Month: August 2021

The Hub Power Company Limited’s (HUBC) consolidated profit for the year ended June, 2021 surged 33.7%, clocking in at Rs34.83 billion compared to earnings of Rs26.06 billion in the same period of the preceding year. Earnings per share (EPS) amounted to Rs25.97 during July-June 2020-21, compared to an EPS of Rs19.31 in the same period of the previous year, according to the consolidated financial results posted on the Pakistan Stock Exchange’s (PSX) website on Monday. The board of directors also recommended a final cash dividend of Rs5 per share, which…

Read More

The oil companies have asked the government to address on an urgent basis logistic constraints resulting in underutilisation of infrastructure at the ports and causing long wait for ships and economic losses to the oil companies and the country. In separate letters to the ministers of petroleum, energy and maritime affairs, the Oil Marketing Association of Pakistan (OMAP) said the government appeared to be targeting short-term quick fixes and day-to-day planning and that, too, haphazardly. “For a country beset with financial woes we can ill-afford the financial fallout due to…

Read More

SBP’s deputy governor Jameel Ahmad reported to the Senate committee on finance that the company took huge exposure to one client and something wrong happened there as there were also backward and forward links in this case. However, he said the financial market regulator SBP had examined the episode and the banks had not committed any regulatory violations while extending loans. “There is misappropriation in Hascol in addition to inventory losses,” said SBP Executive Director Inayat Hussain. The company’s bank liabilities were only Rs24.3bn a year earlier and swelled to…

Read More

The US-based company, Excelerate Energy (EE), has refused to extend for a few weeks its deadline of August 31 for the government to retain the FSRU (Floating Storage Regasification Unit) Sequoia currently functional at the Engro LNG terminal, saying it is committed to its new deal for regasification of LNG in Brazil, so it needs the government’s response by the last days of the current month. The response of the US firm has left the government on a tight rope putting the utilisation of new FSRU at Engro LNG Terminal…

Read More

The refinery policy is in the making for over a year. The idea of the policy is to incentivize new players to come in and jack up production of the country’s overall refining petroleum products to at least by cent percent, and to upgrade the existing five refineries to start production of Euro-5 specification products and also reduce the production of residual fuel – furnace oil, the demand of which is dying the world over, including Pakistan. The policy, after deliberations with the existing players was circulated last fiscal year…

Read More