Year: 2023

Saudi Aramco, PSO, TAPI gas pipeline: Oil, gas issues now come under sharper SIFC focus

Admin
PSO-TAPI

ISLAMABAD: The Apex Committee (AC) of Special Investment Facilitation Council (SIFC) has directed Ministry of Foreign Affairs (MoFA) and Petroleum Division to expedite resolution of issues of Saudi Aramco and Pakistan State Oil (PSO) and TAPI gas pipeline, well informed sources told Business Recorder. Minister for Energy Muhammad Ali has already dashed to China direct from Russia, as advance team of caretaker Prime Minister’s visit who has also landed in Beijing . Energy Minister is expected to interact with Bank of China/ Sinopec for establishment of either an oil refinery or…

Read More

Azad Pattan, Kohala HP projects: Chances of achieving FC slim

Admin
Azad-Pattan

ISLAMABAD: Ministry of Planning, Development and Special Initiatives has stated that probability of achieving financial closure of 700-MW Azad Pattan Hydropower project and 1124-Kohala Power project was low, official sources told Business Recorder. This information was shared with the Ministry of Foreign Affairs during a meeting convened to finalise agenda for the visit of caretaker Prime Minister Anwaar-ul-Haq to China. Pakistan and China are expected to sign several pacts including export of donkey hides, etc., and ML -1 at reduced cost along with reduced operational speed. FC to Azad Pattan power…

Read More

PSO receivables cross Rs755bn

Admin
pso

ISLAMABAD: Rising with each passing day, the receivables of Pakistan State Oil — the country’s largest firm by revenue — have crossed a record Rs755 billion by Monday or about 21pc of its annual revenue, virtually halting its strategic business expansion. In its latest report of its financials submitted to the federal government, the country’s largest fuel supplier reported that almost 90pc of its funds had been stuck up with the government entities led by Sui Northern Gas Pipelines Ltd (SNGPL) with a backlog of about Rs478bn. The state-run fuel…

Read More

UK firm shows interest in buying Shell Pakistan

Admin
Shell-PLC

KARACHI: Shell Pakistan Ltd (SPL) said on Monday it has received a public announcement of intention from UK-based Prax Overseas Holdings Ltd to buy its 77.42 per cent shares, which are currently held by the oil firm’s foreign sponsor. The potential acquirer is a British investment firm with its entire shareholding resting with fuel supplier State Oil Ltd. The energy conglomerate owns companies in up-, mid- and downstream segments. Its brand name is Harvest Energy in the downstream segment, which is the part of the local value chain that SPL…

Read More

After oil price cut, traders seek energy tariff reduction

Admin
power-sector

Ask govt to do away with gas outages, formulate sustainable policy KARACHI: While welcoming a significant reduction in petrol price, businesspeople have underlined the need for evolving a stable policy, slashing electricity and gas tariffs, and eliminating gas outages and painfully low pressure. “If the government formulates a sustainable policy for at least three months, this decrease will benefit the common people. I also plead for a reduction in power and gas tariffs immediately as the winter season is around the corner, when even middle-class people are unable to use…

Read More