Day: October 31, 2020

LAHORE: Pakistan’s first and mega High Voltage Direct Current (HVDC) project — Matiari-Lahore transmission line — has almost been completed as engineers finished the entire line stringing work besides energising the converter station near Lahore. The project, launched under the China-Pakistan Economic Corridor, has now officially entered the testing and commissioning phase that is likely to complete by December this year, Dawn has learnt. “We have completed all major works (civil, electrical, mechanical, erection etc) of the 886km transmission line. After completion, the project has officially entered a new stage of energised…

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Already struggling with weak prices from oversupply, the pandemic is taking a heavy toll on the oil industry. The International Energy Agency (IEA) says the impact on investments in the oil industry will continue to be felt for years to come. The ongoing coronavirus pandemic will end up having long-term impacts on the petroleum industry that could be felt for years to come. The IEA suggests that in 2020, so far, oil majors have made spending cuts averaging about 35 percent in response to the effects that the coronavirus pandemic…

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Oil and Gas Development Company’s (OGDC) profit fell 14% to Rs23.4 billion in the quarter ended September 30, 2020 due to a massive drop in oil prices in the international market. According to a notice sent to the Pakistan Stock Exchange on Thursday, the company had reported a profit of Rs27.3 billion in the same period of last year. Accordingly, earnings per share (EPS) of the company came in at Rs5.45 during the Jul-Sept 2020 quarter against Rs6.35 in the same quarter of previous fiscal year. Along with the result,…

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HYDERABAD: Federal Energy Minister Omar Ayub on Wednesday announced that Pakistan is planning to lay down a new gas pipeline with the cooperation of Russia. While announcing that gas reservoirs of the country are witnessing a fast decline, he blamed the PPP and PML-N for doing nothing during their previous tenures for tackling the situation. “They did not sign any tender for new gas reservoirs,” he added. The minister said that the recent hike in power tariff is also due to agreements signed by the previous governments, adding that the incumbent…

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Shell Pakistan Limited (‘SPL’) has announced the financial results for Q3 2020. The company posted an after-tax profit of Rs. 1.81 billion, which is 218% or 2.18x higher as compared to the profit of Rs. 570 million in the same period last year. Overall, during the nine months of 2020, the company reported a loss of Rs. 6.06 billion, up by 5.91x as compared to Rs. 877 million recorded in the same period last year. The financials still present a challenging situation, driven primarily by the unprecedented coronavirus pandemic and…

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