Month: June 2022

Refineries once again shook up the government to resolve their lingering trade credit issues as in the absence of crude oil imports the industry was facing a shutdown next month, resulting in an acute shortage of petroleum products, The News learnt on Monday.https://ff5b1984769a4368d6250e084c793058.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html The foreign banks were still not confirming local refineries’ letters of credit (LCs) for crude oil imports. On the other hand, oil marketing companies (OMCs) are also struggling to get their LCs confirmed by the global banks for import of petroleum products. It was revealed during the…

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The Oil and Gas Development Limited (OGDCL) on Wednesday announced the discovery of oil and gas reserves from its exploratory wells located in Sindh and Punjab. The discoveries were made in Rajanpur, a tribal area in Punjab,, as well as district Tando Allah Yar, Sindh, announced the company in its notices to the Pakistan Stock Exchange (PSX). The oil exploratory company said the joint venture of Nim Block comprising OGDCL as operator with 95% stake and Government Holdings (Private) Limited (GHPL) with the remaining 5% stake discovered oil and gas…

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As profit margins of refineries rise, they are looking at the signing of a loan revival deal between the government and the International Monetary Fund (IMF), which will push global banks to endorse the Letters of Credit (LCs) for oil import. At present, the international banks are reluctant to confirm the LCs as they see higher risks for Pakistan. “This is getting quite serious,” Pakistan Refinery Limited CEO Zahid Mir told The Express Tribune while referring to the hurdles being faced by the refineries in the way of crude oil…

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Pakistan in collaboration with the International Center for Integrated Mountain Development (ICIMOD) and Pakistan Council of Research on Water Resources (PCRWR), on Tuesday organized an event to formulate policies for climate-smart water and agriculture resource management in Gilgit-Baltistan. Different knowledge products were lunched, including fact sheets and issue briefs, co-developed by the partners considering learning of the pilot interventions related to lifting water technologies and community-based flood early warning systems. These knowledge products could help relevant stakeholders for scaling of best practices through policies and programs. Key stakeholders including relevant…

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Chairman of the Pakis­tan Atomic Energy Comm­ission (PAEC) Dr Raja Ali Raza has emphasised the need for maximising international cooperation in all spheres of science and technology, saying building bridges to the world’s scientific community will help transform the country into a developed society. Speaking at the annual ‘International Nathiagali Summer College on Physics and Contemporary Needs’, which started on Monday, the PAEC chairman said the increasing level of interaction with foreign research and development institutions will lead to acceleration in the process of transforming Pakistan into a dynamic hub…

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