Pakistan is considering offering shares of the Oil and Gas Development Company Limited (OGDCL) to friendly nations in the Gulf region, including Saudi Arabia, the United Arab Emirates (UAE), Qatar, and Kuwait. The goal is to secure a better price for the shares, given the challenges faced during previous attempts to divest OGDCL’s shares on the stock market. Past efforts…
Read More
The Oil and Gas Regulatory Authority (Ogra) is conducting a public hearing in Lahore today on a petition by Sui Northern Gas Pipelines Limited (SNGPL) seeking a 147% increase in gas tariffs. SNGPL has requested an increase of Rs2,646 per mmBtu, aiming to set the new price at an average rate of Rs4,446.89 per mmBtu, which would result in a…
Read More
Houston: Big Oil used an industry conference this week to argue against a rapid transition to green energy, as fossil fuel companies are emboldened by high demand and record profits despite rising alarm over climate change. Executives attending the annual CERAWeek get-together in Houston expressed confidence that fossil fuel consumption would continue growing, just months after world leaders at the…
Read More
KARACHI: The Oil Marketing Association of Pakistan (OMAP) has sought an immediate increase in the letters of credit (LCs) limits for oil marketing companies (OMCs), citing the country’s dire financial straits. “The pressing concerns surrounding foreign exchange losses, OMC margins, sales tax, smuggling of Iranian diesel, infrastructure development cess, and the revision of the price mechanism have pushed this vital…
Read More
Pakistan hopes to get better price from Saudi Arabia, UAE, Qatar and Kuwait ISLAMABAD: Pakistan’s government is expected to ask friendly nations to invest in the country’s largest hydrocarbon explorer – Oil and Gas Development Company Limited (OGDCL) – in order to fetch a better price for the company. Background discussions with officials privy to the development revealed that Pakistan…
Read More
ISLAMABAD: Only a day after announcing formation of seven committees of the cabinet, Prime Minister Shehbaz Sharif has decided to hand over the chairmanship of the Economic Coordination Committee (ECC) to Finance Minister Muhammad Aurangzeb, sources in the government told Dawn. The prime minister, however, will continue to head the Cabinet Committee on Energy (CCoE), they said, adding the prime minister took the…
Read More
Dr Ashfaque Hasan Khan warns against IMF dependency, calls for domestic reforms KARACHI: NUST Institute of Policy Studies (NIPS), Director General, Dr Ashfaque Hasan Khan, has stated that Pakistan should seek the new International Monetary Fund (IMF) loan package of $3-4 billion for a maximum period of three years, as a longer and larger programme would be an economic disaster,…
Read More
ISLAMABAD: Prime Minister Shehbaz Sharif Friday said that the Reko Diq project would prove to be a game changer for the development of Balochistan and the region.Talking to a delegation of Barrick Gold Company led by Chief Executive Officer Mark Bristow, the prime minister said: “This project will usher in a new era of development of the province and prosperity…
Read More
ISLAMABAD – The 100-index of the Pakistan Stock Exchange (PSX) continued with bearish trend on Friday, losing 265.57 points, a negative change of 0.41 percent, closing at 65,151.83 points against 65,417.40 points the previous trading day. A total of 208,408,686 shares valuing Rs.7.149 billion were traded during the day as compared to 389,654,899 shares valuing Rs. 11.307 billion the last…
Read More
KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $105 million to reach $8 billion again. The SBP’s report on Thursday indicated that the reserves of both commercial banks and the SBP increased during the week ending March 15, showing the presence of excess dollar liquidity in the banking market, which also supports exchange rate stability.…
Read More
