A short boat ride from the shores of Karachi, stately mangrove trees hug the quiet shores of an island inhabited solely by a few camels that environmentalists say provides vital coastal protection to Pakistan’s largest city. But the calm of Bundle Island is at risk, with Prime Minister Imran Khan determined to turn it into an enormous real-estate project to…
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The State Bank of Pakistan (SBP) announced its bi-monthly monetary policy on Monday and decided to maintain its policy rate at 7%, according to a statement issued by the bank. The Monetary Policy Committee (MPC) noted that since its last meeting in September 2020, domestic recovery has gradually gained traction in line with expectations for growth of slightly above 2%…
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Pakistan’s oil imports declined by 24.56 percent in first four months (July to October) of the current fiscal year, easing pressure on the country’s foreign exchange reserves. The country’s oil imports were recorded at $3.15 billion in July to October period of 2020-21 as compared to $4.18 billion in corresponding period of the last year, showing decline of 24.56 percent,…
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ISLAMABAD: Amid demand by gas utilities for increase in their prescribed price and meter rent by up to 123 per cent and 100pc, respectively, the Oil & Gas Regulatory Authority (Ogra) has decided to have testing of gas meters by independent third party, instead of gas companies themselves. The Ogra would be taking up on Monday (today) at a public…
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China’s oil giants China National Petroleum Corp. and CNOOC Ltd. are considering acquiring Exxon Mobil Corp.’s remaining stake in an oil field in Iraq, which could fetch at least $500 million, according to people familiar with the matter. A deal would mark Exxon’s exit from the project and a further retreat from Iraq by international oil majors, following Royal Dutch…
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The oil world was abuzz at the end of last week on speculation that the UAE might be on the verge of pulling out of the Organization of Petroleum Exporting Countries (OPEC). It was an entertaining sideshow to the heavyweight meetings of the OPEC+ ministerial committee that monitors output and compliance earlier in the week, but ultimately seems likely to…
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The world’s biggest container carrier saw profits soar 83% in the third quarter on recovering volumes, rising freight rates Danish shipping and logistics giant A.P. Moeller-Maersk A/S expects that the global container market could expand by up to 5% in 2021 in a rebound from the pandemic-driven hit to trade in the first half of this year. The parent of Maersk Line,…
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ISLAMABAD: An accountability court on Thursday rejected former prime minister Shahid Khaqan Abbasi’s plea seeking live telecast of LNG terminal case proceedings. PML-N leader Shahid Khaqan Abbasi had filed a petition in the accountability court and requested live coverage of the LNG reference against him and others by the NBA. Abbasi, former finance minister Miftah Ismail, former managing director of…
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Growth in the petroleum industry has gradually moved from positive to negative over the last four years. Product-wise overall growth that recovered post FY16 has been falling in the last two fiscal years. FY20 has been the weakest year in terms of year-on-year growth that stood at -20 percent as per SBP’s Annual Report for FY20 released yesterday. Year-on-year growth…
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The Sindh government announced on Wednesday the successful completion of its ground-breaking pilot project to extract palm oil from the indigenous plantation of oil palm trees in the Thatta district. It said the pilot project successfully completed by its Environment and Coastal Development Department had shown that the coastal strip of the country had the capability of growing oil palm…
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