Month: February 2020

ISLAMABAD: Lubricant oils are as important as petrol and diesel. It is a high margin lucrative business for all those involved in the supply chain. It is unregulated as well giving pricing freedom to the lubricants suppliers and manufacturers. Unfortunately, scant attention has been paid to the issues involved in this sector. It used to be an under regulated sector requiring licensing but now it is unregulated, with positive and negative consequences. Used oil is an environmental liability having the potential to pollute water resources. Used oil is being recycled by…

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ISLAMABAD: The Oil and Gas Regulatory Authority has vehemently refuted and categorically rejected a media report titled “OGRA Member Gas ‘delays’ bringing LPG bowsers to tax net”, terming the story “incorrect, malicious and misleading”. In response to the above-mentioned story Published in Pakistan Today on 3rd Feb 2020, the authority stated, “Although OGRA ordinance have been in force and affect since year 2002 which required regulation of midstream and downstream sectors, OGRA first time took the cognizance of license of LPG transportation activity in the year 2011-12 i.e. over nine years…

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ISLAMABAD: Pakistan has invited British petroleum companies to invest in its oil and gas exploration and production (E&P) sector, for which a three-round bidding process is being initiated to award new exploration blocks, a government statement said on Tuesday. “It is hoped that British businessmen and investors will actively participate in the E&P road show, scheduled to be held in London soon,” said Nadeem Babar Special Assistant to the Prime Minister (SAPM) on Petroleum on while talking to Her Majesty’s Trade Commissioner Simon Penny. The statement said Penny was accompanied…

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There could be a further $5 a barrel downside for oil prices as a result of the coronavirus, an energy analyst said this week. Both Brent and West Texas Intermediate crudes have suffered losses amid the coronavirus outbreak, but things could still get worse, according to Andy Lipow, president of Lipow Oil Associates. “I think it could slide even further,” he told CNBC’s “Squawk Box Asia” on Tuesday. “There could be another $5 a barrel downside in this because we simply don’t know the extent of the virus and how long it’s going to last.” WTI was trading at $49.81…

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