Wapda has begun clearing dues owed to IPPs, prioritising repayment to oil-fired units.— Photo from AP/File
KARACHI: Oil demand in the country significantly improved by 37 per cent in August 2009, thanks to consistent rise in furnace oil demand and sharp recovery in diesel (HSD) sales, said a JS Research report issued on Thursday.
The Pakistan State Oil sales grew by stunning 44 per cent during this period due to efficient volume handling by the company.
The company supplied 31,000 tons of furnace oil per day to thermal plants in August 2009 compared to 19,000 tons in August 2008, up 63 per cent on year-on-year basis.
To improve electricity generation through existing power plants, a committee was constituted on July 21 which instructed the PSO to supply 35,000 tons of furnace oil to Wapda generation companies and Independent Power Producers (IPPs). This pushed furnace oil sales to 49 per cent on year-on-year basis to 860,000 tons in August.
HSD sales also recovered sharply, posting 26 per cent volumetric growth during the month, led by a gradual improvement in trade activities on the back of overall economic recovery, said the JS report.
Wapda clears dues of Hubco, Kapco
The International Power (England) announced on Thursday that Wapda had made further payments to independent power sector in settlement of their overdue receivables, prioritising oil-fired plants, reported Topline Securities on Thursday.
The report said that as a result International Power’s share of net overdue receivables at the Hubco and the Kapco has been fully cleared.
International Power’s share of the net overdue receivables at Uch Power Company is $17 million (£10.4 million).
‘We expect the remaining overdue receivables at the indigenous gas-fired Uch station to be cleared shortly,’ said a press release.
An exchange rate of £1=US$1.63 has been applied in this announcement.
The Pakistan State Oil sales grew by stunning 44 per cent during this period due to efficient volume handling by the company.
The company supplied 31,000 tons of furnace oil per day to thermal plants in August 2009 compared to 19,000 tons in August 2008, up 63 per cent on year-on-year basis.
To improve electricity generation through existing power plants, a committee was constituted on July 21 which instructed the PSO to supply 35,000 tons of furnace oil to Wapda generation companies and Independent Power Producers (IPPs). This pushed furnace oil sales to 49 per cent on year-on-year basis to 860,000 tons in August.
HSD sales also recovered sharply, posting 26 per cent volumetric growth during the month, led by a gradual improvement in trade activities on the back of overall economic recovery, said the JS report.
Wapda clears dues of Hubco, Kapco
The International Power (England) announced on Thursday that Wapda had made further payments to independent power sector in settlement of their overdue receivables, prioritising oil-fired plants, reported Topline Securities on Thursday.
The report said that as a result International Power’s share of net overdue receivables at the Hubco and the Kapco has been fully cleared.
International Power’s share of the net overdue receivables at Uch Power Company is $17 million (£10.4 million).
‘We expect the remaining overdue receivables at the indigenous gas-fired Uch station to be cleared shortly,’ said a press release.
An exchange rate of £1=US$1.63 has been applied in this announcement.
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