ISLAMABAD: Lubricant oils are as important as petrol and diesel. It is a high margin lucrative business for all those involved in the supply chain. It is unregulated as well giving pricing freedom to the lubricants suppliers and manufacturers. Unfortunately, scant attention has been paid to the issues involved in this sector. It used to be an under regulated sector requiring…
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ISLAMABAD: The Oil and Gas Regulatory Authority has vehemently refuted and categorically rejected a media report titled “OGRA Member Gas ‘delays’ bringing LPG bowsers to tax net”, terming the story “incorrect, malicious and misleading”. In response to the above-mentioned story Published in Pakistan Today on 3rd Feb 2020, the authority stated, “Although OGRA ordinance have been in force and affect since…
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ISLAMABAD: Pakistan has invited British petroleum companies to invest in its oil and gas exploration and production (E&P) sector, for which a three-round bidding process is being initiated to award new exploration blocks, a government statement said on Tuesday. “It is hoped that British businessmen and investors will actively participate in the E&P road show, scheduled to be held in…
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There could be a further $5 a barrel downside for oil prices as a result of the coronavirus, an energy analyst said this week. Both Brent and West Texas Intermediate crudes have suffered losses amid the coronavirus outbreak, but things could still get worse, according to Andy Lipow, president of Lipow Oil Associates. “I think it could slide even further,” he told CNBC’s “Squawk Box Asia” on Tuesday. “There could…
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The American Petroleum Institute (API) estimated on Tuesday a larger than anticipated crude oil inventory build of 4.18 million barrels for the week ending January 31, compared to analyst expectations of a 2.8-million-barrel build in inventory.PauseUnmuteLoaded: 64.03%Remaining Time -2:28Picture-in-PictureFullscreen Last week saw a surprise draw in crude oil inventories of 4.27 million barrels, according to API data. The EIA’s estimates, however, were for a build…
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ISLAMABAD: The Power Division has informed the government that running the 1,263-megawatt LNG-based power project near Trimmu Barrage on expensive imported gas, while ignoring other cheaper fuel options, would result in cumulative loss of Rs202 billion up to 2025. Pakistan has a long-term supply contract of 500mmcfd LNG with Qatar and the first review is due in 2025. At present, Pakistan…
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WTI crude dipped below $50 per barrel on Monday, the first time oil dipped below that level in more than a year. Oil prices are now in bear market territory compared to their previous 52-week highs, and WTI crude has dropped 20% over the past month. Even with an early bump in oil on Tuesday crude settled lower for the…
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UK supermajor BP (NYSE: BP) snapped on Tuesday a streak of gloomy earnings for Big Oil, reporting profit-beating expectations, raising its dividend, and more than doubling its U.S. shale production after buying BHP assets in America. PauseUnmuteLoaded: 48.02%Remaining Time -2:54Picture-in-PictureFullscreen BP’s underlying replacement cost profit—the group’s proxy for net profit—in the fourth quarter fell to $2.6 billion from $3.5 billion, mostly reflecting lower oil…
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ConocoPhillips (NYSE: COP) reported on Tuesday lower-than-forecast Q4 earnings on the back of lower oil and gas prices, but the Houston-based energy producer also announced a $10-billion increase in its share buyback program. close [x]Video Player is loading.PauseUnmuteLoaded: 3.18%Remaining Time -4:07Picture-in-PictureFullscreen ConocoPhillips’ Q4 adjusted earnings came in at $831 million, or $0.76 per share, down from adjusted earnings of $1.3 billion, or $1.13…
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A former prime minister languishes in a special security ward of Adiala Jail, used to hold inmates who have been given the death penalty. His “toilet” is a corner of the cell itself, marked off by walls that are only 24 inches high. And insiders say he is the only prisoner held there, so he’s alone all day and night.…
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