Year: 2021

Russian bank funds lion’s share of Trafigura’s $7B Rosneft oil Deal

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Trafigura Group’s purchase of a stake in Rosneft PJSC’s flagship Arctic oil project was funded by a $7 billion loan organized by a Russian bank, according to documents that shed new light on the trading house’s biggest-ever deal. The two companies last week said they had completed a deal for a 10% stake in Vostok Oil, without providing a value. Trafigura had said the purchase had been “majority financed by long-term debt,” but didn’t name the lenders. According to corporate filings in Singapore, which haven’t previously been reported, the trading…

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Oil sales up 12 percent to 9.8 million tons in first half

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KARACHI: Oil sales increased 12 percent to clock in at 9.8 million tons in the first half of the current fiscal year (1HFY21), mostly owing to the reopening of economy after the first wave of the COVID-19 pandemic, latest data issued by oil companies showed on Monday. According to number released by Oil Companies Advisory Committee (OCAC), major contribution to this upsurge came from Motor Spirit (MS) and High Speed Diesel (HSD) standing at 4.1 million tons (up 8 percent) and 3.7 million tons (up 13 percent), respectively. Moreover, an…

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Gas diversions pose risk to food security, warn fertiliser makers

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ISLAMABAD: The fertiliser industry has protested over a recent decision of the Cabinet Committee on Energy (CCoE) to divert natural gas to pipeline system from Mari Gas and has sought its reconsideration to ensure required fertiliser production and protect the country’s agriculture sector. The “decision of the CCoE, whereby gas is being provided from the Mari Gas fields to the network through a new interconnection, is a grave threat to the country’s food security in the long term since this would not only hasten the depletion of indigenous resources but…

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A Breath of Fresh Air: The CEO who’s expected to revolutionize SNGPL with his global managerial experiences

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Recently the news of appointment of Sui Northern Gs Pipelines (SNGPL) Managing Director made waves as the Company got MD from the corporate sector hence the appointment of Ali J Hamdani came as a big surprise for all those familiar with the oil and gas sector in Pakistan. Unlike in most of the cases, this was a pleasant surprise as the newly appointed MD has rich experience in managing mega projects at well known global organizations. Mr. Hamdani is said to be a visionary executive and transformational leader with foresight…

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Sindh asks PSO to to ensure fitness criteria of tank lorry fleet

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The Transport and Mass Transit Department of Sindh in a letter written to the PSO chief executive officer has asked the oil and gas marketing company to ensure that oil tankers having no or fake fitness certificates are not allowed to hit the road in the province. The secretary of the department stated that vehicles owned or hired by oil companies on contract are plying without or with a fake fitness certificate. He called for issuing directives to these companies to engage only those vehicles for oil transportation that have…

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