Category: News & Announcement

PetroChina, one of the largest buyers of liquefied natural gas (LNG) in the key LNG demand growth market, has offered the lowest bid in an LNG tender in Pakistan, in a sign that the Asian market continues to be oversupplied even after the winter heating season began. According to the documents from the latest Pakistan LNG tender, PetroChina International Singapore offered the lowest bid at a price slope—that is a percentage of the Brent oil contract—of 8.594 percent, for a delivery window on February 16-17. PetroChina beat commodity traders Gunvor…

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The Board of Directors of Shell Pakistan Limited announced financial results for the year ended December 31, 2019. The company posted a loss after tax of Rs 1,485 million for 2019 compared to the loss of Rs 1,102 million in 2018. The oil industry felt the impact of some of the continued macro-economic challenges faced by the country, primarily owing to the unprecedented devaluation of the rupee; declining fuels market; volatility in the international oil prices and increased minimum tax rates applicable, which has had a significant impact on SPLs…

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The shifting of coal handling from Karachi Port Trust to Port Qasim under the order of Supreme Court has greatly benefited the national economy. It has been learnt that Port Qasim Authority (PQA) received US 19.4 million dollars equivalent to PKR 2,644 million in terms of royalty payments (on coal handling at PIBT) during FY 2018-19 whereas during the first half Financial Year (2019-2020) the contribution stands at $10 million equivalent to PRK 1,572 million. “During FY 2018-19, we have successfully handled 8,553,410 tons cargo against 2,745,048 tons in 2017-18…

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The Khyber Pakhtunkhwa government has completed construction of 290 Mini Hydel Power Stations (MHPSs) while 66 more mini-power stations will be completed in June this year. This was told in a meeting held here to review the overall performance of Energy and Power Department with Chief Minister Mahmood Khan in the chair. The chief minister was given detailed briefing on the performance of the department with special focus on KP Oil & Gas Company Limited (KPOGCL) and Pakhtunkhwa Energy Development Organization (PEDO). Provincial minister for Finance, Taimur Saleem Jhagra, Advisor…

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Singapore — The sharp fall in spot LNG prices to record lows is forcing Pakistan to weigh options on whether to cancel or renegotiate term deals, with policymakers and industry officials saying that entirely backing out of contracts may provide short-term gains but will bring pain in the longer term. Although oil-linked deals in a low-priced environment is forcing Pakistan to pay more than levels at which it can currently source cargoes from the spot market, the country’s fast-growing LNG consumption means Pakistan has to work toward strengthening relations with…

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