Day: August 19, 2022

Refinery warns of shutdown

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Attock Refinery Limited (ARL) has warned Oil and Gas Regulatory Authority (Ogra) of going for a complete shutdown during the upcoming week due to refusal of oil marketing companies (OMCs) to lift oil stocks due to heavy imports. In an urgent letter written to Ogra Chairman Masroor Khan on Thursday, ARL Chief Executive Officer Adil Khattak drew attention towards the high stocks of petroleum products that were going to force the refinery towards a complete shutdown. “The country is already facing a crisis of foreign exchange. In such a situation,…

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Sales-strapped ARL fears closure as OMCs rely on imports

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petrol

The sales-strapped Attock Refinery Limited (ARL) on Thursday shouted out to apex oil sector regulator to save it from a full-scale shutdown owing to a drastic fall in the upliftment of petroleum products by the oil marketing companies (OMCs) that are now relying more on somewhat cheaper imports, The News learnt on Thursday. “If the OMCs do not increase lifting petroleum products from ARL, the disruption of the entire crude oil and gas supply chain cannot be ruled out including the supplies to the Armed Forces and Islamabad Airport,” said…

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KE Continues to Ensure  Supply During Ongoing Monsoon Spell

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Reports indicate that the province has received 308% more rainfall than historic average in July 2022 alone, with at least 800mm of rain in the last 48 days in Karachi alone. KE’s network of over 1900 feeders remained stable, powering the city during the ongoing spells. The maximum number of feeders powered down for safety reasons were less than 100, out of which the majority were in areas where prevalence of kundas or waterlogging posed a hazard to citizens. Commenting on the matter, Director Communications and KE’s Spokesperson Mr. Imran…

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Oil Prices Rally As Traders Focus On Tight Supply Outlook

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oil

Crude oil prices resumed their climb on Thursday, reclaiming some of the ground lost over the last month. At 1:30 p.m. ET, the WTI benchmark was trading at $91.09, a 3.38% gain on the day. WTI prices are still down from the $100+ barrel mark seen last month, as recession fears took hold of the market, threatening to subdue crude demand growth. Crude oil prices are still nearly $20 over where they were at the start of the year, and roughly $28 per barrel gain over the last 12 months.…

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China’s Power Crisis Could Spark A Spike In Coal Consumption

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A heatwave-induced power crisis is spreading across southwestern China, shuttering factories and worsening by the day, according to Nikkei Asia. The latest news from China is the Chongqing municipal government ordered factories, including Japanese-owned ones, to suspend production through Aug. 24 to conserve power as demand surges because of extreme heat. Chongqing is following its neighbor, Sichuan Province, which announced earlier this week that slumping hydropower generation has led to the closure of some of the world’s largest multinationals, including Toyota Motor Corp. and Contemporary Amperex Technology Co. Moody’s Vice…

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