Category: News & Announcement

Global demand for liquefied natural gas (LNG) increased by 12.5% to 359-million tonnes last year, which is a significant increase that bolsters LNG’s growing role in the transition to a lower carbon energy system. The report mentions that this increase in LNG saw a number of key developments undertaken which are assisting in building and reshaping the industry. An industry record of 40-million tonnes of additional supply became available and was consumed by the market. The year also saw the belief in long-term demand growth triggering record investment decisions in…

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The Independent Power Producers’ (IPPs) role is to be finally capped below 10 percent of the power mix and they have to compete for tariffs with the public sector, a model already being used in the developed world. Also, privatization of utilities should be strictly forbidden and let the National Transmission & Despatch Company (NTDC) be returned to Water & Power Development Authority (WAPDA) while the distribution companies (DISCOs) should be given under the provincial control in line with the constitutional requirements. The GENCOs, responsible for WAPDAs thermal generation and…

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Pakistan’s leading oil and gas exploration company, Mari Petroleum Company Limited (MPCL), has taken the initiative to provide clean drinking water to the residents of Islamabad. Realizing its corporate social responsibility and the issue of water scarcity, MPCL has rehabilitated three water filtration plants in the Federal capital. This operation was carried out in the water filtration plants of the areas, G-10/4, G-9/1 and G-7. Mayor Islamabad, Sheikh Ansar Aziz and Deputy Mayor, Syed Zeeshan Naqvi, inaugurated the water filtration plants on 22 April, 2020. Several officials were present on the occasion…

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KARACHI:  Pakistan Petroleum’s (PPL) profit rose 2.84% to Rs14.15 billion during the quarter ended March 31, 2020 due to a notable plunge in exploration cost and an increase in other income. The company had reported a profit of Rs13.76 billion in the same quarter of the previous year, according to a notice sent to the Pakistan Stock Exchange (PSX) on Thursday. Earnings per share of the oil company stood at Rs5.20 in the quarter under review compared to Rs5.06 in the same period of the previous year. Net sales of…

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Monday’s epic collapse in WTI (West Texas International) crude oil futures to forty-minus-zero might not be just a “fleeting moment” that the biggest Pakistani English newspaper’s lead editorial made it out to be. The development may have occurred only for contracts for May delivery, that were expiring on Tuesday (one day after the crash), and only happened in the market for one benchmark. Yet it did not take long for the June contract to come under pressure as well as it dropped by more than 45 per cent to close…

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