June 2016 is marked with the government’s holistic decision to transfer Heavy Mechanical Complex (HMC), the giant industrial unit, to the Strategic Plans Division (SPD), and the beginning of a new era for reviving the company’s past glory. As a result of long and unsuccessful privatisation process, HMC had reached a critical stage of gradual denudation of its recognised strengths…
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Libya’s National Oil Corporation announced on Sunday the closure of production at a major oil field in the country’s south, declaring a “force majeure”. “On Saturday… the Al-Fil field was subjected to arbitrary closure attempts, due to the entry of a group of individuals and the prevention of the field’s workers from continuing production,” the NOC said on Facebook. It…
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This week saw some good news finally for oil consumers. Both OPEC and the International Energy Agency revised down their demand projections, suggesting that prices finally had some meaningful downward potential. But OPEC stands ready to change track. “Severe new lockdown measures amid surging Covid cases in China have led to a downward revision in our expectations for global oil demand…
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By the time this article is printed, most likely a new finance minister would be holding the office with probably the most difficult job in Pakistan at this point in time. The most important milestone for the new finance minister would be the budget for 2022-23. With quite sketchy economic health, rising international and public debt, souring relations with the…
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It’s done. We have a new set of economic managers. The gruesome politicking, hourly chess moves, neutrality of umpires and the locking of dissidents is over. While the bickering, protests, unfolding of new corruption cases and closing of the previous ones would continue for the foreseeable future, the imminent task is to “steady the boat”. It’s rocking nor rolling. Pakistan’s…
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With a new government headed by Prime Minister Shehbaz Sharif in place, Pakistan LNG Limited (PLL), which earlier decided not to buy spot LNG cargoes for April and May, has issued tenders seeking bids from international suppliers to purchase six cargoes from LNG spot market—three each for May and June at competitive prices, a senior official of the Energy Ministry…
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With record Rs520 billion receivables on its books, the state-run Pakistan State Oil (PSO) is struggling with oil supply management as private firms and banks try to limit their exposure and volatile international oil market players prefer cash and higher premium. In a report sent to the federal government, the cash-starved leading fuel supplier has said its total receivables stood…
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Prime Minister Shehbaz Sharif has reaffirmed the commitment to work tirelessly for the welfare of the people.Inaugurating Orange Line Metro Bus Service from Peshawar Morr to New Islamabad International Airport on Monday, the Prime Minister said he will work with the same speed that he is used to.The Prime Minister regretted delay in the operationalization of Peshawar Morr-New Islamabad airport…
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DGPC today publicly opened bids for 14 Onshore Blocks for grant of Petroleum Exploration Rights through open bidding on April 18, 2022 at Petroleum House, Islamabad. Bids were received for 9 Blocks and opened by the Bid Opening Committee in the presence of companies’ representatives. The minimum investment to be carried out by the Exploration and Production (E&P) companies in…
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