Month: March 2024

Pakistan Plans to Offer OGDCL Shares to Gulf Investors for Better Price

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OGDCL-1

Pakistan is considering offering shares of the Oil and Gas Development Company Limited (OGDCL) to friendly nations in the Gulf region, including Saudi Arabia, the United Arab Emirates (UAE), Qatar, and Kuwait. The goal is to secure a better price for the shares, given the challenges faced during previous attempts to divest OGDCL’s shares on the stock market. Past efforts to sell OGDCL’s shares on the stock market resulted in a significant drop in share prices due to alleged stock market manipulation. The government now aims to attract strategic investors…

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Ogra Conducts Public Hearing on SNGPL’s 147% Tariff Hike Request

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OGRA

The Oil and Gas Regulatory Authority (Ogra) is conducting a public hearing in Lahore today on a petition by Sui Northern Gas Pipelines Limited (SNGPL) seeking a 147% increase in gas tariffs. SNGPL has requested an increase of Rs2,646 per mmBtu, aiming to set the new price at an average rate of Rs4,446.89 per mmBtu, which would result in a projected revenue shortfall of over Rs189 billion. The public hearing in Lahore, scheduled for March 25, 2024, is part of Ogra’s process to determine SNGPL’s estimated revenue requirements and prescribed…

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Oil executives talk down rapid shift to green energy as profits boom

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solar-panel

Houston: Big Oil used an industry conference this week to argue against a rapid transition to green energy, as fossil fuel companies are emboldened by high demand and record profits despite rising alarm over climate change. Executives attending the annual CERAWeek get-together in Houston expressed confidence that fossil fuel consumption would continue growing, just months after world leaders at the COP28 climate summit pledged to begin “transitioning away from fossil fuels” and triple the use of renewables by 2030. “The environment right now is very positive for the oil and…

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Oil sector seeks urgent LC limit hike to avert industry collapse

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oil-and-gas

KARACHI: The Oil Marketing Association of Pakistan (OMAP) has sought an immediate increase in the letters of credit (LCs) limits for oil marketing companies (OMCs), citing the country’s dire financial straits. “The pressing concerns surrounding foreign exchange losses, OMC margins, sales tax, smuggling of Iranian diesel, infrastructure development cess, and the revision of the price mechanism have pushed this vital industry to the brink of collapse,” the association said in a letter to the petroleum minister, Musadiq Malik. The oil body said the sector’s financial stability has been disrupted, and…

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Govt to offer OGDCL shares to Gulf investors

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ogdcl

Pakistan hopes to get better price from Saudi Arabia, UAE, Qatar and Kuwait ISLAMABAD: Pakistan’s government is expected to ask friendly nations to invest in the country’s largest hydrocarbon explorer – Oil and Gas Development Company Limited (OGDCL) – in order to fetch a better price for the company. Background discussions with officials privy to the development revealed that Pakistan could offer shares of the state-owned company to friendly countries like Saudi Arabia, the United Arab Emirates (UAE) and Qatar, which may offer attractive prices. Earlier, the strategy to divest…

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