Monthly Energy Update August Magazine
Month: August 2023
Shell Pakistan posts Rs3.5bn PAT for H1 2023
KARACHI: The Board of Directors of Shell Pakistan Limited (SPL) announced half year results for the company on August 16. The company posted a profit after tax of Rs 3.5 billion compared to the profit after tax of Rs 7.5 billion made in the same period last year. On June 14th, 2023, Shell Petroleum Company Limited, a subsidiary of Shell plc, announced its intention to sell its holding in SPL. The period witnessed devaluation of the Rupee, rising inflation and macroeconomic uncertainty. Continued economic challenges resulted in slowdown in economic…
Read MoreClimate change strains Pakistan’s energy sector
Experts suggest taking measures to address impacts of rising temperatures LAHORE – Climate change-induced heat stress has negatively impacted Pakistan’s economy, especially the energy sector. As per the experts, the consequences of temperature increase on different factors like labour productivity, household consumption habits, and living standards were contingent on whether the temperature moves closer to or deviates further from the optimal range. Furthermore, these effects are exacerbated in urban areas due to the Urban Heat Island (UHI) phenomenon, which is observed in major cities across the globe. According to the…
Read MoreEnergy firm gets listing status via reverse merger
KARACHI: A subsidiary of IT firm Supernet Ltd has acquired majority shares in Hallmark Company Ltd as part of a reverse merger to attain the listing status. The reverse merger allows a private entity — Super Infrastructure Solutions Ltd in this case — to become a publicly traded firm simply by purchasing controlling shares in a listed entity. In other words, the private firm goes public without going through the tedious and costly process of an initial public offering (IPO). Super Infrastructure Solutions, which is mainly involved in the business…
Read MoreGovt increases petrol price to record high
ISLAMABAD: The prices of petrol and diesel hit a record high on Tuesday, as the newly installed caretaker government raised fuel prices by up to Rs20 per litre, another second massive hike in a fortnight that is likely to further stoke inflation, which had cooled over the past two months. The new petrol price will be Rs290.45 per litre from today (Wednesday) after an increase of Rs17.50 per litre, the finance division said in a notification. High-speed diesel would be even more expensive, with its price going up by Rs20…
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