Month: April 2024

Mari Petroleum Plans Rs2.5 Billion Investment in Mineral Mining Subsidiary

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Mari-Petroleum

Mari Petroleum Company Limited (MARI), a prominent player in Pakistan’s energy and exploration sector, has announced its intention to invest up to Rs2.5 billion in its subsidiary, Mari Mining Company (Pvt) Ltd (MMC), through equity injection. The Board of Directors of MARI approved this investment, as revealed in a notice to the Pakistan Stock Exchange (PSX) on Monday. This investment, to be made in tranches over two years, will involve subscribing to MMC shares via a right issue. MMC, a wholly-owned subsidiary of MARI established in July 2023, focuses on…

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NTDC Under Scrutiny for Alleged Irregular Contract Awards and Internal Conflicts

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Power-control

The National Transmission and Despatch Company (NTDC) has come under scrutiny for alleged irregularities in contract awards and internal conflicts, creating concerns within the Power Division. The Senate Standing Committee on Power has interrogated top officials from both the Power Division and NTDC multiple times regarding the awarding of contracts to ineligible bidders. Senior officials from the Power Division revealed that several top NTDC management members have strong connections with domestic and international contractors, often securing sub-contracts in projects. This has raised questions about transparency and fair practices within the…

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Aramco Secures 40% Stake in Gas & Oil Pakistan Ltd, CCP Approval Granted

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Oil-Pakistan

The Competition Commission of Pakistan (CCP) has given the green light for Aramco, a global energy and chemicals leader, to acquire a 40% equity stake in Gas & Oil Pakistan Ltd (GO). This move marks Aramco’s inaugural entry into Pakistan’s fuels retail sector, showcasing its confidence in the nation’s economic prospects and its dedication to fostering growth. Aramco Asia Singapore Pte Ltd, a wholly-owned subsidiary of Saudi Aramco based in Singapore, filed the pre-merger application with the CCP. The company specializes in various aspects of the energy industry, including sales,…

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IMF Approves Final $1.1 Billion Tranche for Pakistan

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IMF-board

In Washington, the International Monetary Fund’s Executive Board has given the green light for the immediate release of around $1.1 billion to Pakistan. This decision marks the completion of the second review under the Stand-By Arrangement (SBA), bringing the total disbursements under this program to approximately $3 billion. The board’s unanimous approval, except for India’s abstention, signals confidence in Pakistan’s strengthened policy efforts under the SBA, which have contributed to stabilizing the economy and initiating modest growth. The IMF emphasized the importance of Pakistan continuing its policy and reform endeavors,…

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OGDCL ANNOUNCES FINANCIAL RESULTS FOR THE PERIOD ENDED MARCH 31, 2024

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oil and gas

Islamabad, April 29, 2024: The Board of Directors of Oil & Gas Development Company Limited (OGDCL) in its meeting held on April 29, 2024, at OGDCL Head Office, Islamabad announced the financial results for the period ended on March 31, 2024, of the fiscal year 2023-24. Net sales revenue clocked at Rs. 348.164 billion translating to Profit after tax of Rs. 171.104 billion and earnings per share of Rs. 39.78.

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