UK rules out windfall tax on North Sea oil firms to help fund energy bills

Oil slumped as Russia said it was taking steps to “de-escalate” the conflict in Ukraine, while floating the possibility of a meeting between President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskiy. The business secretary has effectively ruled out a windfall tax on North Sea oil firms to fund discounted energy bills but promised much greater investment in solar panels,…

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USA-Europe LNG Deal Reaction

Several U.S. oil and gas groups have responded favorably to a recent U.S.-EU LNG deal, which was announced in a White House statement on March 25. Under the deal, the U.S. will strive to ensure additional LNG volumes for the EU market of at least 15 billion cubic meters in 2022 with expected increases going forward, the White House statement…

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Modified draft of KE’s Arbitration Agreement raises eyebrows

The Attorney General (AG) Office has raised eyebrows at the modified draft of Arbitration Agreement (AA) sent by Karachi Electric (KE), saying the revised draft does not address the AG Office’s earlier concerns as noted in its April 2021 letter, well-informed sources in Privatisation Commission told Business Recorder. On February 15, 2022, KE furnished a muddied draft of AA after replacing…

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Ogra takes up issues relating to PDC, IFEM with stakeholders

ogra

The Oil and Gas Regulatory Authority (Ogra) conducted its meeting at Karachi with leading Oil Marketing Companies (OMCs) and OCAC representatives which was chaired by Masroor Khan, Chairman, Ogra Zainul Abideen Qureshi, Member (Oil)- Ogra and senior executive directors and other key officers. All the issues including current scenario relating to the PDC, IFEM matters, industry reservations on certain matters,…

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Engro Energy to host energy symposium

engro

Engro Energy Limited will host Pakistan Energy Symposium at a local hotel in Karachi on 1st April 2022. Theme of this symposium is Ushering the Future of Energy. Engro Energy Limited (EEL), in its efforts to address the opportunities and challenges for market reforms in Pakistan, is organizing this symposium with an aim to bring relevant stakeholders on a platform…

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FBR told to bust fertiliser smuggling to stabilise prices

Shaukat Tarin, Federal Minister for Finance and Revenue, on Monday directed Federal Board or Revenue (FBR) to take crack whip on smuggling of fertilisers to neighbouring countries to ensure price stability in the country. Tarin issued these directives, while chairing the meeting of National Price Monitoring Committee (NPMC) held at the Finance Division. The committee was briefed that smuggling of…

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OGDCL WILL BE TAKEN TO NEW HEIGHTS OF SUCCESS: MD/CEO IN ADDITION TO REKODEQ AND ADNOC, COMPANY PLANS TO INVEST IN OTHER AREAS.

Islamabad, March 29, 2022; MD / CEO, OGDCL Syed Khalid Siraj Subhani vowed to take the company on new heights by diversifying the company business.In this regard forum of top OGDCL management gathered. MD stated that company needs to set standards where employees can perform effectively and efficiently.It has also been further decided that best possible effort will be made…

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