Category: Highlights

ISLAMABAD, Sep 2 (APP): The Petroleum Division is planning to start ‘physical work’ on the much-delayed Pakistan Arab Refinery Company (PARCO) Coastal Refinery before the next summer to achieve self-reliance in the oil production sector. “All formalities including the refinery’s design, licensing, engineering work, sizing and product-slab have been completed. Hopefully the physical work on seven- billion dollar project will start before next summer after its formal groundbreaking,” a senior official privy to petroleum sector developments told APP. The refinery project, which was approved in October 2007 but remained suspended…

Read More

ExxonMobil is considering cutting jobs worldwide on a country-by-country basis, a spokesman for the U.S. oil supermajor told Reuters on Wednesday, after the firm began a voluntary redundancy program for its employees in Australia. ExxonMobil Australia said on Wednesday that it is offering voluntary redundancies to all its employees in Melbourne, Gippsland, Sydney, Adelaide, and Perth, following “an extensive review of the company’s current and future project work.” “This program will ensure the company manages through these unprecedented market conditions,” ExxonMobil Australia said. Commenting on the plan, spokesman Casey Norton…

Read More

The world’s top oil exporter, Saudi Arabia, continues to try to tighten the world’s most transparently reported oil market by slashing crude oil shipments to the United States to the lowest levels in decades. OPEC’s de facto leader Saudi Arabia is estimated to have sent to America just 177,000 barrels per day (bpd) in August, according to tanker-tracking data compiled by Bloomberg. To compare, the Saudis shipped as much as 1.3 million bpd to the United States in April, when they sent a fleet of supertankers to flood the U.S.…

Read More

Islamabad September 2, 2020: The PAC having agreed with the Chairman WAPDA and Auditor General of Pakistan that Neelum Jhelum Surcharge is being levied in the electricity bills despite completion of the Project and expiry of notification in the year 2015, unanimously recommended that Neelum Jhelum surcharge should no more be collected from the consumers of electricity through electricity bills as the Project has already been completed.

Read More

Central Power Purchasing Agency (CPPA) along with international consultants are in the process of developing a competitive market model for the power sector in Pakistan. The State of Industry Reports 2019 by NEPRA reveals some major issues with the development of the power market. The ground realities and the situation in the country are two of the most fundamental requirements while evaluating and developing the model. According to the report, the major stakeholders in the power sector do not have the required understanding of the market models. Distribution Companies (DISCOs)…

Read More