Year: 2024

Oil gains over 2% after OPEC+ delays output hike, US election in focus

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Oil-gains

Oil prices rose more than 2% on Monday on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the U.S. presidential election. U.S. Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s Election Day, and the winner might not be known for days after voting ends. Brent futures were up $1.73 per barrel, or 2.4%, to $74.83 a barrel at 1324 GMT. U.S. West Texas Intermediate (WTI) crude was…

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FPCCI Proposes Amendments in Petroleum Act 1934Atif Ikram Sheikh, President FPCCI

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FPCCI-Project

Karachi: Atif Ikram Sheikh, President FPCCI, has appreciated Senator Musadik Malik, Federal Petroleum Minister and the Director General of Explosives at Ministry of Petroleum for responding to the concerns of trade and industry vis-à-vis the definition, handling, storage and licensing requirements of liquid hydrocarbon, mixed hydrocarbons and any other material or mixture containing hydrocarbons. Atif Ikram Sheikh apprised that FPCCI had officially written to the DG Explosives after receiving multiple complaints and queries from the sector to seek clarification. While we acknowledge their reply; nevertheless, we, at FPCCI, feel that…

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SIFC Sets Deadlines for Resolving Petroleum Sales Tax Exemption and Illegal Outlet Issues

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Refinery-Limited

ISLAMABAD: The Special Investment Facilitation Council (SIFC) has directed the Petroleum Division (PD) to work with the Finance Division and Federal Board of Revenue (FBR) to address the sales tax exemption issue on petroleum products (POL) by November 10, 2024. This exemption is critical for advancing the $6 billion Brownfield Refineries Upgradation project. The SIFC has also tasked the Petroleum Division with presenting a plan to eliminate illegal petroleum outlets and curb substandard fuel sales by November 7, 2024. At an October 22 meeting, the Oil Companies Advisory Council (OCAC)…

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PM Shehbaz Sharif to Attend COP29 Summit in Baku Next Week

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Shehbaz-Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif is set to visit Baku, Azerbaijan, in mid-November to participate in the COP29 summit at the invitation of Azerbaijan’s President. The summit, scheduled for November 13-15, will feature the Innovation Zone for Climate Action, a platform designed to accelerate impactful climate solutions. The Innovation Zone, a significant initiative from prior COPs, fosters collaboration across sectors and brings together entrepreneurs, investors, policymakers, and city leaders. It provides a unique registration system, allowing participants to engage independently from the official Blue and Green Zones. PM Shehbaz Sharif…

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Dr. Sultan Al Jaber Gathers Global Leaders to Forge AI-Energy-Climate Partnerships at ENACT Majlis

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Sultan-Al-Jaber

Abu Dhabi, UAE – His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and ADNOC Managing Director, hosted 80 global leaders in energy, technology, climate, and finance at the ENACT Majlis, a gathering aimed at advancing sustainable energy partnerships to support AI’s rapid growth. Rooted in the Emirati tradition of open dialogue, the Majlis provided a collaborative platform for discussing strategies at the intersection of AI, energy, and climate. H.E. Dr. Al Jaber emphasized the need for cross-sector collaboration to meet AI’s increasing power demands, with AI data…

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