Month: February 2021

Mari Petroleum’s profit jumps to Rs7.33b

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Owing to a notable decline in other expenses and a modest rise in revenue, Mari Petroleum’s profit rose up from 0.68% to Rs7.33 billion in the quarter ended December 31, 2020. Mari Petroleum is an integrated exploration and production company, currently managing and operating Pakistan’s largest gas reservoir (in terms of remaining reserves) at Mari Gas Field, Daharki, Sindh. It is also registered as a blue-chip company at the Pakistan stock exchange and regularly wins awards and accolades from various independent bodies not only for its financial and operational performance…

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Current account deficit at $229m

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Pakistan recorded a current account deficit – higher foreign expenditures compared to income – for the second successive month in January at $229 million mainly due to increase in import of food items, industrial raw material and machinery. The growth in imports – mainly of industrial goods and machinery – indicates expansion in businesses and growth in economic activities in the country as the economy largely depends on them. Receipt of higher remittances from overseas Pakistanis offset the impact of growth in import payments on the current account deficit. The…

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Oil rises with storm-hit US output set for slow return

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Oil prices rose on Monday as the slow return of US crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the Covid-19 pandemic. Brent crude was up $0.51, or 0.8%, at $63.42 a barrel by 0945 GMT, after gaining nearly 1% last week. US oil rose $0.45, or 0.8%, to $59.69 a barrel, having fallen 0.4% last week. Abnormally cold weather in Texas and the Plains states forced the shutdown of up to four million barrels…

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LPG shipping rates: the rise… and the fall

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PG shipping rates have seen what can only be called a dramatic start to the year. The steep gains, followed by the freefall have dwarfed the volatility seen in 2020. As we move deeper into 1Q21, and China comes back into the picture after a long holiday, we do expect rates to find some floor. Meanwhile, the stock prices which are otherwise highly correlated, have shown remarkable resilience, seemingly immune to the recent fluctuations in the spot market. The rise On 11 November 2021, the BLPG1 (representative of the Middle…

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FDI down 27.4pc to $1.145bln in Jul-Jan

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KARACHI: Pakistan’s foreign direct investment (FDI) fell 27.4 percent in the seven months of this fiscal year, hurt by dropping investor confidence in the economy due to the stalled International Monetary Fund (IMF) loan programme and slippage in global growth amid the coronavirus pandemic. Data issued by the central bank showed on Monday that the country attracted $1.145 billion in FDI in July-January FY2021, compared with $1.577 billion in the corresponding period of last fiscal year. January’s FDI inflows were $192.7 million, down 12.24 percent from a year ago. FDI…

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