This compares to a profit of Rs15.91 billion [EPS: Rs149.21] in the same period last year. The Board of Directors (BoD) has also declared an interim cash dividend of Rs2.50 per share (25%) for the review period. The company’s top line witnessed an 18.12% YoY surge to Rs270.29 billion compared to Rs228.83 billion in the same period last year. Despite…
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Mari acquires working interest in Zarghun South and Nareli Block
Mari Petroleum Company Limited (MARI), one of Pakistan’s largest E&P companies, has acquired a working interest from Spud Energy Pty Ltd (SEPL) in Zarghun South and Nareli Block. Mari shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. “Mari and SEPL have signed agreements today (February 07, 2024) for the acquisition of 40% working interest…
Read MoreChina Was Responsible for 96% of Coal Plants Constructed in 2023
China was single-handedly responsible for 96% of global coal power capacity construction last year, cementing its position as the biggest coal builder in the world. Per data, released by Global Energy Monitor and reported by Bloomberg, China last year also accounted for 68% of new coal generation capacity that came online last year and 81% of newly planned coal generation projects. China’s…
Read MorePTA Confirms Internet Services to Remain Operational on Pakistan Election Day.
Islamabad: The Pakistan Telecommunication Authority (PTA) has quashed rumors of a planned internet shutdown on election day (February 8), asserting that internet services will continue without interruption. Despite previous concerns and past instances of disruptions, government officials have assured the public of internet accessibility during the upcoming elections. Shutdowns pose significant economic consequences, with telecom companies facing losses of Rs940…
Read MoreThis general election vote against ‘them’
By Mian Sami ud-Din You, a citizen of Pakistan, are called upon to deliberate and vote in the upcoming general elections on 8 February 2024. This is your right to exercise a choice. A choice to elect your representative in the national and provincial assemblies and to form new representative federal and provincial governments. Out of all the rights you…
Read MoreOgra Proposes Significant Gas Price Hike to Fulfill IMF Conditions
In response to the IMF’s requirements and to meet a mid-February deadline, the Oil and Gas Regulatory Authority (Ogra) has proposed substantial increases in gas tariffs, aiming to extract an additional Rs100 billion from consumers over the next four months. This move follows a significant tariff hike in November, as part of the government’s commitment to the IMF. Notably, Ogra…
Read MoreCabinet Committee on Energy Approves Amendments to Refineries’ Policy
In a significant development, the Cabinet Committee on Energy (CCoE) has greenlit amendments to the Brownfield Refineries’ Policy, addressing the key demands of private sector oil refineries. The revised policy mandates existing refineries to upgrade within six years to produce Euro-V petrol and diesel, with minimal production of low-quality fuels like furnace oil. During the meeting chaired by Minister for…
Read MoreRenewal of Sui Mining Lease (Sui ML) Agreement between Balochistan Government and PPL Decided
The federal government has made the decision to renew the Sui Mining Lease (Sui ML) agreement between the Government of Balochistan and Pakistan Petroleum Limited (PPL) for a duration of 10 years, commencing from June 1, 2015, to May 31, 2025. This renewal entails a firm payment of Rs 36 billion and a contingent payment of Rs 24 billion, totaling…
Read MoreQatarEnergy and Petronet LNG Ink Record LNG Deal to Bolster India’s Energy Mix
In a significant development, QatarEnergy and India’s Petronet LNG have sealed their largest-ever single deal for liquefied natural gas (LNG) supplies, underlining India’s intensified efforts to utilize LNG for emissions reduction. The agreement entails Qatar supplying 7.5 million metric tons per year of LNG to Petronet LNG on a delivered ex-ship basis (DES) from 2028 to 2048, according to a…
Read MoreCaretakers make record borrowing from banks
KARACHI: The caretaker government of Prime Minister Anwaarul Haq Kakar has made a record borrowing of almost Rs4 trillion from banks so far. The economy, already crushed under a huge debt burden, may witness an unprecedented increase in borrowings at the end of 2023-24 on June 30 as the amount has already surpassed the total borrowed in the entire FY23. The State…
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