2021.

The aforesaid information was disseminated by the company through notice to Exchange.

Copyright Mettis Link News

August 05, 2021 (MLN): The State Bank of Pakistan (SBP) announced that it will conduct a 1 day OMO to inject funds into the market.

Quotes timing is: 11:15 PST while result will be announced at: 11:45 PST

Settlement is same day - August 05, 2021

Copyright Mettis Link News

August 5, 2021: Oil prices rose on Thursday, supported by tensions in the Middle East, but failed to recoup most of the previous day's losses after a surprise build in crude stockpiles in the United States, the world's top oil consumer.

Brent crude oil futures rose by 19 cents, or 0.3%, to $70.57 a barrel by 0438 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased by 23 cents, or 0.3%, to $68.38 a barrel. Both benchmarks fell by more than $2 a barrel on Wednesday.

"With tensions brewing amongst Iran and world powers over last week's drone attack, it seems nuclear deal talks will be lengthy and unlikely to provide imminent sanction relief for Iran," said Edward Moya, senior analyst at OANDA.

Israeli aircraft struck what the country's military said were rocket launch sites in south Lebanon early on Thursday in response to earlier projectile fire towards Israel.

The exchange came after an attack on a tanker off the coast of Oman last Thursday that Israel blamed on Iran. Two crew members, a Briton and a Romanian, were killed. Iran denied any involvement.

The U.S. State Department said on Wednesday it believed Iranians hijacked the Panama-flagged Asphalt Princess tanker in the Gulf of Oman but was not in a position to confirm.

Risks of potential supply disruptions amid a forecast for more storms in the Atlantic also supported prices, Moya said.

The National Oceanic and Atmospheric Administration (NOAA) on Wednesday revised upward its outlook for the 2021 Atlantic hurricane season, estimating there was a 65% chance of an above-normal season and between three and five major hurricanes.

Helping check gains, a rise in locally transmitted COVID-19 cases in second-largest oil consumer China has prompted restrictions in some cities and cancellation of flights and is threatening fuel demand, analysts said.

Prices also fell steeply in the previous session after the U.S. Energy Information Administration (EIA) said crude stockpiles rose by an unexpected 3.6 million barrels last week.

Some analysts, though, pointed to a bigger-than-forecast fall of 5.3 million barrels in fuel stockpiles.

"The fall in U.S. gasoline stockpiles to the lowest level since November 2020 suggests that fuel demand conditions in the U.S. are still quite resilient," analysts from the Commonwealth Bank of Australia said in a note on Thursday.

The bank expects Brent oil prices to rise to $85 a barrel by the fourth quarter as oil demand outpaces supply growth.

Reuters

August 5, 2021: Highlighting the need for investment in Karachi's power sector for the continued growth of the city, K-Electric (KE) shared that the utility had submitted a revised investment plan of around Rs440billion for the tariff control period of 2017- 2023.

Per the Multi Year Tariff 2017 – 2023 (notified in May 2019) determined by NERPRA for KE, the utility was allowed an investment plan of PKR 299 billion. Subject to regulatory approvals, KE has submitted plans to make additional investments to the tune of around Rs140bn beyond the NEPRA allowed.

The revised investment plan was developed keeping in mind the dynamic and challenging environment we operate in. This plan aims to ensure Karachi’s power infrastructure can cater to the rapidly growing energy needs of the city and its adjoining areas, invest in network reliability and safety initiatives, while also driving fleet efficiency.

Commenting on the plans, Moonis Alvi CEO K-Electric shared, “The additional investment is critical to meet the requirements of Karachi which continues to expand rapidly compared to other urban centers. This additional investment is also required to improve the resilience of KE’s system against inclement weather and the impact of climate change, and is therefore critical to ensure continued supply of safe and reliable power to our 3.2 million customers.”

It is pertinent to note that KE has already invested over PKR 255bn as of 2021 since the start of the tariff control period. KE’s 900 MW RLNG-based power plant at a cost of around $650 million is expected to complete by the end of the calendar year 2021. This project is pivotal in meeting the city’s future demand growth. Since privatization, KE has also doubled its transmission and distribution capacity and achieved significant reduction in T&D losses through effective loss reduction strategies.

Going forward, KE is working with the Federal Government to build a 500 kV and 220 kV interconnections at key locations where KE’s network connects with the National Grid enabling the utility to offtake up to 2,050MW additional power from the National Grid which currently has an excess of generation capacity. With support from Ministry of Energy, NTDC and CPPA, and under guidance from NEPRA, KE managed to off-take additional power from National Grid which enabled KE to ensure smooth operations during summer of 2021.

Further, coupled with rapid installation of Aerial Bundled Cables that have resulted good results in curtailing theft, KE also plans to expand deployment of Automated Meter Readers on its network which improves visibility of the network and provides greater transparency. The combined impact of these potential investments in generation, transmission and distribution are expected to enable exemption of load-shed from around 78% of the city today to more than 90% by 2023. 

Since the tariff determined by NEPRA is a cost-plus tariff, KE’s investment plans are limited to those costs allowed as recoverable in the tariff. Allowance of these plans have no direct impact on the customer end tariff. On the other hand, if excluded, this could impact KE’s ability to seek funding for these projects thereby adversely affecting the customers, particularly new connections as well as affect safety and reliability upgradation projects.

Alvi further shared that, “We understand that Karachi is a complex and unique city and its transformation requires an aggressive and targeted capital expenditure strategy. We envision that our plan will spur progress in the city and enable us to continue the upward momentum we have developed since privatization. Our investment plan has also been revisited and enhanced in line with the evolving global economy, which has been affected by several factors including a global pandemic.”

CEO K-Electric Moonis Alvi concluded, “KE is committed to the future of Karachi and our customer experience is at the core of our business decisions. This is why we have not shied away from injecting money to add more grids and transformers, and also incorporating a 900 MW highly efficient generation plant in our fleet. I’d like to thank the Board of Directors for their support which enable us to be at the forefront of serving the city. These investments are becoming absolutely essential in today’s world, where the impact of climate change can no longer be ignored. Making our systems robust, safe, and reliable are among our top priorities. We are working with all stakeholders and sincerely hope to be able to deliver on our vision for Karachi.”

Since privatization, KE has been demonstrating its motivation and commitment to drive socio-economic progress by going above and beyond for the residents of Karachi and its adjoining areas. Aggressive investments of over $3.8bn since privatization have enabled a drastic reduction in transmission and distribution losses, making KE the most improved distribution company in the country.

Exempting industries from load-shed since 2010 has directly contributed to Pakistan’s GDP growth while also increasing employment opportunities. The percentage of the city exempt from load-shed has also risen to almost 78% on the back of additions in KE’s generation capacity, doubling of KE’s transmission and distribution network and significant reduction in losses.

Press Release

August 5, 2021: Minister for National Food Security and Research Syed Fakhar Imam says government is taking steps to introduce technology for growth of cotton crop in the country.

Addressing a news conference in Islamabad on Wednesday, he said Prime Minister Imran Khan is focusing on strengthening the agriculture sector and he is reviewing reforms being introduced in the sector.

The Minister said a Cotton Price Committee has been formed to fix the cotton price at five thousand rupees per forty kilograms.

He said the government is introducing quality control system to ensure the quality of cotton seed. He said efforts are being made to make Pakistan self-sufficient in edible oil. 

Radio Pakistan