Year: 2022

Pakistan, KSA agree to increase cooperation in energy, other sectors

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Pakistan and Saudi Arabia are said to have agreed to activate the agreement on financing and providing crude oil and petroleum products and exploring possibilities of supply of LNG to Pakistan, well informed sources in Board of Investment (BoI) told Business Recorder. This was agreed during a first virtual meeting of the Joint Economic Sub-committee of the Saudi-Pakistan Supreme Coordination Council. Pakistani team was headed by Finance Minister Senator Ishaq Dar whereas Saudi side was led by Prince Abdulaziz bin Salman bin Abdulaziz, Minister for Energy. Sharing details, sources said while…

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KE Q1 results shows considerable decline

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KE’s financial results for Q1 FY 23 showed a considerable decline owing to the impact of multiple macroeconomic and geopolitical factors. The company reported losses per share of PKR 0.59 in Q1FY23 compared to earnings per share of PKR 0.11 for same period last fiscal. Gross profitability also decreased while the units dispatched to Karachi shrank by 8.9%. EBITDA decreased from PKR 11.8 billion to a loss of PKR 2.6 billion. Tough economic conditions including but not limited to a depreciating rupee, increased inflation, high prices of fuel and non-availability…

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Windfall tax must change in face of ‘excessive’ oil profits, Alok Sharma says

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The UK’s windfall tax on oil and gas profits must be changed to raise billions more and to stop companies using loopholes to invest in further fossil fuel extraction, the outgoing president of global climate talks has said. “These are excessive profits, and they have to be treated in the appropriate way when it comes to taxation,” said Alok Sharma, the president of the Cop26 UN climate summit. “We ought to be going further and seeing what more can be done in terms of raising additional finance [from the profits].…

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OPEC expected to stick to view of long-term oil demand rise

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OPEC is likely to maintain its view world oil demand will rise for another decade, longer than many other forecasters predict, in a forthcoming major report, despite the growing role of renewables and electric cars, two OPEC sources said. The Organization of the Petroleum Exporting Countries is scheduled to update its long-term oil demand forecasts in its 2022 World Oil Outlook on Oct. 31. The 2021 version sees oil demand reaching a plateau after 2035. Another decade or more of oil demand growth would be a boost for producers and…

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Shell Pakistan promotes biker, rickshaw fuelling safety

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Shell Pakistan promotes biker and rickshaw refuelling safety to its consumers and has launched a safety campaign, named “Ehtiyaat Bunay Hifaazat” (precaution means protection), aimed at creating awareness amongst 2wheelers and 3wheelers of the risks of staying seated on their vehicles while fuelling. An industry level event was organised and attended by representatives of the Oil and Gas Regulatory Authority (OGRA), the Oil Companies Advisory Council (OCAC), and Oil Marketing Companies (OMCs) in Pakistan to jointly collaborate and progress. In Pakistan, there are approximately 25 million 2wheelers and one million…

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