Pakistan’s premier conglomerate, the Engro Corporation Limited, has announced its financial results for the year ended December 31, 2022. Overview of financial performance during 2022: the Engro Corporation’s standalone revenue increased from Rs 21 billion in 2021 to Rs 24 billion in 2022, exhibiting healthy growth of 14 percent. Higher revenue was primarily due to higher dividends received from Engro…
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State Minister for Energy (Petroleum Division) Musadik Malik has opposed the supply of subsidised gas to fertiliser manufacturers and power producers, as poor people are paying a high price for the “elite capture”. Speaking at the concluding session of the sixth edition of The Future Summit, organised by the Nutshell Group, Malik underlined that the government was supplying gas at…
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Digitisation has the potential to add $60 billion to Pakistan’s economy within the next seven to eight years says the Overseas Investors Chamber of Commerce and Industry (OICCI) in its recently published report. The OICCI report titled “Recommendations for Digital Transformation in Pakistan”, presented to the president of Pakistan, aims to help the country on its digital journey. The report…
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National Electric Power Regulatory Authority (Nepra) has constituted a five-member inquiry committee to thoroughly investigate power breakdown due to contradictory stances of concerned entities. Due to system disturbance in the transmission network of NTDC, a total power system collapse occurred on January 23, 2023 around 07:34 a.m. which plunged the whole country into darkness and the system was completely restored…
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A Luxembourg court has issued seizure orders for two units of Malaysia’s state oil company Petronas as part of an arbitration case brought against the Malaysian state by the descendants of a now-defunct sultanate in the Philippines. The court case is based on a deal made in the late 19th century by European colonists of Southeast Asia with the then-sultan…
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Metals and minerals prices have soared over the last year, a trend that is likely to continue as the global demand for these resources continues to increase in line with the green transition. The price of lithium, cobalt, nickel, aluminum, and copper have all risen as renewable energy projects and battery manufacturing operations expand worldwide. While the scarcity of these…
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hen Russia invaded Ukraine nearly a year ago, few people would have imagined that the disruption of oil and gas supplies would push the fossil fuel sector to historical highs. In fact, shareholders were more concerned about the hefty charges and writedowns that multinational oil and gas companies might be forced to take on their Russian investments. And, their worst…
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After failure of Prime Minister’s designated inquiry committee in unearthing reasons of the January 23’s countrywide power breakdown, the National Electric Power Regulatory Authority (NEPRA) on Thursday constituted a committee to thoroughly investigate the matter. The power regulator said it had taken a serious notice of the outage and acquired a preliminary report from National Transmission and Despatch Company (NTDC)…
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Pakistan has sent a reminder to the UAE asking for a response to the IGA (Inter-governmental Agreement) draft for the import of POL products, officials of the Energy Ministry told The News. We have sent the reminder through MOFA (Ministry of Foreign Affairs) to the UAE government, seeking its response to the IGA draft Petroleum Division had sent to the…
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Oil and Gas Regulatory Authority (OGRA) on Wednesday issued a notification of gas sale price for domestic, commercial and industrial sectors, which would be effective from January 1. Under the “protected category,” as per the notification, the authority has determined Rs 121 per Million British Thermal Unit (MMBTU) gas for domestic consumers using up to 0.25hm3 (in cubic hectometers) gas…
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