Category: News & Announcement

ISLAMABAD: The National Accountability Bureau (NAB) has swung into action and initiated an inquiry into the colossal loss to the national exchequer on account of the hurdles in connecting gas supply from Badin-IV South Gas Fields to the national transmission system and to this effect the anti-corruption body has asked the Petroleum Division to provide all the official documents pertaining to the said Badin’s gas well. The Badin-IV South Gas Fields has factually three gas discoveries — Ayesha, Ayesha North and Aminah. The fields have been completely developed and ready…

Read More

ISLAMABAD: Undeterred by the recent failure of the much hyped Kekra project, the Petroleum Division has sought security clearance of a dozen offshore blocks before inviting international oil and gas exploration and production companies for bidding. A senior government official told Dawn that a list of 12 exploration blocks in the deep and ultra-deep sea has been provided to the Ministry of Defence (MoD) for security clearance. This [security] clearance by the MoD is a pre-requisite before offering any oil and gas exploration blocks to local or foreign exploration and…

Read More

ISLAMABAD: The chairman of Pakistan State Oil (PSO) board of management has cautioned the government that oil supply to domestic and international airlines may come to a halt as the company is facing a financial crunch due to payments stuck in the energy chain. Receivables of PSO swelled to Rs355 billion by January 20, 2020. Financial condition of the oil marketing company appears to have worsened as the board chairman has apprised finance secretary of the situation and difficult state of affairs. It seems PSO is heading towards a financial crisis…

Read More

Pakistan International Bulk Terminal Limited (PIBTL) is working on setting up LPG handling facility at Port Qasim as part of its expansion plan and has received NOC from Sindh Environmental Protection Agency (SEPA). The company is planning LPG handling facility with local business partner which will make investment in LPG storage facility while PIBTL will invest in infrastructure required for LPG handling. The company will be able to increase its dollar-based revenue by invested in this project. To highlight PIBTL is currently charging $ 6.5/ton and $ 5.5/ton for coal…

Read More

ISLAMABAD: Shares in Pakistan’s biggest firm Oil and Gas Development Company Limited (OGDCL) plunged maximum of 5 percent in an intraday trade on Wednesday due to apparent market manipulations that followed on rumors that the government plans to divest its 7 percent stake in the company at a discount rate, brokers said. They said investors went into stampede-selling and the OGDC share price hit the lower lock, but the day became even more interesting when an abnormally large buying of its shares was seen in the last hour. The company…

Read More