Month: May 2020

Former prime minister and Pakistan Muslim League-Nawaz (PML-N) Vice President Shahid Khaqan Abbasi on Thursday appeared before the National Accountability Bureau (NAB)’s investigation team in connection with the Liquefied Natural Gas (LNG) scam. Abbasi appeared before the NAB’s combined investigation team (CIT) at its Rawalpindi bureau. The CIT handed over Abbasi a questionnaire, which contains questions regarding evidence collected by the NAB for filing of supplementary reference against him. The questionnaire includes questions about transactions of billion of rupees in to his account. The transactions allegedly took place during the…

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A small and tedious-looking announcement of the ratification of a bylaw relating to the issuance of securities appeared on Iranian government-affiliated websites last week and was unsurprisingly ignored by the world’s international media but not OilPrice.com. To OilPrice.com the blank statement that Iran’s First Vice President, Eshaq Jahangiri, signed off on the issuance of Islamic compliant securities in the calendar year of 1399 (which began on 20 March) means Iran will have access to a massive new stream of capital that it will use to drive forward its long-stalled oil and…

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ISLAMABAD: The country’s public sector company – Pakistan State Oil (PSO) has recently defaulted on payments to LNG supplier- Gunvor – and payments on various POL products to some local refineries of PARCO (Pak-Arab Refinery Company), National Refinery Limited (NRL) and ENAR due to severe liquidity crisis that has touched new heights due to non-payment of dues of over Rs100 billion that Sui Northern has failed to pay to the entity against the LNG supply. “The PSO’s top management has sensitized the Petroleum Division about the recent defaults and asked…

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The Sindh High Court has issued notices to the ministry of petroleum, the Oil and Gas Regulatory Authority (Ogra), the Sui Southern Gas Company (SSGU) and others on the petition filed by the Petroleum and CNG Dealers Association, seeking a reduction in gas prices for the CNG sector. The petitioners told the SHC that the federal government was under a legal duty to revise and reduce the natural gas tariff following the international crude oil price crash by more than 65 per cent, resulting in cheaper imported petroleum products. They…

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Islamabad: The Morgan Stanley Capital International (MSCI) – the indexes service and analytics provider has added Mari Petroleum to its global small indexes along with PPL, replacing Nishat Mills and Sui Northern Gas Pipelines. According to MSCI the changes will take place at close of May 29, 2020, says a press release. Total number of Pakistani constituents in the small cap indexes stands at 16, including Mari Petroleum, Bank Alfalah, Engro Corporation, Engro Fertilizers, Fauji Fertilizer Company, Hub Power Company, Indus Motor, Lucky Cement, Millat Tractors, National Bank of Pakistan,…

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