Day: August 21, 2021

PARCO Board appoints new deputy MD

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The Board of Directors (BoD) of the Pak-Arab Refinery Company Limited (PARCO) has appointed Irteza Qureshi as the new deputy managing director (DMD) in the country. The refinery is a joint venture between Pakistan and UAE. Qureshi will assume charge of his office during the first week of Sept 2021. He is currently working in Oil and Gas Development Company Limited (OGDCL) as Chief Financial Officer (CFO). Irteza Qureshi is a UK-qualified Chartered Accountant with diverse experience in private and public sectors and multinational organisations within and outside Pakistan. He…

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PSO gets highest-ever bid for LNG cargo at $25.30 per MMBtu

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Pakistan State Oil (PSO) here on Friday got the highest-ever bid from the Qatar Petroleum (QP) Trading at 34.6688 percent of the Brent that translates into $25.30 per MMBtu for spot LNG cargo required to be delivered for September 16-17. The state-owned entity also received the bid price from VITOL at 24.5456 percent of Brent, meaning $17.91 MMBtu for the other spot LNG cargo for the delivery window of 26-27 September. Both the bids PSO got are costlier if compared with the price of LNG cargo at 22.1311pc PSO procured…

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Pakistan mulls funding options to kick off PSGP

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Pakistan is considering different options for arranging foreign exchange from global creditors to ease the burden on country’s foreign currency reserves and kick off work on the $2.5 billion Pakistan Stream Gas Pipeline (PSGP) project. A meeting of the Cabinet Committee on Energy (CCOE) was held under the chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar on Friday. Sources told The Express Tribune that CCOE was informed that the Petroleum Division was working on different options to arrange the funding. The Petroleum Division said that different…

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‘Pakistan is open for business’: PM Imran lauds Airlift achievement of securing $85m financing

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Minister Imran Khan on Friday welcomed the $85 million investment through Series B financing — the largest single private funding round in Pakistan’s history — in Airlift, a Lahore-based online shopping delivery service. Series B financing is the second round of funding for a company that has met certain milestones and is past the initial startup stage. “We welcome the recent investment of $85m by leading VCs (venture capitalists) of the world in Airlift, a company led by young Pakistanis,” he tweeted. The premier said Pakistan had “huge potential” and…

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CCoE directs re-submission of oil refinery policy

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The Cabinet Committee on Energy (CCoE) on Friday asked the Petroleum Division to resubmit in its next meeting the draft of the Pakistan Oil Refinery Policy 2021 for approval after detailed deliberation and consensus with the stakeholders. The CCoE headed by the Federal Minister for Planning, Development and Special Initiatives Asad Umar, however, approved Power Division’s proposal seeking elimination of the need for generation licences for small-scale RE-based systems (up to 25 kW) for net metering. The measure will greatly facilitate consumers wishing installation of the small-scale solar systems for…

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