ISLAMABAD: Following seemingly good deals with Independent Power Producers (IPPs) under the umbrella of top intelligence agency, the government has decided to reduce rate of Return on Equity (RoE) of government IPPs by 41 per cent to 10 percent from existing 17 per cent in rupee terms, indicating savings of billions of rupees per annum, well informed sources told Business…
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KARACHI: Oil sales increased 21 percent year-on-year to 1.6 million tons in August with furnace oil consumption in the power generation sector having sharply soared amid resurgence in post-lockdown activities, analysts said on Wednesday. Oil marketing companies sold 1.3 million tons in August last year. Sales of furnace oil (FO), high-speed diesel (HSD) and motor spirit increased 71 percent to…
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The relations of independent power producers (IPPs) have hit a new low due to serious contentions over the recent agreement signed with the government negotiation committee that saw a reduction in the rate of return and accountability of IPPs that generate excess profits. According to a report by Khaleeq Kiani in Dawn newspaper, differences have arisen between two groups of…
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Islamabad : Efforts are under-way to make Islamabad as the first-ever city of Pakistan to convert its public transport into electric vehicles in near future, said Federal Minister for Science and Technology Chaudhry Fawad Hussain on Wednesday. Addressing a press conference here, the federal minister said, “This project would revolutionalise the entire transport sector of Pakistan.” Chaudhry Fawad said that…
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ISLAMABAD, Sep 2 (APP): The Petroleum Division is planning to start ‘physical work’ on the much-delayed Pakistan Arab Refinery Company (PARCO) Coastal Refinery before the next summer to achieve self-reliance in the oil production sector. “All formalities including the refinery’s design, licensing, engineering work, sizing and product-slab have been completed. Hopefully the physical work on seven- billion dollar project will…
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Mari Petroleum has found new leadership under CEO, Faheem Haider, as of 12th August, 2020. The company broke this news in a filing to the Pakistan Stock Exchange last month. As a veteran leader in the Pakistani Oil Industry, MPCL stands strong amidst the economic crunch worldwide. Recent news dictates that Board Members at Mari Petroleum have appointed a new CEO mid-August.…
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APlastics recycling is failing. Globally, over 350 million metric tons of plastic are produced annually, but according to the OECD, only 14-18% of that is recycled. And now that China has stopped importing the world’s plastic waste, we’re being forced to deal with it domestically. The problem is, most plastics just aren’t recyclable. And even those that are degrade in…
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A suspicious package was “neutralized” by law enforcement agents at the construction site of a pipeline in Texas, Reuters reported, noting that there was no immediate information provided as to the contents of the package. A drilling crew working on the pipeline discovered the package yesterday and halted work before calling the authorities. A bomb squad neutralized the suspicious object.…
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Iraq has asked OPEC to be exempted from oil export cuts in the first quarter of 2021, the oil minister of OPEC’s second-largest producer and the least compliant member of the pact, said on Wednesday. According to remarks of Iraqi Oil Minister Ihsan Abdul Jabba to local media, as reported by Reuters, Iraq has raised the issue with OPEC at…
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ExxonMobil is considering cutting jobs worldwide on a country-by-country basis, a spokesman for the U.S. oil supermajor told Reuters on Wednesday, after the firm began a voluntary redundancy program for its employees in Australia. ExxonMobil Australia said on Wednesday that it is offering voluntary redundancies to all its employees in Melbourne, Gippsland, Sydney, Adelaide, and Perth, following “an extensive review…
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