Day: January 4, 2021

The Asian high sulfur fuel oil market in contrast is expected to see lengthening supply, according to traders, as refineries make incremental increases to production and demand from utilities in South Asia falls in January, with the exception of Sri Lanka. The Singapore Marine Fuel 0.5%S balance-January/February backwardation in mid-morning trade Jan. 4 was stable from the Dec. 31 assessment of $1.50/mt, with bids seen at $1/mt against no offers, Intercontinental Exchange and broker data showed. ** Singapore Marine Fuel 0.5%S is expected to begin the year on a strong…

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ISLAMABAD: The Federal government has allowed Petroleum Division (PD) to utilise funds from the Gas Infrastructure Development Cess (GIDC), amounting to Rs1.717 billion for the repayment of Government Holdings (Pvt) Limited (GHPL)’s loan, well informed sources told Business Recorder. The Inter State Gas Systems (Pvt) Limited (ISGSL) was the nominated entity of the Government of Pakistan (GoP) for the implementation of various strategic gas infrastructure projects of international stature on a G-to-G basis. The Company was established in 1996 with the authorised capital of Rs10 million. The permitted establishment /…

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Arguably the most successful investor of all times, Warren Buffett, once said there was no way “to predict what the market would do in the short term”. The same holds true for the Pakistan stock market in 2021. What really is certain is the uncertainty that pervades the market. One thing about stock market analysts and strategists is that all of them tend to be optimistic. The KSE-100 index has been targeted and visualised to settle between 52,500 points and 60,000 points by the end of December. The index is…

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ISLAMABAD-Cognizant of the country’s existing and future energy needs, the Petroleum Division (PD), during the year 2020, has aligned its strategy to streamline the matters related to the oil and gas sector. It introduced the ease-of-doing-business plan and took radical measures to ensure a level-playing field for all competitors in the energy sector. For the purpose, as many as 10 unnecessary steps, out of 24, were abolished to encourage investment in the petroleum sector. Recounting the government achievements in the oil and gas sector, a senior official privy to the…

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KARACHI: While the Sui Southern Gas Company (SSGC) has denied claims of loadshedding in domestic and industrial sectors, the consumers in Karachi continue to face gas shortages in extreme cold. In a press statement on Sunday, the company said that as per the government of Pakistan’s gas load management plan, domestic and zero rated industrial customers are to be given gas on top priority and the company is providing gas to these sectors without fail. As for the areas located at tail-end, it said that there is low gas pressure.…

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