Petronas seeks new LNG markets

including Pakistan

KUALA LUMPUR (INP): Petroliam Nasional Bhd (Petronas) is on the lookout for ways to broaden and expand its customer base for liquefied natural gas (LNG) and sees demand coming from Japan, India, Pakistan, Bangladesh and South-East Asia nations. Executive vice-president and chief executive officer (upstream) Datuk Anuar Taib said the national oil company was working towards closing sales and supply deals with some countries around the region as well. "We see a faster and bigger shift going into gas right now and our role is to deliver an affordable, environmentally friendly source of energy to the consumers," he told Bernama on the sidelines of the 19th Asia Oil and Gas Conference in Kuala Lumpur on Tuesday. Anuar said Petronas had placed its team members in every market with buying potential and the cargo from its pioneer floating LNG facility, the PFLNG Satu, was sent to India. The PFLNG is an LNG facility, custom-built as a vessel to liquefy, produce, store and offload LNG.

According to Anuar, LNG prices have dropped from between US$14 and US$15 per million British thermal units (mmBtu) in 2014 to between US$6 and US$7.50 per mmBtu now, making it more affordable for countries like Pakistan, Thailand, Bangladesh and India.

Previously, the LNG market was covered by buyers such as Japan, South Korea and also China.

"This is the challenging part for us as the supplier. You have to figure out how to deliver the LNG to the market in a cost-effective manner, so that we will be able to have a profit, as well as keep it affordable to those purchasing," he said.

He pointed out that this called for the company to operate the business via a cost efficient, cost effective and cost productive manner.

Border tensions should be defused

without delay: FPCCI

ISLAMABAD (INP): The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Tuesday said border tensions with Iran and Afghanistan should be diffused. Islamabad, Tehran and Kabul should not allow the tensions to escalate as it will damage all the stakeholders, it said. The situation should not be allowed to last for long while it should not have any impact on bilateral trade and second round of FTA talks between Pakistan and Iran scheduled in July, said Chairman of FPCCI Regional Committee on Industries Atif Ikram Sheikh. He said that business community hope that hoped that Pakistan and Afghanistan would properly address the border issue and jointly uphold peace and stability. Atif Ikram Sheikh lauded the authorities of both Pakistan and Afghanistan who have issued conciliatory statements in an apparent attempt to defuse the situation. He lauded the government for establishing a number of energy projects to bring loadshedding to an end.

The business leader said that apart from the new projects, the operational projects should be improved while the transmission and distribution system should be upgraded without any delay.

He said that an efficient energy system can save around fifty percent of electricity and millions of litres of fuel cutting oil import bill to half while saving fifty percent of the natural gas.

He said that China is consuming fifteen percent of the global energy but if she upgrades infrastructure to the level of Japan it will save fifty percent of the energy worth billions of dollars. Our Government should promote energy efficiency in state-run and private institutions, he said.

PEW asks govt to pay attention to hydel power

ISLAMABAD (INP): The Pakistan Economy Watch (PEW) on Tuesday said government should pay proper attention to the hydel power projects that generate cheap electricity. Power plants using imported fuel generate costly electricity which fluctuations in the oil prices results in miseries of the masses, it said. The energy sector has become dysfunctional because of the apathy of the successive government since Musharraf times, said Dr. Murtaza Mughal, President PEW. He said that energy crisis in Pakistan is result of decades of indifference and it cannot be resolved any time soon and it will continue to damage masses and the economy. He said that dysfunctional power sector continue to deprive 35 percent of population of grid electricity while the 65 percent have been facing loadshedding. Dr. Murtaza Mughal said that Pakistan fulfil 32 percent of energy demand through imported oil which is biggest hurdle in the ample power generation while the circular debt continue to push away the investors.

He said that power transmission and distribution system has developed irreparable faults and at many places it as old as the country is, adding that the power sector is a classic example of the bad governance.

Transparency is needed in every area of the power sector including audits of generation to transmission and distribution issues, to billing and recoveries, so that a reliable picture can be built of the state of affairs within the sector, he noted

Two ministries have overlapping functions damaging the weak power sector therefore it should be made subservient to a body which is public centric disregarding profits.

Rice exporters’ body to attend Biryani

Festival in Jeddah

JEDDAH (INP): A 14 members joint delegation of Rice Exporters Association of Pakistan (REAP) and Pak-Saudi Joint Chamber of Commerce & Industry (PSJCCI), headed by Shah Jan Malik Vice Chairman REAP, will be visiting Saudi Arabia from 11-19 May, 2017, as part of trade promotion activities to increase export of rice to the Royal Kingdom of Saudi Arabia. The Consulate of Pakistan will organize a Pakistan Biryani Festival during their visit to Jeddah. Shehryar Akbar Khan, Consul General of Pakistan has appreciated the initiative taken by the Rice Exporters of Pakistan, and hoped that these efforts would support our efforts to increase the exports of rice to the Kingdom. He shared that the Consulate is making an extensive program for the delegation which includes meetings with Makkah and Jeddah Chambers, Business to Business Networking Session and Meetings/Visits to the leading Supermarkets and Hypermarkets of the Western Region.

Members of the delegation are very confident that they will meet their objective and the visit will be fruitful. They are hopeful that there is tremendous scope for the export of Pakistani Basmati rice to Saudi Arabia, because of its supreme quality, unique aroma and taste. This is the reason why Pakistani basmati rice is very popular worldwide including Saudi Arabia. Rice Exporters Association of Pakistan has been making candid efforts to promote Pakistani rice which has resulted in exponential increase in the popularity of Pakistani rice across the globe.

Mian Mehmood the President of Pak-Saudi Joint Chamber of Commerce & Industry said that Saudi Arabia imports over USD 1 Billion worth of rice every year making great opportunity for REAP to further increase the export of rice. He said that the joint Chamber of both the Countries is playing a very vital role in promoting trade in all the sectors between the two brotherly countries.

Sheikh Mahzen Batterjie Vice Chairman Jeddah Chamber of Commerce and Industry (JCCI) has welcomed the visit of the delegation and said that such bilateral visits are necessary to increase the bilateral trade, commerce and investment between both the countries.