Category: Highlights

Stocks of petrol have surged to historic levels that can meet 26 days of consumption demand in the country, which comes at a time when refineries have warned of imminent shutdown following refusal of power plants to procure furnace oil. According to officials, at present the country has petrol stocks of 600,000 tons as demand has remained lower than forecasts. Earlier, the oil industry had projected consumer demand for 800,000 tons of petrol in November but consumption stood far lower than the estimate. Sources pointed out that high prices of…

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A severe petrol as well as diesel shortfall looms larger than ever as refineries are on the verge of closing/cutting crude oil processing because of a massive slump in the offtake of furnace oil (FO) by oil marketers and power plants, their representative body said on Tuesday. Given no improvement in the situation, Oil Companies Advisory Council (OCAC), through latest correspondence, has appealed to Petroleum Division to direct Independent Power Producers (IPPs) and oil marketing companies (OMCs) to lift FO stock from refineries. “Local refineries, being the backbone of energy…

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Oil and gas investment declined in 2020 and 2021 because of the pandemic, which is a “recipe for more volatility,” Joseph McMonigle, secretary-general for the International Energy Forum, said on a panel at the World Petroleum Congress. “Capex cuts by international oil companies and national oil companies in 2020 was about 35%,” he said. “We’re now showing another 23% reduction in capex levels” from pre-pandemic levels this year. In 2019, E&P companies spent $525 billion, an amount which plummeted to $341 billion in 2021, he added. “We have to get…

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The International Finance Corporation (IFC) is partnering with Engro Corporation to help reduce plastic waste, promote recycling and boost the company’s energy efficiency, a statement said on Monday. The project is part of the IFC’s Pakistan Resource Efficiency Programme, which aims at improving the efficiency, cost-competitiveness, reliability, and productivity in the manufacturing sector, particularly in energy-intensive industries. The IFC’s climate advisory project will help Engro Corporation assess the opportunities for moving towards a circular plastics economy, as it develops a $1.8 billion petrochemical project to produce polypropylene. The circular system…

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The Independent Evaluation Department (IED) of the Asian Development Bank (ADB) has rated the “Economic Stabilization Programme” of worth $1 billion for Pakistan as successful. The IED in its validation report stated that the special policy-based loan (SPBL) of one billion dollar was aimed to address Pakistan’s severe macroeconomic crisis faced in 2019. To support the reform programme’s implementation, the ADB Board of Directors approved the SPBL on December 6, 2019. The loan agreement became effective on December 9, 2019 and was closed on schedule on 30th June 2020. The…

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