Commercial consumers: Ogra notifies LNG sale prices for Jan, Feb

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The Oil and Gas Regulatory Authority (Ogra) Saturday notified weighted average sale prices without GST on LNG for the last two months (January-February) for consumers, excluding domestic sector. According to the notifications, the price of LNG for January at transmission stage has been determined at $11.7092 per mmbtu and $11.5439 per mmbtu for February. The rates of LNG for consumers…

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New dams to double water storage capacity, address issue of climate change: PM

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Prime Minister Imran Khan Monday said the new under-construction mega dams would double the water storage capacity of Pakistan and would help address the issues related to climate change. Speaking at a seminar here on hydropower development, he said China had constructed 5000 dams but Pakistan had only two dams built in the 1960s. “Due to this negligence, Pakistan suffered…

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Energy Minister Hammad Azhar encourages GIZ to undertake pilot projects based on Biofuels and Renewable energy sources

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Energy Minister Hammad Azhar encourages GIZ to undertake pilot projects based on Biofuels and Renewable energy sources A high level delegation of Germany led by State Secretary Jochen Falsbarth held extensive meeting with Pakistani delegation led by Minister for Energy Hammad Azhar here today. Minister for Energy has encourages German development agency GIZ to undertake pilot projects based on Biofuels…

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Geopolitical unrest feared to lift petrol price to Rs200-225

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The acceleration in international geopolitical tensions over the Ukrainian crisis sent the international Brent oil price surging by 5% to sevenand-half-year high at $95 per barrel on Friday. If Russia invades Ukraine, as being speculated by the US, then the petrol price would spike to Rs200-225 per litre in Pakistan. The next three to four days are very critical for…

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Oil majors face backlash as era of big profits returns

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PARIS: Soaring energy prices have brought massive profits to oil majors – along with fierce criticism from environmentalists and politicians at a time when consumers are left with rising bills. US firm ExxonMobil, France’s TotalEnergies, and UK giants Shell and BP announced in the past week 2021 profits totalling US$66.7 billion. It marked a huge turnaround from 2020, when they…

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Global oil prices to set rupee trend

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The movement of international oil prices will decide the fate of the rupee during the next week. Currently, the rupee is stable, owing to the inflows received from a lending agency and the proceeds of the Sukuk bond. The exchange rate for the week ended February 11, 2021 closed at Rs174.71 against the greenback in the interbank foreign exchange market. The rupee during the…

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AJK govt, Nepra sign MoU to address environmental issues

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The Azad Jammu and Kashmir (AJK) government and National Electric Power Regulatory Authority (Nepra) on Friday signed a Memorandum of Understanding (MoU) on the use of community infrastructure programmes and corporate social responsibility belt (CSR) funds. The signing ceremony was held here at Kashmir House. Prime Minister of Azad Jammu and Kashmir Sardar Abdul Qayyum Niazi, Nepra Chairman Tauseef H.…

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KARACHI: Pakistan State Oil Company Ltd (PSO) reported unconsolidated earnings of Rs20.19 billion for the Oct-Dec quarter, up a massive 361.3 per cent from a year ago, a stock filing showed on Friday.

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The company did not announce any cash dividend in spite of record quarterly income. The unusual jump in profit was because of “huge inventory gains” and penal income recorded during the quarter, said a note by Topline Securities. Quarterly sales increased to Rs523bn — up 82pc year-on-year and 14pc quarter-on-quarter — mainly because of higher volumetric sales that went up…

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