Month: August 2021

Mari Petroleum’s profit rises 3.7% to Rs31b

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Mari Petroleum’s profit after tax inched up 3.73% to Rs31.4 billion in the year ended June 30, 2021 owing to a significant decline in exploration and prospecting expenditure. According to a notice sent to the Pakistan Stock Exchange (PSX) on Thursday, the company had posted profit after tax of Rs30.3 billion in fiscal year 2019-20. Earnings per share of the company rose from Rs227.23 in FY20 to Rs235.71 in FY21. Alongside the result, the company announced a final cash dividend of Rs75 per share, taking the total dividend to Rs141…

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Byco 100% Vaccinated Against Coronavirus

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Byco Petroleum Pakistan Limited (BPPL), Pakistan’s largest oil refining company, hasannounced that all of its employees and staff have been inoculated against the Covid-19 virus ensuringtheir safety, health and well-being. Mr. Azfar Saeed Baig, Vice President Information – Byco Petroleum, expressed immense gratitude andappreciation to every team member who played their part in helping Byco achieve 100% vaccinatedstatus. He said, “Byco‘s fundamental values have always been centered around safety and wellbeing ofnot only its employees but the community as well. Since the launch of vaccines in Pakistan, our immediate goal…

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Six New Projects In Petroleum Sector To Be Executed In FY 2021-22

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As many as six new projects worth Rs1,775.857 million will be executed in petroleum sector during the current fiscal year 2021-22 in order to achieve self-sufficiency in the energy sector. According to official documents, the government has allocated Rs40 million in the Public Sector Development Programme (PSDP 2021-22) for a new project, under which development of Strategic Underground Gas Storage (SUGS), hiring of consultancy services for bankable feasibility study and transaction advisory services (PC-II) would be carried out. Similarly, a sum of Rs30 million has been specified for Legal Consultancy…

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PLL ‘caused loss of Rs25b’ in LNG imports

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The government has suffered a loss of over Rs25 billion because of the sate-run Pakistan LNG Limited’s (PLL) failure in making timely arrangement for the import of the commodity, the Public Accounts Committee (PAC) was informed on Wednesday. During the last few months, the PLL had cancelled cargoes and then awarded them to LNG traders after a few days at higher rates. The PAC meeting, held under the chairmanship of Rana Tanveer Hussain at the Parliament House, was further told that the PLL had failed to arrange LNG imports when…

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