Pakistan and Saudi Arabia are said to have agreed to activate the agreement on financing and providing crude oil and petroleum products and exploring possibilities of supply of LNG to Pakistan, well informed sources in Board of Investment (BoI) told Business Recorder. This was agreed during a first virtual meeting of the Joint Economic Sub-committee of the Saudi-Pakistan Supreme Coordination Council.…
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KE Q1 results shows considerable decline
KE’s financial results for Q1 FY 23 showed a considerable decline owing to the impact of multiple macroeconomic and geopolitical factors. The company reported losses per share of PKR 0.59 in Q1FY23 compared to earnings per share of PKR 0.11 for same period last fiscal. Gross profitability also decreased while the units dispatched to Karachi shrank by 8.9%. EBITDA decreased…
Read MoreWindfall tax must change in face of ‘excessive’ oil profits, Alok Sharma says
The UK’s windfall tax on oil and gas profits must be changed to raise billions more and to stop companies using loopholes to invest in further fossil fuel extraction, the outgoing president of global climate talks has said. “These are excessive profits, and they have to be treated in the appropriate way when it comes to taxation,” said Alok Sharma,…
Read MoreOPEC expected to stick to view of long-term oil demand rise
OPEC is likely to maintain its view world oil demand will rise for another decade, longer than many other forecasters predict, in a forthcoming major report, despite the growing role of renewables and electric cars, two OPEC sources said. The Organization of the Petroleum Exporting Countries is scheduled to update its long-term oil demand forecasts in its 2022 World Oil…
Read MoreShell Pakistan promotes biker, rickshaw fuelling safety
Shell Pakistan promotes biker and rickshaw refuelling safety to its consumers and has launched a safety campaign, named “Ehtiyaat Bunay Hifaazat” (precaution means protection), aimed at creating awareness amongst 2wheelers and 3wheelers of the risks of staying seated on their vehicles while fuelling. An industry level event was organised and attended by representatives of the Oil and Gas Regulatory Authority…
Read MoreGrowatt MID 50KTL3-X2 now available in the Pakistani market
The global leading distributed energy solution provider Growatt has launched a new C&I inverter specifically for commercial and industrial purposes. The company highlighted that the inverter is specially designed for the Pakistani solar market. The weight of MID 50KTL3-X2 is 50% less in weight as compared to the MAX 50KTL3 LV and also the volume of MID 50KTL3-X2 is 1/3 of the MAX 50KTL3 LV, which is much smaller…
Read MoreZinc Prices Could Slide Further
Since the beginning of 2022, tin prices have steadily declined. Indeed, such was the case for many metal prices after the March peak. However, it’s possible tin could see a reversal in the long term. As it begins to reach lower support ranges indicated by September 2020’s low, we could see tin start to push back towards the upside. For…
Read MoreThe Russian Oil Price Cap Could Be Set Between $63 And $64 Per Barrel
Western governments are in the final stages of preparing for the implementation of a price cap on Russian oil exports, Reuters has reported, noting that the price range for the cap has yet to be set. According to one unnamed source who spoke to Reuters, the most likely range would be between $63 and $64 per barrel—the historical average price for…
Read MoreChina urged to fast-track projects
Pakistan on Thursday urged China to put $18.5 billion worth of five projects on the fast track, as it feared that any further delay would cause collapse of the rail system in one year and delay 3,100 megawatts of electricity generation. The plea was made by Minister for Planning and Development Ahsan Iqbal during the 11th Joint Cooperation Committee (JCC)…
Read MoreChinese firm mulls $4.5bn investment in refinery project
Chinese company East Sea Group Limited has planned to invest $4.5 billion to build a refinery plant with an annual refining capacity of 8 million tonnes at Gwadar, its CEO Fang Yulong said in a think tank session of Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) on Thursday. We will build an international Gwadar petroleum storage and transportation…
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