Day: September 28, 2023

OGDCL ANNOUNCES FINANCIAL RESULTS FOR THE YEAR ENDED JUNE 30, 2023

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ogdcl

ISLAMABAD, September 28, 2023: The Board of Directors of Oil & Gas Development Company Limited (OGDCL), in its meeting held on September 28, 2023, at Islamabad, announced the financial results for the year ended June 30, 2023, of fiscal year 2022-23. Net sales revenue clocked at Rs. 413.594 billion, translating to profit after tax of Rs. 224.617 billion, showing an increase of 59 percent compared to a profit of Rs. 133.783 billion in the same period of last year and earnings per share of the company clocked at Rs. 52.23…

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Pakistan owes $1.2bn to Chinese power producers

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Chinese-power

ISLAMABAD: The government on Wednesday reported the outstanding payables to the Chinese power producers at around Rs360 billion (about $1.25bn) as it pleaded to charge Rs1.83 per unit additional cost from consumers of ex-Wapda distribution companies (Discos) in October. The National Electric Power Regulatory Authority (Nepra), which held a public hearing on the request of the Central Power Purchasing Agency (CPPA) for recovering an additional Rs28.3bn or Rs1.83 per unit fuel cost adjustment in Discos’ tariffs for electricity consumed in August, noted that a series of cheaper power plants remained…

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Another ‘electric shock’ in store for K-Electric consumers

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ISLAMABAD: The Nat­ional Electric Power Regu­latory Authority (Nepra) on Wednesday approved up to Rs4.46 per unit increase in electricity rates for consumers of K-Electric for two months — October and November — to reduce the federal government’s subsidy payments to the Karachi-based utility, but withheld another 47 paise hike because of legal consequences. This is on top of another Rs3.28 per unit increase, allowed last week by the regulator for the KE consumers as part of a uniform national tariff hike to be charged across the country for six months — October…

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Fuel prices may finally come down after two months

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Petroleum-prices

ISLAMABAD: The prices of high-speed diesel (HSD) and petrol are estimated to be reduced by about Rs5-19 per litre for the Oct 1-15 period, in what could be the first decrease in two months, mainly because of the rupee’s appreciation. The prices of the two essential fuels were last cut in mid-July when petrol was reduced by Rs9 per litre to Rs253 and diesel by Rs7 per litre to Rs253.50. Sources told Dawn that based on the existing tax rates and other overheads, the petrol price could come down by Rs15-19 per litre in…

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Pakistan welcomes Russia LPG shipment

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ISLAMABAD: Pakistan has received its first shipment of liquified petroleum gas (LPG) from Russia, Moscow’s embassy in Islamabad said on Tuesday, marking Islamabad’s second major Russian energy purchase. The shipment, which the embassy said was delivered with Iranian help, comes after Pakistan received its first-ever delivery of Russian crude under a deal struck between the two countries earlier this year. Russia delivered 100,000 metric tonnes to Pakistan through Iran’s Sarakhs Special Economic Zone, the Russian embassy said in a post on social media. The embassy said consultations on a second…

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