European gasoline margins rise as oil falls

Northwest European gasoline barge refining margins rose on Friday as oil prices fell. Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub dropped by almost 7% in the week to Thursday, data released by Insights Global showed. Arrivals of European gasoline and gasoline components to the United States have remained low at about 395,900 tonnes so far in January, Refinitiv Eikon data showed. Last month, Europe exported around 990,900 tonnes of gasoline and components to the United States. US oil refiners are expected to have…

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Discos’ power tariff may be increased by Rs 0.35 per unit

The government is likely to increase power tariff of Distribution Companies (Discos) by Rs 0.35 per unit for second quarter of fiscal year 2019-20 to collect about Rs 30-35 billion from consumers’ as capacity payment of IPPs as per agreement with the International Monetary Fund (IMF). This will be in addition to Rs 1 per unit increase in Fuel Price Adjustment (FPA) of November 2019, hearing of which is scheduled for January 29, 2020 as well as for the annual tariff increases. Some of the Discos have already filed their…

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NEPRA awards generation licences to two solar power plants

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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Mari Petroleum’s profit jumps 33% to Rs14.7b

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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Power Division under NAB radar for delay in gas supply from Badin

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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Govt in push for 12 more offshore oil and gas exploration blocks

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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Cash crunch may force PSO to stop oil supply to airlines

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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NOC obtained: PIBTL to set up LPG handling facility

Pakistan International Bulk Terminal Limited (PIBTL) is working on setting up LPG handling facility at Port Qasim as part of its expansion plan and has received NOC from Sindh Environmental Protection Agency (SEPA). The company is planning LPG handling facility with local business partner which will make investment in LPG storage facility while PIBTL will invest in infrastructure required for LPG handling. The company will be able to increase its dollar-based revenue by invested in this project. To highlight PIBTL is currently charging $ 6.5/ton and $ 5.5/ton for coal…

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OGDC share prices plunge on alleged manipulation

ISLAMABAD: Shares in Pakistan’s biggest firm Oil and Gas Development Company Limited (OGDCL) plunged maximum of 5 percent in an intraday trade on Wednesday due to apparent market manipulations that followed on rumors that the government plans to divest its 7 percent stake in the company at a discount rate, brokers said. They said investors went into stampede-selling and the OGDC share price hit the lower lock, but the day became even more interesting when an abnormally large buying of its shares was seen in the last hour. The company…

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Tankers Idle At Libyan Ports As Oil Exports Dry Up

Ten oil tankers capable of carrying some 8 million barrels of oil are idling near some of Libya’s oil export terminals, tanker-tracking data monitored by Bloomberg showed on Thursday, as the Libyan port blockade entered an ugly sixth day. Groups loyal to eastern strongman General Khalifa Haftar blocked virtually all exports from the African oil producer, and when storage reaches maximum capacity, it will result in a complete loss of all of Libya’s 1.2 million barrels per day of oil production and exports. “Shutdown of all affected oil fields will result in a loss…

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