Day: January 26, 2020

KARACHI: The National Electric Power Regulatory Authority (NEPRA) has awarded generation licences to two solar power plants being setup in Balochistan with a cumulative generation capacity of 112.2MW, a statement said on Saturday. Licences have been given to P&G Energy (Private) Limited, a subsidiary of of Vogt GmbH Germany, for its 62.2MW solar power plant in Gwadar; and Enertech Boston Solar (Private) Limited, a subsidiary of Kuwait-based Enertech Holding Company Limited, for its 50MW solar power plant in Pishin. According to NEPRA, the proposed projects will result in optimum utilisation…

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KARACHI: Mari Petroleum’s profit increased 33% to Rs14.75 billion in the first half (July-December) of the current fiscal year mainly due to rupee depreciation and rise in prices of oil and gas supplied from the fields. The company had reported a profit of Rs11.06 billion in the same period of previous fiscal year, according to a notification sent to the Pakistan Stock Exchange (PSX) on Friday. The profit translated into earnings per share of Rs110.55 in the half-year period compared to Rs82.89 in the same period of last year. “A gradual…

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ISLAMABAD: The National Accountability Bureau (NAB) has swung into action and initiated an inquiry into the colossal loss to the national exchequer on account of the hurdles in connecting gas supply from Badin-IV South Gas Fields to the national transmission system and to this effect the anti-corruption body has asked the Petroleum Division to provide all the official documents pertaining to the said Badin’s gas well. The Badin-IV South Gas Fields has factually three gas discoveries — Ayesha, Ayesha North and Aminah. The fields have been completely developed and ready…

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ISLAMABAD: Undeterred by the recent failure of the much hyped Kekra project, the Petroleum Division has sought security clearance of a dozen offshore blocks before inviting international oil and gas exploration and production companies for bidding. A senior government official told Dawn that a list of 12 exploration blocks in the deep and ultra-deep sea has been provided to the Ministry of Defence (MoD) for security clearance. This [security] clearance by the MoD is a pre-requisite before offering any oil and gas exploration blocks to local or foreign exploration and…

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ISLAMABAD: The chairman of Pakistan State Oil (PSO) board of management has cautioned the government that oil supply to domestic and international airlines may come to a halt as the company is facing a financial crunch due to payments stuck in the energy chain. Receivables of PSO swelled to Rs355 billion by January 20, 2020. Financial condition of the oil marketing company appears to have worsened as the board chairman has apprised finance secretary of the situation and difficult state of affairs. It seems PSO is heading towards a financial crisis…

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