The oil companies have asked the government to address on an urgent basis logistic constraints resulting in underutilisation of infrastructure at the ports and causing long wait for ships and economic losses to the oil companies and the country. In separate letters to the ministers of petroleum, energy and maritime affairs, the Oil Marketing Association of Pakistan (OMAP) said the…
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SBP’s deputy governor Jameel Ahmad reported to the Senate committee on finance that the company took huge exposure to one client and something wrong happened there as there were also backward and forward links in this case. However, he said the financial market regulator SBP had examined the episode and the banks had not committed any regulatory violations while extending…
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The US-based company, Excelerate Energy (EE), has refused to extend for a few weeks its deadline of August 31 for the government to retain the FSRU (Floating Storage Regasification Unit) Sequoia currently functional at the Engro LNG terminal, saying it is committed to its new deal for regasification of LNG in Brazil, so it needs the government’s response by the…
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The refinery policy is in the making for over a year. The idea of the policy is to incentivize new players to come in and jack up production of the country’s overall refining petroleum products to at least by cent percent, and to upgrade the existing five refineries to start production of Euro-5 specification products and also reduce the production…
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Prime Minister has sought an explanation from Secretary Petroleum Division for not giving priority to Pakistan Railways (PR) and Pakistan National Shipping Corporation (PNSC) in transportation of POL products, well-informed sources told Business Recorder. These directions were issued during a recent meeting of Federal Cabinet, when at least two Ministers lodged a complaint that Pakistan State Oil Company Limited (PSOCL) is…
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In coordination with the National Command & Control Centre (NCOC) and the Oil & Gas Regulatory Authority (OGRA), Hascol Petroleum Limited is establishing Drive-Through Vaccination Centers at selected retail outlets on the M2 Motorway in Bhera, and at its Excellence Training Centre in Machike. The Covid-19 menace shows no signs of abatement in the country with the Delta variant claiming…
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The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Businessmen Panel has called for lessening the burden of heavy taxes on the power sector, as it has pushed the electricity prices higher and added to the already soaring cost of trade and industry. FPCCI’s Businessmen Panel Chairman, Mian Anjum Nisar in a statement issued here on Saturday, appreciating the…
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Masdar, a subsidiary of Mubadala Investment Company and one of the world’s leading renewable energy companies, has inaugurated the Nur Navoi Solar Project – Uzbekistan’s first successfully-financed independent power producer (IPP) solar project. The inauguration ceremony was attended by Shavkat Mirziyoyev, President of the Republic of Uzbekistan, Sardor Umurzakov, Deputy Prime Minister and Minister of Investments and Foreign Trade for…
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Energy Ministry’s Spokesman for Electricity Industry Mostafa Rajabi Mashhadi said that it is possible to increase the supply of electricity to Pakistan and Afghanistan by more than 400 megawatts (MW). The official said Iran is willing to expand relations with Pakistan and boost electricity export to this country, IRNA reported. Transmission line to Pakistan border to supply electricity to Gwadar…
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The first section of a massive new liquefied natural gas (LNG) plant bound for the Arctic Circle was loaded onto a cargo ship at Daishan manufacturing base in east China’s Zhejiang Province on Thursday. The 10,000-tonne unit will arrive in Murmansk in northwestern Russia in 25 days. With 13 more units to follow, they will form the Arctic LNG 2…
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