Day: July 5, 2021

Oil and petroleum consumption witnessed a sharp recovery in FY21 after a dip in pandemic hit FY20. This recovery is reflected in resurgence of petroleum sales by the downstream oil marketing segment, which in turn is a representation of improved economic and industrial activity. The recent data from OCAC shows that overall petroleum sales by the OMCs in FY21 stood higher by 18 percent to 19.5 million tons as compared to 12 percent year-on-year decline in FY20. Surprisingly – or ironically – the growth in overall petroleum sales was led…

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US oil may retest a resistance at $76.14 per barrel, a break above which could lead to a gain towards $76.83-$77.29 range. The contract is riding on a wave C, which may extend to $77.29, as it briefly travelled above $74.99, its 138.2% projection level. Another projection analysis on the uptrend from $69.77 suggests a similar target of $76.83. The correction triggered by the resistance is regarded as a pullback towards $74.14. The pullback is over. A break below $74.14 may cause a fall into $72.70-$73.57 range. On the daily…

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Yet again power load-shedding and gas shortage in the country. This time it is due to drydocking of Engro’s liquefied natural gas (LNG) terminal. Sceptics argue that better planning and coordination and timely decisions could have prevented or at least eased the problem. Engro will be able to replace its Floating Storage and Regasification Unit (FSRU) by a larger unit of the capacity of 173,400 M3 (960 million cubic feet per day – mmcfd). It may be noted that the old FSRU (Exquisite) was of a volume of 150,000 M3…

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Federal Minister for Maritime Affairs Ali Zaidi Tuesday said that Japanese company Mitsubishi would install fourth Liquefied Natural Gas (LNG) terminal in the country at Karachi’s Port Qasim. Taking to Twitter, Ali Zaidi said that Mitsubishi would invest US$300 million (Rs47.52 billion) for setting up the LNG terminal at the city’s port. “After Energas, Tabeer Energy (Mitsubishi) also close to finalising their FID to set up the [fourth] LNG Terminal,” he said in his message on the micro-blogging site. The terminal will be installed at Port Qasim and the project…

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The Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel Chairman Mian Anjum Nisar, while calling for uninterrupted gas supply to the industrial sector, has urged the government to up-grade gas distribution and supply system to avoid losses. Moreover, condemning the jump in rates of petroleum products, he stressed the need for reducing tax ratio on oil products to support the trade and industry, as the government has been charging very high petroleum levy and sales tax on petroleum products. In a statement issued here on Sunday, Mian Anjum…

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