Month: April 2020

The Independent Power Producers’ (IPPs) role is to be finally capped below 10 percent of the power mix and they have to compete for tariffs with the public sector, a model already being used in the developed world. Also, privatization of utilities should be strictly forbidden and let the National Transmission & Despatch Company (NTDC) be returned to Water & Power Development Authority (WAPDA) while the distribution companies (DISCOs) should be given under the provincial control in line with the constitutional requirements. The GENCOs, responsible for WAPDAs thermal generation and…

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Pakistan’s leading oil and gas exploration company, Mari Petroleum Company Limited (MPCL), has taken the initiative to provide clean drinking water to the residents of Islamabad. Realizing its corporate social responsibility and the issue of water scarcity, MPCL has rehabilitated three water filtration plants in the Federal capital. This operation was carried out in the water filtration plants of the areas, G-10/4, G-9/1 and G-7. Mayor Islamabad, Sheikh Ansar Aziz and Deputy Mayor, Syed Zeeshan Naqvi, inaugurated the water filtration plants on 22 April, 2020. Several officials were present on the occasion…

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KARACHI:  Pakistan Petroleum’s (PPL) profit rose 2.84% to Rs14.15 billion during the quarter ended March 31, 2020 due to a notable plunge in exploration cost and an increase in other income. The company had reported a profit of Rs13.76 billion in the same quarter of the previous year, according to a notice sent to the Pakistan Stock Exchange (PSX) on Thursday. Earnings per share of the oil company stood at Rs5.20 in the quarter under review compared to Rs5.06 in the same period of the previous year. Net sales of…

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Monday’s epic collapse in WTI (West Texas International) crude oil futures to forty-minus-zero might not be just a “fleeting moment” that the biggest Pakistani English newspaper’s lead editorial made it out to be. The development may have occurred only for contracts for May delivery, that were expiring on Tuesday (one day after the crash), and only happened in the market for one benchmark. Yet it did not take long for the June contract to come under pressure as well as it dropped by more than 45 per cent to close…

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PESHAWAR: With zero reported cases of Covid – 19 in its exploration and production fields of KP through strictly maintaining health, safety and environment (HSE) undertakings of the company, MOL Pakistan on Thursday said it was committed to keeping its operational continuation to meet the energy demand of the country despite testing times. The MOL Pakistan’s Country Pandemic Operative Response (CPOR) Plan has been formulated in line with recommendations of the WHO and the National Preparedness and Response Plan for COVID-19 by the Ministry of National Health Services, Regulation and…

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