Month: August 2022

OMCs, refineries to bear Rs15bn losses over exchange rate formula

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Oil marketing companies (OMCs) and refineries already mired in deep financial constraints would face almost Rs15 billion losses in next fifteen days due to altered exchange rate formula implemented by the government from August 1. The government changed the exchange rate formula from the last day of a fortnight to an average of two weeks, something that has irked both the OMCs and refineries, as the decision would lead to a loss of Rs9.8/litre on hi-speed diesel and Rs8.21/litre on mogas (petrol). Already crisis-stricken oil industry has warned the government…

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GO TO ROLL OUT THE PAKISTAN’S FIRST GOLINK STATION – A REVOLUTIONARY WAY OF FUELING

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Gas & Oil Pakistan Ltd. (GO) today announced its plans to roll out its new and innovative fuel station concept “goLink” across Pakistan. The goLink Station is a mobile fuel station format that will enable for motorists easy access and convenient fueling services in their direct vicinity. It is designed to significantly reduce driving time for customers to find a petrol pump as it can be deployed on existing parking lots or paved areas. Speaking at the occasion, Mr. Zeeshan Tayyeb, Chief Operating Officer for GO stated that “goLink Station…

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Government of Pakistan Ministry of Energy Power Division

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Ambassador of Austria to Pakistan H.E Nicolaus Keller, Ms. Esra Dere- deputy head of mission Turkish Embassy, Mr. Fatih Cevik- Assistant General Manager Limak Turkey, Mr. Ergun Koray ( Limak Turkey) and Mr. Sajid ur Rehman Assistant Manager Business Development ANDRITZ Hydro held a meeting with Federal minister for power Engr. khurram Dastgir Khan here today. Minister welcomed the delegation and stated that Pakistan is always looking forward to foreign companies investing here and reiterated the government’s resolve to facilitate investment. Turkish Construction company Limak has been operating in Pakistan…

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Diesel Shortage Deepens Global Dependency On U.S. Fuel

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A deepening dependency on U.S. diesel deliveries in many parts of the world could lead to problems in the coming months as domestic demand for the fuel increases while production fails to increase at the same rate. Bloomberg reports that the United States is exporting diesel fuel at record rates, reaching 1.4 million bpd in July, which was the highest in five years, according to data from Vortexa. U.S. diesel shipments go mainly to Brazil, Mexico, Chile, and Argentina, but now they are going to Europe as well. A lot of the…

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Global Refining Capacity To Expand With New Projects In Middle East, Asia

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The world’s refining capacity is expected to increase by nearly 3 million barrels per day (bpd) by the end of next year when at least nine refinery projects are expected to start up in the Middle East and Asia, the EIA said on Tuesday. The expansion of refinery capacity would offset the losses in global refining capacity in 2020 and 2021 when several refineries around the world—including 1 million bpd capacity in the United States—were either permanently closed or slated to be converted to produce biofuels. Tight refining capacity, coupled…

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