Year: 2024

OMCs’ September Cargo Deferred, October Shipments to Be Canceled

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Russian-oil

ISLAMABAD: Leading oil marketing companies (OMCs) have had their September cargoes deferred, with three scheduled for October set to be rationalized or canceled. If necessary, December cargoes will also be canceled. In a meeting on Wednesday with refineries and top-performing OMCs, the decision was made to address concerns about the excessive stock of high-speed diesel (HSD). Cargoes already in the country will be stored in bonded facilities and unavailable for sale until the end of September. The Petroleum Division has also requested a report on allegations from local refineries regarding…

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OGRA Steps in to Protect Refineries, Cancels HSD Cargoes for OMCs

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OGRA

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has taken swift action to safeguard the country’s refineries by halting some oil marketing companies (OMCs) from importing High-Speed Diesel (HSD) due to an oversupply of the fuel. The regulator canceled diesel cargoes scheduled for Pakistan State Oil (PSO) and GO company for October and November, in response to warnings from refineries that excess HSD stocks could destabilize the country’s supply chain. An emergency meeting between OGRA, refineries, and OMCs led to the postponement of additional HSD imports, with further cancellations possible…

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Centre, Provinces Owe Rs2.56 Trillion to Power Distribution Companies

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Your-Bill

ISLAMABAD: The federal and provincial governments collectively owe over Rs2.56 trillion in unpaid electricity bills to Distribution Companies (DISCOs) across Pakistan, according to official documents reviewed by The Express Tribune. The 12 DISCOs, which include major utilities like Lahore Electric Supply Company (Lesco), Islamabad Electric Supply Company (Iesco), and K-Electric, are struggling to recover payments. The federal government’s debt totals Rs47.81 billion, while provincial governments owe Rs1.51 trillion. The Azad Jammu and Kashmir government’s institutions have also accrued Rs56.77 billion in unpaid bills. Major defaulters include the Sindh government with…

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Govt Developing Formula to Reduce Power Rates: Petroleum Minister

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Gas-Project

Reko Diq Investment Deal Near Completion$10bn Refinery Project Under ConsiderationISLAMABAD: The government is finalizing a new blended gas pricing mechanism aimed at reducing power costs by merging liquefied natural gas (LNG) pricing with wellhead and pipeline gas. This will ensure competitive rates across all consumer categories, as disclosed by Petroleum Minister Dr. Musadik Malik. Speaking to the media, Dr. Malik revealed that a major investment deal on the Reko Diq mining project is at an advanced stage. Additionally, the government is considering establishing a $10 billion greenfield refinery for petroleum…

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Historic Consortium Agreement Signed for Machike-Thalian-Taru Jabba White Oil Pipeline Project

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Oil-Pipeline

In a significant development for Pakistan’s energy infrastructure, the signing ceremony of Consortium Agreement between the Stakeholders for Machike-Thallian-Tarujabba White Oil Pipeline Project has been held on September 4,2024 at SIFC Secretariat, PM Office. The ceremony was witnessed by Federal Minister for Petroleum Dr. Musadik Malik , DG Special Investment Facilitation Council (SIFC) Major General Asad Rehman and Chairman OGRA Masroor Khan. The heads of consortium entities i.e. MD Pakistan State Oil (PSO) Syed Muhammad Taha, DG Frontier Works Organization (FWO) Major General Abdul Sami, signed the historical Consortium Agreement.…

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