Year: 2023

Iran To Help Venezuela Overhaul Major Refinery Complex

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Venezuela’s Paraguana refinery complex is soon to begin a 100-day overhaul to reclaim its crude distillation capacity, anonymous Reuters sources suggested on Friday, with work set to be completed as a joint effort by Venezuela’s PDVSA and National Iranian Oil Refining and Distribution Company (NIORDC). Iran’s assistance with Venezuela’s Paraguana Refining Center—the nation’s largest—looks to ease Venezuela’s reliance on U.S. refinery technology. Over the past decade, Venezuela’s oil industry has crumbled due to mismanagement, corruption, and a lack of investment in maintenance, and U.S. sanctions on Venezuela’s oil industry and…

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OGDCL donates PKR 100 mln to PM’s Flood Relief Fund

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ISLAMABAD: As a responsible corporate entity, the Oil and Gas Development Company Limited (OGDCL) – the leading Exploration & Production Company of Pakistan – has donated PKR 100 million to the Prime Minister’s Flood Relief Fund for the relief and rehabilitation of the flood-affected people of the country.Mr. Khalid Siraj Subhani, Managing Director/CEO OGDCL, presented the cheque of PKR 100 million to the Honorable Prime Minister of Pakistan, Mohammad Shehbaz Sharif, during a ceremony held at the PM Office. The donated amount will be spent on the relief and rehabilitation…

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Committee takes notice of 385 gas theft cases

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A parliamentary panel, on Thursday, took serious notice of 385 cases registered against gas theft, especially in Sindh. The Senate Standing Committee on Petroleum, presided over by Senator Mohammad Abdul Qadir, deliberated over the issues of gas theft from the main pipeline and was informed that a total of 385 cases had been registered against all types of theft from the pipeline. Of the 385 cases, 26 convictions had been secured while 56 accused had been fined millions of rupees. To-date, however, there have been no convictions against any PARCO…

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Sindh CNG stations to remain closed for three days 

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cng-stations

Sui Southern Gas (pvt) Limited (SNGPL) announced three-day closure of compressed natural gas (CNG) stations in Sindh effective from Feb 3. The company said Re-liquefied natural gas (RLNG) stations would also not be able to provide gas to the consumers. The decision has been taken in order to ensure the availability of gas supply to domestic consumers. On the other hand, all general industries and Kepto power would also not be supplied with gas on Feb 5.

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Petroleum consumption ebbing

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The downward streak in petroleum consumption continues as January 2023 sales by the oil marketing companies fall by 20 percent year-on-year. The decline in petroleum sales for the OMCs was led by a decline in furnace oil sales followed by high-speed diesel and motor spirit. Furnace oil posted a decline of 45 percent for volumes sold in Jan-23 year-on-year, while diesel volumes were down by 21 percent year-on-year. Motor spirit consumption was weaker by 13 percent year-on-year. Key factors for weaker sales by the OMCs in January included the ongoing…

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