You are here

Day: July 12, 2023

OGRA & MINISTRY OF ENERGY (PETROLEUM DIVISION) JOINTLY HOSTED MEETING WITH OIL INDUSTRY

Admin
Oil-and-Gas

Islamabad. The Oil and Gas Regulatory Authority (OGRA) and Ministry of Energy (Petroleum Division) jointly hosted the meeting with Oil Industry to deliberate on many challenges highlighted by the industry. The Oil industry representatives presented the sector’s concerns and submitted proposals to deal with the challenging business environment in the country. The submissions of the Oil Industry were discussed and…

Read More

OMCs seek 100pc rise in margins on POL products

Admin
fuel-oil

KARACHI: The oil sector has sought a 100 percent increase in the margins of oil marketing companies (OMCs) on petroleum products, citing a higher cost of doing business following a 20-year slump in diesel demand, The News learnt on Tuesday. Oil industry representatives held a meeting with the Oil and Gas Regulatory Authority (OGRA) on Tuesday and presented the sector’s…

Read More

PRL eyes $5 billion investment after refineries upgrade

Admin
PRL-eyes

KARACHI: Pakistan Refinery Limited (PRL) is eyeing $5 billion investment after an upgrade at all its existing refineries, which will result in 5 deep conversion refineries collectively capable of refining around 350,000 barrels per day (bpd) of crude oil, Tariq Kirmani, chairman of the board of directors at PRL, said in a statement. The company is making strides towards enhancing…

Read More

IMF board to meet today to decide on $3bn loan agreement

Admin
IMF-board

The International Monetary Fund’s (IMF) executive board will meet today (Wednesday) to review the $3 billion stand-by agreement for Pakistan, which was finalised at the end of June. Pakistan expects the board to also release the first tranche of $1.1bn as part of the loan programme. The initial disbursement is contingent upon the board’s approval. Pakistan was absent from an earlier schedule…

Read More

Ecnec clears health, energy projects worth over Rs1tr

Admin
energy-projects

ISLAMABAD: The Executive Committee of the Economic Council (Ecnec) on Tuesday approved six projects with an estimated cost of Rs1.077 trillion including two mega country-wide projects in health and energy sectors. Federal Minister for Finance and Revenue Ishaq Dar presided over the meeting also attended by Commerce Minister Syed Naveed Qamar, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq…

Read More

$5bn Chashma-5 N-plant to produce power at Rs20 per unit: Country has swallowed a bitter pill?

Admin
Chashma-nuclear

ISLAMABAD: The dollar-deficient Pakistan is said to have accepted a bitter pill of $ 5 billion Chashma-5 (C-5) nuclear power plant at electricity price of about Rs20 per unit, substantially higher than Thar coal projects besides shelving renewable energy projects, well-informed sources told Business Recorder. Last month, China and Pakistan signed a Memorandum of Understanding (MoU) for a 1,200 MW Chashma-5…

Read More