Wait...
  1. Home >
  2. Export Import News >
  3. Foreign Exchange >
  4. Energy crisis behind Pakistan’s offer for conditional talks with Infia >
  5. Energy crisis behind Pakistan’s offer for conditional talks with Infia

Online Export Import Data Search

Complete Training Video : Click Here

Energy crisis behind Pakistan’s offer for conditional talks with Infia.


Date: 09-09-2019
Subject: Energy crisis behind Pakistan’s offer for conditional talks with Infia
New Delhi: Pakistan’s offer of conditional talks and its statement that it will not be the first to launch a war against India may have been prompted by not only the precarious state of its economy but also its current oil reserves which have touched a new low.

Healthy oil reserves are necessary to fight a war, but Pakistan’s energy sector is facing demand-supply imbalance owing to a host of factors, according to people aware of the matter. They said political mismanagement, crisis in the Gulf, weak currency at home and inadequate foreign exchange reserves have contributed to Pakistan’s woes.

Pakistan’s energy sector is grappling with supply and stocks below the planned level, and the country’s oil companies have suffered heavy financial losses because of insufficient foreign exchange available in the country, said one of the persons, who spoke on condition of anonymity.

The total stock of petroleum products stood at 26 days at the end of July, amounting to just 35% of the total storage capacity of 74 days.

Similarly, crude oil stock in Pakistan’s refineries stood at about 398,000 metric tonnes (MT) at August-end, as against a total capacity of around 807,000 MT, reflecting only 49% utilisation of refinery capacity. The usable stock of crude oil stood at around 256,000 MT, or nine days’ supply, ET has learnt. The situation has worsened because Pakistan’s oil marketing companies were slow in importing crude oil, said a second person.

He said the volatile global oil prices and depreciating domestic currency impacted functioning of the oil marketing companies. The increase in tax on these companies to 0.75% from 0.5% also hurt them, he said.

Pakistan’s ministries of maritime affairs and petroleum have advised the Prime Minister’s Office that 25 days of supply should be kept owing to tensions in the Gulf. However, with the Imran Khan government has not paid any attention to falling oil reserves and maintaining minimum oil supply, the people said.

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 17-10-2019
Notification No.76/2019 - Customs (N.T.)
Exchange Rates Notification No.76/2019-Custom (NT) dated 17.10.2019

Date: 16-10-2019
Notification No. 57/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI - reg.

Date: 15-10-2019
NOTIFICATION No. 40/2019-CUSTOMS (ADD)
Seeks to impose anti-dumping duty on imports of Flat rolled product of steel, plated or coated with alloy of Aluminium and Zinc originating in, or exported from China PR, Vietnam and Korea RP.

Date: 15-10-2019
Notification No. 75/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 14-10-2019
Notification No. 56/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI - reg.

Date: 11-10-2019
No. 04/2019- Customs
Clarification regarding inclusion of cesses, surcharge, duties, etc. levied and collected under legislations other than Customs Act, 1962, Customs Tariff Act, 1975 or Central Excise Act, 1944 in Brand Rate of duty drawback

Date: 11-10-2019
Notification No. 23/2015-2020
Amendment in Import Policy Condition of Urea under Exim Code 31021000 in the ITC (HS) 2017, Schedule-I (Import Policy)- regd.

Date: 11-10-2019
Notification No. 24/2015-2020
Amendment in import policy of Indian National Flag.

Date: 09-10-2019
Notification No. 53/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI -reg.

Date: 09-10-2019
Notification No. 54/2019-Customs (N.T./CAA/DRI)
Appointment of CAA by DGRI -reg.



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001