The Board of Directors of Shell Pakistan Limited (SPL) announced the Company’s half year results on August 17th, 2022. The Company posted a profit after tax of Rs7.469 billion compared to the profit of Rs2.153 billion made in the same period last year. The encouraging turnaround is mainly driven by improved business performance focusing on strategic priorities such as differentiated…
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Natural gas demand in major consuming countries stood in June at 104 percent of year-ago levels, but production was flat compared to 2021 levels, new data from the Joint Organisations Data Initiative (JODI) showed on Wednesday. While U.S. natural gas production has been rising in recent months alongside LNG exports, Russian gas production has plummeted since Russia invaded Ukraine at…
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Oil prices have tanked more than 20% to trade under $100 a barrel, but Brent crude could see a reversal this year as supply in the global market remains tight, UBS said Wednesday. Brent crude, the international benchmark, slipped during Wednesday’s session to $93.33 a barrel. The commodity has lost 25% since mid-June when it traded above $125 a barrel. The…
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Federal Minister for Finance and Revenue Miftah Ismail Wednesday welcomed Pak-Iran cooperation in the energy and trade sectors, saying the government was determined to strengthen ties with the Islamic republic in all areas. In an exclusive interview with an Iranian news agency, Miftah Ismail said the Pakistan government under Prime Minister Shehbaz Sharif was ready to enhance relations with Iran…
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Top functionaries of the Petroleum Division have proposed an LPG pipeline having capacity 12,000 tonnes per day from Karachi to the north of the country, terminating at Lahore in the first phase and Rawalpindi in the second phase with offtakes at various load centres such Bahawalpur, Multan and Lahore, a senior official at Energy Ministry told The News. “At each…
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Saudi Arabia has reportedly offered Liquefied Natural Gas (LNG) to Pakistan on commercial basis in addition to activating an agreement on financing and providing supplies of crude oil and petroleum products signed between Saudi Fund and GoP. Saudi Arabia has sent this offer to Pakistan in draft minutes of the upcoming meeting of the Joint Working Group under the umbrella…
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Prime Minister Shehbaz Sharif on Wednesday approved, in principle, to abolish the China-Pakistan Economic Corridor (CPEC) Authority subject to consent by China – a decision that the government says will help fast-track the implementation of the multi-billion-dollar project. The decision was made on the basis of a summary that the planning and development ministry had moved two months ago to…
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Pakistan’s external debt has skyrocketed to almost Rs60 trillion, sending a wave of concern across financial and economic circles. The situation at the internal financial front is not rosy either with the domestic loan hitting the Rs31 trillion mark. Given the current financial mess, it seems that the IMF tranche will only end up adding more to the pile of…
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Factories in China’s southwest have shut down after reservoirs used to generate hydropower ran low in a worsening drought, adding to economic strains at a time when President Xi Jinping is trying to extend his position in power. Companies in Sichuan province – including makers of solar panels, cement and urea – closed or reduced production after they were ordered…
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