Urgent Call for Renegotiation of IPP Agreements:
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PM Shehbaz Directs Comprehensive Plan for Minority Stakes Sale in Oil and Gas Sector
ISLAMABAD: Prime Minister Shehbaz Sharif has directed the Petroleum Division and Finance Division to prepare a comprehensive plan to sell minority stakes, including management control, in state-owned enterprises (SoEs) within the oil and gas sector to a Gulf Cooperation Council (GCC)-based strategic investor, according to sources close to the Petroleum Minister. In a meeting on June 25, the prime minister…
Read MorePPL Announces Significant Gas Discovery at Khairpur
KARACHI: Pakistan Petroleum Limited (PPL) has announced a significant gas discovery from the exploratory well Tor-1 in the Latif Block, located in Khairpur District, Sindh Province. The Tor-1 well, operated by United Energy Pakistan Beta (UEP Beta) with a 33.40% working interest, along with joint venture partners PPL and Prime Pakistan Limited, each holding a 33.30% interest, successfully reached its…
Read MorePetroleum Demand Plummets to 18-Year Low Amid Economic Slowdown
KARACHI: Petroleum demand in Pakistan has hit an 18-year low, with consumption falling to 15.3 million tonnes in the fiscal year 2023-24, which ended on June 30. Despite this decline, the government has collected an estimated Rs1 trillion in petroleum development levy (PDL) over the year. The drop in demand is attributed to the PDL of Rs60 per litre on…
Read MorePetroleum Dealers Announce Nationwide Strike Over Controversial Tax
ISLAMABAD: The Pakistan Petroleum Dealers Association (PPDA) has announced a countrywide strike on July 5 to protest the 0.5% advance turnover tax introduced in the latest budget. Despite the government’s acknowledgment of the error and assurance of the tax’s withdrawal, the PPDA remains steadfast in its protest plans. In response, the government has instructed oil marketing companies (OMCs) to maintain…
Read MoreEdhi Foundation Shifts Mortuaries to Solar Energy Amid Rising Bills and Heatwaves
Karachi: In response to the increasing deaths due to extreme heatwaves and rising electricity bills in Karachi, the Edhi Foundation has decided to transition its mortuaries to solar energy. Speaking to Independent Urdu, Edhi Foundation head Faisal Edhi stated that the decision was prompted by the sharp increase in electricity bills and persistent load-shedding. The foundation has installed an 18…
Read MoreOGDCL Collaborates with NCSW for Women Empowerment and Growth
ISLAMABAD, July 02, 2024: Oil and Gas Development Company Limited (OGDCL) has partnered with the National Commission on the Status of Women (NCSW) to empower women and foster their growth within the company.Mr. Ahmed Hayat Lak, MD/CEO of OGDCL, and Ms. Nilofar Bakhtiar, Chairperson of NCSW, on Tuesday, signed a Letter of Intent (LoI) to formalize this collaboration. The LoI…
Read MoreMari Petroleum Successfully Tests Fourth Appraisal Well in Sindh
KARACHI: Mari Petroleum Company Limited (MARI) has successfully drilled and tested the fourth appraisal well in the Mari Ghazij Formation, located in the Mari Development and Production Lease (D&PL) in Sindh, as stated in a notice to the Pakistan Stock Exchange (PSX) on Monday. The notice read, “MARI has successfully drilled and tested the fourth appraisal well in the Ghazij…
Read MoreGovernment Considers Ethanol-Blended Petrol
KARACHI: The government is exploring the possibility of blending ethanol into petrol, with the prime minister forming a committee to investigate this prospect. The committee, led by the minister of petroleum, includes the minister of finance, minister of state for finance, and the secretary of the Petroleum Division. This committee will develop a policy for ethanol-blended petrol, acting under specific…
Read MoreKCCI Expresses Disappointment Over Petrol Price Hike
KARACHI: The business community has expressed its disappointment over the recent hike in petroleum and diesel prices by Rs7.45 and Rs9.56, respectively, according to a statement issued on Monday. Businesses fear this increase will not only raise the cost of doing business but also exacerbate the hardships faced by ordinary people. Iftikhar Ahmed Sheikh, President of the Karachi Chamber of…
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