Month: February 2024

“Resumption of Fuel Oil Exports Expected as Domestic Demand Declines”

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oil-and-gas

Industry officials have revealed that Pakistan is poised to resume its fuel oil exports after a hiatus of one-and-a-half months, with a local refinery gearing up to ship 50,000 tonnes of the product in the near future. The pause in fuel oil exports, which halted in January, was prompted by a surge in domestic demand for electricity generation amidst reduced hydropower output due to canal closures. Pakistan last exported fuel oil in December 2023, reaching a total export volume of 434,000 tonnes in the first half of the current fiscal…

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“HUBCO Plans Acquisition of 9.5% Stake in SECMC”

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power-hubc

The Hub Power Company Limited (HUBCO), Pakistan’s largest independent power producer, announced on Friday that it has finalized a definitive agreement to purchase a 9.5 percent stake in Sindh Engro Coal Mining Company Limited (SECMC). SECMC, a joint venture between the Sindh government and private entities, oversees the operation of the Thar coal mine, which holds one of the world’s largest coal reserves, situated in the southern province of Sindh. This proposed transaction entails the acquisition of approximately 9.5 percent of SECMC’s issued and paid-up ordinary share capital, currently held…

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“Engro Fertilizers Achieves Record Annual Profit of Rs26.19 Billion in 2023”

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ENGRO-1

Engro Fertilizers Limited has reported a remarkable annual profit of Rs26.19 billion for the year 2023, marking a substantial increase of 64 percent compared to the previous year. This significant growth was fueled by elevated sales and reduced interest costs. The company, a subsidiary of Engro Corporation Limited, disclosed this information in a statement to the Pakistan Stock Exchange on Friday, highlighting that its earnings per share surged from Rs11.98 in 2022 to Rs19.61 in 2023. Additionally, Engro Fertilizers declared a final cash dividend of Rs8 per share, resulting in…

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Industrialists reject gas tariff hike, warn closure of industries SITE President demands to withdraw Gas tariff hike

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Gas-Project

KARACHI: The President, SITE Association of Industry Muhammad Kamran Arbi, has condemned the recent increase in gas tariff as approved by the Economic Coordination Committee and the caretaker govt. He has demanded the caretaker Prime Minister Anwarul Haq Kakar, Federal Minister for Commerce, Industries & Production Dr. Gohar Ejaz and Minister for Energy Muhammad Ali to take back the decision of hike in gas tariff in the larger interest of national economy and to save the industries from collapse. He warned that in case, the decision is not withdrawn, the…

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MARI PETROLEUM COMPANY ANNOUNCES GAS DISCOVERY AT ITS MAINWAND X-1 ST-1 WELL LOCATED IN BLOCK – 28, BALOCHISTAN PROVINCE

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mari-petrolium

By the grace of Almighty Allah, Mari Petroleum Company Limited (MPCL) is pleased to announce a gas discovery resulting from its exploratory efforts at Maiwand X-1 St-1 exploration well, drilled in Block 28, in Kohlu District, Balochistan Province. MPCL is the Operator of Block 28 having 95% working interest along with OGDCL as joint venture partner with 5% carried working interest. The said well was spudded on June 12, 2023 and successfully drilled down to 2,516 meters (Measured Depth) on November 12, 2023. Multiple promising zones were tested during Drill…

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