Month: January 2020

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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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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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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