Month: February 2020

KARACHI: Pakistan Petroleum Limited’s (PPL) profit dropped 19% to Rs24.4 billion in the half year ended December 31, 2019, dented by higher operating and exploration expenses. PPL reported lower-than-expected earnings during the outgoing quarter. This deviation from our estimates was mainly on account of higher-than-expected exploration expenses,” said Topline Securities’ analyst Fawad Basir. Revenue depicted an uptrend as it increased from Rs79.1 billion to Rs85.6 billion in the half year on the back of 14% year-on-year rupee devaluation against the greenback. “However, oil and gas production witnessed 2% and 13% year-on-year…

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KARACHI: As the number of coronavirus cases rose outside China, oil slid more than five per cent at its session low on Monday, falling into bear market territory, amidst fear regarding a slowdown in the global economy. With the virus still present in China- the world largest importer and consumer of oil and  dampened oil demand, WTI, Brent and Arab light went down by 15.8pc, 16.3pc and 14.5pc respectively in the last two months or so. As the situation is getting worse with the outbreak spreading across South Korea, Italy, Iran,…

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The Sindh High Court (SHC) on Monday issued notices to the federal and provincial government on a petition seeking an inquiry into the deaths of more than 10 people in Karachi’s Keamari area due to a toxic gas leak. A two-judge bench, headed by Justice Ali Mazhar, also issued notices to the federal and provincial law officers, directing them to submit replies on behalf of the respondents and adjourned the hearing till March 11. There is still widespread confusion regarding the Keamari incident as authorities have been unable to ascertain the exact…

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ISLAMABAD: Pakistan and China on Monday pledged to keep the China-Pakistan Economic Cor­ridor (CPEC) unaffected by the temporary challenge of coronavirus outbreak as Energy Minister Omar Ayub Khan pitched for about $100 billion worth of investment opportunities in the country’s power sector. Speaking at a ceremony — Energy Week — organised by National Electric Power Regulatory Authority (Nepra), Mr Ayub said the country’s energy sector offered investment opportunities of $100bn. This included about $45bn in power generation, $20bn in transmission and $15-20bn in distribution. He said the government was planning…

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The merger of sub drilling company of the Schlumberger Land Rigs (SLR) with Arabian Drilling Company (ADC) is ready to impose a major revenue loss to already cash strapped Pakistani government. READ MORE: Russia eyeing ‘possible’ multilateral talks on Syria According to sources and a statement issued by Zaheer Babar the country manager of the Sea & Land Drilling Contractors Inc. a subsidiary of Schlumberger Land Rigs, the company is merging its subsidiary with the Arabian Drilling Company (ADC). The statement added that the ADC would assume ownership of the Sea…

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