Category: Highlights

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has issued a stern warning to Oil Marketing Companies (OMCs), including Pakistan State Oil (PSO), to promptly lift high-speed diesel (HSD) from local refineries or face legal consequences. In a letter addressed to PSO and other OMCs, OGRA highlighted the low HSD uplift during the first half of August 2024, which fell short of the allocated volumes determined in the Petroleum Reserves (PR) meeting. The companies named include Attock Petroleum, Shell Pakistan Ltd, Total Parco, and several others. OGRA emphasized that the…

Read More

LONDON: The UK government is facing legal action from marine conservation organization Oceana UK over its decision to issue 31 new oil and gas exploration licenses in the North Sea. Oceana argues that the government unlawfully failed to assess the potential impact on marine life when granting the licenses in May under the previous administration. While an exploration license does not guarantee the development of a producing field, environmental groups contend that expanding oil and gas production contradicts the UK’s goal of achieving a net-zero carbon economy by 2050. This…

Read More

NEW DELHI: In July, India overtook China as the largest importer of Russian oil, driven by reduced purchases from Chinese refiners who faced lower profit margins from fuel production. Russian crude accounted for a record 44% of India’s total oil imports, reaching 2.07 million barrels per day (mbpd), marking a 4.2% increase from June and a 12% rise compared to the previous year, according to trade and industry data. This figure surpassed China’s July imports of Russian oil, which stood at 1.76 mbpd, including both pipeline and shipment deliveries, based…

Read More

ISLAMABAD: Following a recent approval to charge about Rs10.5 billion in additional fuel cost adjustments (FCA) for May and June, K-Electric (KE) is now seeking to extract another Rs6.2 billion from its consumers through a Rs3.1 per unit FCA for July. The National Electric Power Regulatory Authority (Nepra) has scheduled a public hearing for August 29 to address KE’s latest request. Just a day prior, the regulator had permitted KE to impose additional FCAs of Rs2.59 and Rs3.168 per kWh for electricity consumed in May and June, respectively, to be…

Read More