Author: Admin

Pakistan’s Petroleum Sales Reach 25-Month High Amid Price Cuts and Stabilization

Admin
Petrol-Diesel

November 2024 petroleum sales surge 15% YoY to 1.58 million tons, the highest in over two years. Macroeconomic stabilization, reduced smuggling, and lower prices drive demand.High-Speed Diesel (HSD) sales reach a 30-month high, fueled by seasonal agricultural demand. KARACHI: Pakistan’s petroleum product sales hit a 25-month peak in November 2024, with a 15% year-on-year (YoY) increase to 1.58 million tons, driven by lower prices, economic recovery, and stricter measures against smuggling. Cumulative sales for the first five months of FY25 stood at 6.8 million tons, reflecting a 5% YoY growth.…

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Pakistan and Russia in Talks Over Oil Import Deal Amid Challenges

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PAK-Russia

ISLAMABAD: Pakistan and Russia are actively discussing terms for the import of Russian oil, with Petroleum Minister Musadiq Malik highlighting the complexities involved, including shipping logistics, insurance, and potential secondary US sanctions. Speaking at a media briefing, Malik refrained from disclosing the oil price but clarified that such deals require intricate planning. He noted that Pakistan State Oil (PSO)’s Pakistan Refinery Limited (PRL) imported a Russian oil cargo under a previously established framework using a public-sector special purpose vehicle (SPV) and Chinese currency. However, the caretaker government revised the approach,…

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Hub Power Holdings Partners with Mega Conglomerate to Boost BYD Alliance in Pakistan

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hubco-byd

KARACHI: Hub Power Holdings Limited (HPHL), a subsidiary of The Hub Power Company Limited (HUBCO), has joined forces with Mega Conglomerate (Private) Limited (MCPL) to enhance its partnership with Chinese electric vehicle giant BYD Auto Industry Company Limited. In a notice to the Pakistan Stock Exchange (PSX), HUBCO announced that MCPL will acquire a 50% stake in Mega Motor Company (Private) Limited through a shareholders’ agreement with HPHL. This collaboration aims to merge the expertise of both entities to strengthen BYD’s business operations in Pakistan. The agreement, however, is subject…

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Panel Formed to Expedite Thar Coal Conversion for Jamshoro Power Plant

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Thar-coal

ISLAMABAD: Prime Minister Shehbaz Sharif has established a three-member panel to deliberate on the conversion of the 660-MW Jamshoro Power Plant (JPP) to utilize 100% Thar coal. The committee includes Federal Minister for Power Sardar Awais Khan Leghari, Minister of State for Finance Ali Pervaiz Malik, and SAPM on Power Muhammad Ali, with provisions to include additional members as required. Terms of Reference (ToRs): Assess earlier directives and developments on JPP’s conversion to Thar coal, including its Commercial Operation Date (COD).Finalize and communicate a clear course of action on the…

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Government and IPPs Agree on Hybrid ‘Take and Pay’ Model to Save Billions

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Power-Plants

ISLAMABAD: After extensive negotiations, the government task force on energy and 17 Independent Power Producers (IPPs) operating under the 1994 and 2002 Power Policies have reached an agreement on a hybrid ‘take and pay’ model. The deal marks a significant step toward addressing inefficiencies in power purchase agreements (PPAs) while reducing the financial burden on the national exchequer. The task force, led by Federal Minister for Power Sardar Awais Khan Leghari, engaged experts and representatives from NEPRA, CPPA-G, and SECP in the discussions. Legal teams from both sides have finalized…

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