Category: News & Announcement

The state-owned Pakistan LNG Ltd, which is the main buyer of liquefied natural gas, is considering canceling two long-term contracts because of a slump in market prices and abundant production, which have created opportunities for cheaper supply, reported Bloomberg. Pakistan LNG Ltd. is weighing the possibility of exercising termination clauses in contracts it signed with Eni SpA and Gunvor Group Ltd. in 2017. However, the report stated that as of yet, no final decision has been made and the company is seeking input from the Ministry of Energy. According to Bloomberg…

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Karachi: February 27, 2020: Pakistan Petroleum Limited (PPL) donated Rs. 10 million to Sindh Institute of Urology and Transplantation (SIUT) and Rs. 5 million to The Kidney Centre (TKC) for provision of quality healthcare to deserving populations as part of its long-term and diverse Corporate Social Responsibility Programme.  MD and CEO PPL Moin Raza Khan presented the cheque to Professor and Director SIUT Dr. Syed Adibul Hasan Rizvi at SIUT’s main premises on February 26. The donation will be utilized for purchase of a Lithoclast surgical machine used in removal of kidney stones.…

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Vice Chairman National Electric Power Regulatory Authority (NEPRA) Bahadur Shah on Tuesday said that provision of clean, affordable and reliable electricity was vital for poverty reduction, sustainable development and economic growth ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 25th Feb, 2020 ) :Vice Chairman National Electric Power Regulatory Authority (NEPRA) Bahadur Shah on Tuesday said that provision of clean, affordable and reliable electricity was vital for poverty reduction, sustainable development and economic growth. “We urgently need a long-term solution to Pakistan‘s energy needs and this can only be achieved through working…

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KARACHI: Pakistan Petroleum Limited’s (PPL) profit dropped 19% to Rs24.4 billion in the half year ended December 31, 2019, dented by higher operating and exploration expenses. PPL reported lower-than-expected earnings during the outgoing quarter. This deviation from our estimates was mainly on account of higher-than-expected exploration expenses,” said Topline Securities’ analyst Fawad Basir. Revenue depicted an uptrend as it increased from Rs79.1 billion to Rs85.6 billion in the half year on the back of 14% year-on-year rupee devaluation against the greenback. “However, oil and gas production witnessed 2% and 13% year-on-year…

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KARACHI: As the number of coronavirus cases rose outside China, oil slid more than five per cent at its session low on Monday, falling into bear market territory, amidst fear regarding a slowdown in the global economy. With the virus still present in China- the world largest importer and consumer of oil and  dampened oil demand, WTI, Brent and Arab light went down by 15.8pc, 16.3pc and 14.5pc respectively in the last two months or so. As the situation is getting worse with the outbreak spreading across South Korea, Italy, Iran,…

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