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Petroleum

Azerbaijan proposed open oil credit facility worth $100 Mn to Pakistan

ISLAMABAD: Pakistan is offered by Azerbaijan to attain an open credit line worth $100 million for the purchase of petroleum related goods, without any superior guarantees. According to report, a senior government official said at present the offer proposed by Azerbaijan will be a helping hand to Pakistan. Previously, immense pressure is being built on the government related to balance of payments & falling foreign exchange reserves, for which it is decided that Pakistan will soon originate talks over a bailout…

Senate committee calls for probe into ‘under-utilization’ of PGPC’s LNG Terminal 2

ISLAMABAD: The Senate Standing Committee on Petroleum in its meeting on Monday called for undertaking a probe into the of under-utilization of LNG Terminal 2 at Port Qasim Authority, ARY News reported. According to details, the Senate committee questioned as to why the Pakistan GasPort Consortium (PGPC) terminal is under-utilized and why power division doesn’t give adequate demands for gas production to the terminal. The committee expressed serious concerns as to why such a huge terminal was built and wrong assumptions…