Author: Admin

MD PPL discusses key development and Community Uplift Initiatives with CM Balochistan

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New-PPL

Mr. Imran Abbasy, Managing Director and CEO of Pakistan Petroleum Limited (PPL) met Chief Minister (CM) Balochistan Mir Sarfraz Bugti at the CM House in Quetta on October 18 to discuss crucial matters related to resource exploration and community development in the province. During the meeting, Mr. Abbasy outlined PPL’s strategic plans for hydrocarbon exploration and mining in Balochistan, including updates on social development projects in the region. The conversation also touched upon the status of Sui Gas Field’s Development and Mining Lease. In relation to mining, Mr. Abbasy highlighted…

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PSO Approves gas Agreement with Azerbaijan’s SOCAR

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SOCAR-PSO

KARACHI: The Management Board of Pakistan State Oil Company Limited (PSO), a leading state-owned oil marketing company, has approved the execution of a Sale and Purchase Agreement (SPA) with the State Oil Company of the Republic of Azerbaijan (SOCAR). As per a notice issued to the Pakistan Stock Exchange (PSX), PSO received the signed agreement from SOCAR on December 24. The execution of the SPA will proceed shortly. Earlier, on November 8, PSO had assured stakeholders of providing updates once the agreement was finalized. This development follows a series of…

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PTT Oil and Retail Business Charts Path to Global Leadership with Sustainability at the Core

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PTT-Oil

PTT Oil and Retail Business Charts Path to Global Leadership with Sustainability at the Core December 27, 2024 BANGKOK, THAILAND – Media OutReach Newswire – 27 December 2024 – PTT Oil and Retail Business Public Company Limited (OR) is driving international growth and sustainable innovation, leveraging its diverse portfolio to navigate volatile global markets. Amid geopolitical uncertainties and fluctuating oil prices, OR has posted robust financial results and unveiled a strategic roadmap aimed at transforming its business for a sustainable and inclusive future. For the first nine months of 2024,…

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WB Urges Increased Budget for Tarbela 5th Extension Hydropower Project

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Hydropower

ISLAMABAD: The World Bank has called on the government to increase budget allocations for the Tarbela 5th Extension Hydropower Project (T5HP) during the mid-year budget review, citing a significant shortfall in rupee cover requirements. In a letter to Economic Affairs Division (EAD) Secretary Dr. Kazim Niaz, World Bank Country Director Najy Binhassine commended the satisfactory progress of T5HP, despite challenges, including the unexpected termination of a supervision consultant’s contract. WAPDA swiftly implemented alternative supervision arrangements to maintain project momentum and mitigate risks to Tunnel 5 and the Tarbela Dam’s operations.…

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Power Sector’s Delayed Payments Push LPS on GDS to Alarming Rs76.4 Billion

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Power-sector

ISLAMABAD: The Late Payment Surcharge (LPS) on Gas Development Surcharge (GDS) owed by power companies to gas utilities, including PPL, MPCL, and SNGPL, has surged to an alarming Rs76.4 billion, according to a report by the Directorate General of Gas (Petroleum Division). The Gas Development Surcharge, governed by the Natural Gas (Development Surcharge) Ordinance, 1967, represents the margin between the sale price and the prescribed price of natural gas. Proceeds from GDS are distributed among provinces under the NFC Award. However, delays in payments by power producers, including WAPDA, GENCO-II,…

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