(Page 1) LyondellBasell (Rotterdam, the Netherlands) announced the successful startup of Ulsan PP Co., Ltd.’s polypropylene production facility. The facility,
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LNG supply chain in jeopardy as PLL defaults on payments
National
February 11, 2021
ISLAMABAD: In a shocking development, the 100 percent state-owned company, Pakistan LNG Limited (PLL), has defaulted with the United Bank Limited (UBL) on LNG payments, putting the LNG supply chain in jeopardy.
This appalling situation, which has emerged because of non-payment of dues of Rs61.2 billion by Sui Northern, has exposed PLL to an imminent default on future LNG supply. This irritating development was identified in Pakistan LNG Limited’s (PLL) letter of February 4, 2021 to Special Secretary of Petroleum Division Nadeem Irshad Kiyani. It mentions that receivables of PLL from Sui Northern Gas Pipelines Limited have increased to a whopping Rs61.2 billion. And because of non-payment by Sui Northern, its economic miseries have increased to a new high because of which it defaulted with UBL on LNG payments on February 3, 2021.
About 18 kilometers north of Beirut, the site of a deadly explosion that killed more than 190 people and injured over 6000 last summer, lies an aging thermal power facility that has served beyond its design lifespan. Although it should have been decommissioned by now, the heavy fuel oil (HFO)-powered Zouk power plant and its infamous white and red striped smokestacks remain standing, despite its low efficiency and high operating costs.
For more than a decade, Lebanese officials have had various opportunities to steer away from environmentally harmful energy sources and switch to natural gas. But the plans never got off the drawing board. Having failed to shift to safer fuel sources and reduce polluting facilities, the Lebanese government has pressed on instead with ad hoc policies, and recently has been considering Iraqi fuel oil amid a ravaging financial crisis. However, to persist in purchasing cheap residual fuel oil which is high in sulfur content for power generation, implies
GENCOs, SNGPL, PIA have to pay Rs259 bn to PSO
National
January 21, 2021
ISLAMABAD: The state-owned electric generation companies (GENCOs) have defaulted on payment of Pakistan State Oil (PSO) by Rs131.581 billion with Sui Northern Gas Pipelines Limited (SNGPL) also failing to clear the LNG payments of Rs107.093 billion.
Pakistan International Airlines (PIA) is not behind in the race as it has so far defaulted on payment of Rs20.802 billion, unfolds the financial daily position of the Pakistan State Oil as of January 19, 2021 available with The News. Moreover, HUBCO and KAPCO owe PSO Rs65 billion.
The data about the daily financial position of the state-owned entity also shows that receivables of PSO have jacked up to Rs333.730 billion, putting the entity in hot waters making it unable to smoothly run its operations.