Year: 2023

Aramco to acquire a 40% stake in Gas & Oil Pakistan

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Gas-Oil

DHAHRAN, Saudi Arabia, December 12, 2023 – Aramco, one of the world’s leading integrated energy and chemicals companies, today signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (“GO”). GO, a diversified downstream fuels, lubricants and convenience stores operator, is one of the largest retail and storage companies in Pakistan. The transaction is subject to certain customary conditions, including regulatory approvals. The planned acquisition is Aramco’s first entry into the Pakistani fuels retail market, advancing the Company’s strategy to strengthen its downstream value chain…

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ECNEC approves 9 projects worth Rs. 371bn

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oil-gas.

ISLAMABAD: The Executive Committee of the National Economic Council (ECNEC) on Monday approved nine projects of different sectors worth over Rs 371 billion. Caretaker Federal Minister for Finance, Revenue and Economic Affairs Dr Shamshad Akhtar chaired the meeting of the ECNEC here on Monday. The meeting was attended by the caretaker Minister for Planning, Development and Special Initiatives Sami Saeed, Federal Minister for Communications, Railways and Maritime Affairs Shahid Ashraf Tarar, federal secretaries and other senior officers from federal ministries and provincial departments participated in the meeting. The following projects…

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Air pollution: Pakistan needs policy change: US expert

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Air-pollution

LAHORE: Noted air quality scientist Dr. Mike Bergin, who works for clean air and air around the world with the support of the US State Department, has said that Pakistan can improve its air quality if its works on an emergency basis like the Chinese city of Beijing for pollution-free air and air. However, Pakistan needs 10 to 15 years to achieve the goals, he added. He expressed these views while talking to “Jang.” Mike Bergin, who came to Pakistan on the special instructions of the US government after the…

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Ogra chief says gas tariff could go up

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LNG

LAHORE: Talking about the possibility of a gas tariff hike, Oil & Gas Regulatory Authority (Ogra) Chairman Masroor Khan has said costly liquefied natural gas (LNG) is being imported as domestic reserves deplete. Speaking at a public hearing on Monday on the Sui Northern Gas Pipelines Limited (SNGPL) petition for a review of its estimated revenue requirement and prescribed prices for the financial year 2023-24, he hinted at the likelihood of an upward revision in the gas tariff. “The prices of natural gas are increasing globally and its prices can…

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ARL shuts down two plants as OMCs snub local products

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New-ARL

KARACHI/ISLAMABAD: Attock Refinery Limited (ARL) has shut down two of its crude distillation plants due to reduced off-take of finished products by oil marketing companies (OMCs), raising concerns about gas shortages during the winter peak, officials said on Monday. The company’s decision follows reported inaction by the Oil and Gas Regulatory Authority (OGRA) and senior officials in the Petroleum Division against OMCs allegedly favoring imported products over ARL’s locally produced POL (petroleum, oil, and lubricants) products in key markets like Khyber Pakhtunkhwa, the northern areas, and the Potohar region. “The…

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