The Board of Directors of Oil & Gas Development Company Limited (OGDCL) in its meeting held on 23rd February, 2022 at OGDCL Head Office, Islamabad announced the financial results for the half quarter ended 31st December, 2021 of fiscal year 2021-22. Net sales revenue clocked at Rs.151.163 billion translating to Profit after tax of Rs. 68.882 billion and earnings per…
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Turkey is working to increase the natural gas storage capacity at its facilities. Accordingly, the total capacity of the two facilities, Silivri and Lake Tuz underground natural gas storage facilities, will reach 10 billion cubic meters (bcm) next year, with the completion of the capacity increase works, Energy and Natural Resources Minister Fatih Dönmez said Sunday. Dönmez made the statements…
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The average cost of fuel used for electricity production doubled last month compared to Jan 2021, raising serious inflationary concerns among commercial and residential consumers alike. Even if we look at the Nepra data for Dec 2021, fuel costs were still up by almost 50%. Although the increase is mainly for reasons beyond the government’s hands — prices of coal,…
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Cemvita Factory has announced that it has launched the Gold Hydrogen program, which it describes as a coalition of organizations seeking to support the scale of the clean energy resource. Founded by Cemvita Factory and Chart Industries, Inc, the program’s other collaborators include EXP and the Center for Houston’s Future, which is a nonprofit organization. Through the program, member companies…
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As economies rebound from the impact of Covid-19 pandemic, the global trade of liquefied natural gas (LNG) registered an increase of 6% to 380 million tonnes in 2021, according to a report published by an energy company on Monday. The rising LNG demand coupled with supply constraints kept gas prices volatile throughout the year. In October 2021, LNG prices reached…
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The IMF sixth review staff report published recently contains some ambitious targets for the public finances of the federal and provincial governments combined for 2021-22. These are reflected in the performance criteria and indicative targets for the remaining three reviews in the existing programme. The expectation is that the ongoing financial year will close with a small primary surplus, for…
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The Federal Government has decided to amend Petroleum Concession Agreement (PCA), allowing a Chinese company, China ZhenHua Oil, to maintain 17.50 share of Baska Block and transfer 82.50 working interests to Pakistan Petroleum Limited (PPL). According to Petroleum Division, Baska Exploration Licence was granted over block number (3020-13) (Zone-II) covering an areas of 2,442 sq kilometres located in districts D…
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Pakistan is expected to approve a gas pricing policy this year that would drive up domestic costs for the urea industry and enable it to export, the chief executive of Engro Fertilizers told Reuters. Pakistan’s parliament last week passed a bill, which has yet to be enacted, to shift gas pricing to the weighted average cost of gas (WAGOC). The…
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Pakistan is expected to approve a gas pricing policy this year that would drive up domestic costs for the urea industry and enable it to export, the chief executive of Engro Fertilizers told Reuters. Pakistan’s parliament last week passed a bill, which has yet to be enacted, to shift gas pricing to the weighted average cost of gas (WAGOC). The…
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Pakistan’s eatable import bill surged by 21.32 per cent to $5.63 billion in the July-January period compared to $4.64bn in the corresponding period last year owing to higher international prices and massive depreciation of the rupee. The growth in food import bill was seen to bridge the shortfall of eatables in the domestic market. The share of eatables in the…
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