Day: March 7, 2024

PPL signs MoU with FWO for Strategic Collaboration in mining sector

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FWO

Islamabad, March 8, 2024: Pakistan Petroleum Limited (PPL) has embarked on a significant milestone by signing a Memorandum of Understanding (MoU) with the Frontier Works Organization (FWO) to foster strategic cooperation and collaboration for the EL 207 Project situated in Eastern Chagai, Balochistan. This endeavor marks PPL’s proactive diversification into the mining sector, aimed at expanding and fortifying its presence within Balochistan. The signing ceremony, held at the Prime Minister Secretariat on March 6, witnessed the participation of key stakeholders. Mr. Imran Abbasy, MD & CEO of PPL, and Major…

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Oil prices hold gains on upbeat China trade data

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Oil price

SINGAPORE: Oil prices held steady on Thursday, holding onto overnight gains after upbeat Chinese trade data and after U.S. data showed a smaller-than-expected rise in crude inventories and large draws in fuel stocks. However, expectations that U.S. interest rate cuts could be delayed capped gains. Brent crude futures slipped 8 cents to $82.88 a barrel by 0736 GMT, while U.S. West Texas Intermediate crude futures inched down 7 cents to $79.06 a barrel despite China’s import and export growth beating estimates. “China’s trade balance data is a positive sign for…

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February Economic Update and Outlook

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The February 2024 Economic Update and Outlook uploaded on the Finance Division website on the last day of the month presented the customary dichotomy between the analysis and the statistical data. Examples abound, so to speak: (i) the analysis referred to the caretaker government taking steps to reduce unproductive expenditure. This claim is easily disproved by the data at the end of the report which reveals that in spite of a 5.9 percent decline in Public Sector Development Programme in the first half of the current year against the comparable…

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Energy Summit Highlights Insurance’s Impact on Sustainable Energy Investment

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energy-summit

At the Energy Summit held in Karachi, industry leaders underscored the pivotal role of insurance in driving investment and innovation within Pakistan’s energy sector. Addressing critical challenges and exploring opportunities for sustainable development, experts emphasized the importance of insurance coverage in mitigating risks and promoting long-term confidence among investors. Chairman of Lockton MENA, Ata Khatib, highlighted the indispensable nature of insurance in compliance with international standards, providing assurance to foreign investors and lenders. Insurance coverage enhances investor confidence and ensures project bankability, crucial for financing renewable energy projects. Dr. Jason…

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Shell Pakistan Reveals PAT Rs 5.8 billion, Eyes Growth Amidst Strategic Changes

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shell

Pakistan Limited (SPL) revealed its financial results for the fiscal year ending December 31st, 2023, showcasing a remarkable turnaround with a profit after tax of Rs 5.8 billion. This marks a notable shift from the previous year’s loss of Rs 72 million. The positive financial trajectory comes amidst strategic changes, including the pending sale of Shell Petroleum Company Limited’s majority interest in SPL to Wafi Energy LLC. The completion of this transaction awaits regulatory approvals and other formalities. SPL expressed appreciation for the government’s recent initiatives to bolster industry margins…

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