Category: Highlights

Govt hikes petrol, diesel prices by Rs19

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Ishaq-Dar

Finance Minister Ishaq Dar on Tuesday announced a massive hike of Rs19 in petrol and diesel prices, taking them to Rs272.95 and 273.40 per litre, respectively. In televised remarks, the finance minister said that the price of high speed diesel (HSD) and petrol in the international market had increased over the last 15 days. He said that the government had checked the “working” of Oil and Gas Regulatory Authority (Ogra) until the late hours of the night. “The delay in the announcement, the basic reason was that we were looking…

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Russian oil imports face port, refinery, currency constraints

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Russian-oil

KARACHI: Pakistan is unlikely to meet a target for Russian crude to make up two-thirds of its oil imports, despite attractive prices, hampered by a shortage of foreign currency and limitations at its refineries and ports, officials and analysts say. The cash-strapped South Asian nation became Russia’s latest customer snapping up discounted crude that has been banned from European markets due to Russia’s war on Ukraine. Its first cargo arrived in June and a second is now under negotiation. It is targeting 100,000 bpd of imports from Russia, compared with…

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CPEC moves into second phase with ‘simple’ celebration

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Pak-China-1

ISLAMABAD: China and Pakistan decided to accelerate the second phase of the China-Pakistan Economic Corridor, hailing the progress on development initiatives in the decade since the project’s launch in 2013. In a special ceremony held to commemorate 10 years of CPEC on Monday, six new documents were signed for joint cooperation. The celebrations, however, were kept simple out of respect for the victims of the Bajaur terrorist attack. Earlier in the day, Chinese Vice Premier He Lifeng, who is on an official visit to attend the celebrations as a special representative…

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OGDCL Achieves Remarkable Increase in Oil and Gas Production in July 2023

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ogdcl

ISLAMABAD, July 31, 2023: While successfully implementing cutting-edge technologies and industry’s best practices, the Oil and Gas Development Company Limited (OGDCL) has recorded a substantial production increase during the month of July 2023. The company has achieved remarkable enhancements in oil and gas production across various exploration and development wells. These significant milestones mark the company’s commitment to delivering excellence and strengthening Pakistan’s energy landscape. Notable accomplishments include the successful performance of the Nim East-1 exploratory well. Nim East-1, an exploratory well located in the Tando Allah Yar district of…

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Pakistan expects Gulf investment in renewable sector: Dastgir

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Khurram-Dastgir

Federal Minister for Energy Khurram Dastgir on Monday said Pakistan expects investment from Gulf countries in the renewable energy sector. Addressing media persons, the federal minister stressed on the increased usage of renewable energy. “In the coming days, we will be offering Gulf countries investment opportunities in the renewable energy sector. This is part of the SIFC (Special Investment Facilitation Council).” “We expect huge investment in not only Pakistan’s refineries but also in the renewable sector,” he said. The minister said in the span of 15 months, the incumbent government…

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