EU members have agreed to support a price cap level of $100 per barrel on Russian diesel sales to third-party countries, people familiar with the matter told Bloomberg on Friday afternoon. The EU’s ban on Russian seaborne crude oil products imports, including diesel and naphtha, is scheduled to go into effect on February 5. The EU’s proposal, submitted last week,…
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Venezuela’s Paraguana refinery complex is soon to begin a 100-day overhaul to reclaim its crude distillation capacity, anonymous Reuters sources suggested on Friday, with work set to be completed as a joint effort by Venezuela’s PDVSA and National Iranian Oil Refining and Distribution Company (NIORDC). Iran’s assistance with Venezuela’s Paraguana Refining Center—the nation’s largest—looks to ease Venezuela’s reliance on U.S.…
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ISLAMABAD: As a responsible corporate entity, the Oil and Gas Development Company Limited (OGDCL) – the leading Exploration & Production Company of Pakistan – has donated PKR 100 million to the Prime Minister’s Flood Relief Fund for the relief and rehabilitation of the flood-affected people of the country.Mr. Khalid Siraj Subhani, Managing Director/CEO OGDCL, presented the cheque of PKR 100…
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A parliamentary panel, on Thursday, took serious notice of 385 cases registered against gas theft, especially in Sindh. The Senate Standing Committee on Petroleum, presided over by Senator Mohammad Abdul Qadir, deliberated over the issues of gas theft from the main pipeline and was informed that a total of 385 cases had been registered against all types of theft from…
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Sui Southern Gas (pvt) Limited (SNGPL) announced three-day closure of compressed natural gas (CNG) stations in Sindh effective from Feb 3. The company said Re-liquefied natural gas (RLNG) stations would also not be able to provide gas to the consumers. The decision has been taken in order to ensure the availability of gas supply to domestic consumers. On the other…
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The downward streak in petroleum consumption continues as January 2023 sales by the oil marketing companies fall by 20 percent year-on-year. The decline in petroleum sales for the OMCs was led by a decline in furnace oil sales followed by high-speed diesel and motor spirit. Furnace oil posted a decline of 45 percent for volumes sold in Jan-23 year-on-year, while…
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The International Monetary Fund (IMF) has expressed concern over the circular debt in the gas sector of Pakistan, citing sources, ARY News reported on Thursday. Sources told ARY News that the IMF delegation visited the Petroleum Division and held talks with the senior officials. The Petroleum Division’s secretary briefed the IMF delegation regarding the measures taken by the federal government.…
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Caught up in a vicious circle of debt, Pakistan has been spiralling deep into an economic crisis — reviving recent memories of Sri Lanka’s financial-cum-political crisis. With the Pakistani rupee falling to a record low and fuel prices shooting up, Pakistan has been struggling to fulfill the basic demands of its citizens, reports claim. But why is Pakistan in such…
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Prime Minister Shehbaz Sharif on Thursday inaugurated K-3, the third unit of Karachi Nuclear Power Plant (Kanup), which will produce 1,100 megawatts of electricity. The project has been completed with assistance from China. In his address on the occasion, the prime minister said K-3 was a step forward in cooperation with Pakistan’s trusted friend China. He congratulated the scientists and…
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There is an undeniable need for more electric batteries to be produced in line with the growing global demand for electric vehicles (EVs) and electronic devices. But companies are repeatedly falling behind on their production aims due to a multitude of challenges, from supply chain constraints caused by the Covid pandemic to lithium shortages in the face of rising demand.…
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