Category: News & Announcement

The Islamabad High Court (IHC) on Tuesday refused to stay governmental action against an oil marketing company (OMC) accused of hoarding and black marketing fuel as it asked the federal government and other respondents to submit replies to the OMC’s petition by June 25. The IHC single bench headed by Chief Justice Athar Minallah issued this order while hearing plea of the OMC that challenged composition of a newly formed fuel crisis committee – which probed into a recent fuel crisis – as well as the crackdown initiated on recommendation…

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Another Chinese oil firm has defaulted on a dollar-denominated bond, bringing the total value of defaults in all sectors of China’s offshore bond market to US$4 billion so far this year, more than double the value of defaults in the same period last year, Bloomberg estimates. Oil equipment and oil services company Hilong Holding said on Monday that it is defaulting on a US$165-million bond after an insufficient percentage of noteholders had agreed to swap the notes with new debt. The minimum acceptable level of noteholders to agree to the debt exchange offer was…

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Prime Minister Imran Khan reiterated on Monday that the months of June and July will be difficult for Pakistan with regards to the coronavirus outbreak in the country. We will incrementally increase shelter homes in Pakistan, he said, referring to the Centre’s plans to provide relief to lower-income groups, which have been hit hard by the financial impact of the virus. The premier insisted that the people of Pakistan are charitable and passionate in their desire to give, and the government only has to ensure confidence [of the public]. People start sending…

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Despite fears of a second wave of COVID-19, oil markets rebounded last week, showing signs of improving fundamentals as global supplies continue to tighten. On Friday, Brent closed at $42.19, up by 8.20 percent w/w, while WTI closed at $39.75, up by 9.03 percent w/w. Furthermore, the 1-2 month Brent spread flipped into backwardation for the first time since the third of March which is a major sign of tightening supplies resulting from OPEC+ cuts. Yet, it is expected that 500 thousand bbl/d of shale oil, mainly from the Permian, will come…

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UAE’s ADNOC today announced a $20.7-billion deal with six international companies for the acquisition of a minority stake in Adnoc Gas Pipeline Assets. Under the terms of the deal, Global Infrastructure Partners, Brookfield Asset Management, Singapore’s sovereign wealth fund, the Ontario Teachers’ Pension Plan Board, Snam, and NH Investment and Securities will acquire a 49-percent interest in ADNOC Gas Pipeline Assets, a new subsidiary of the UAE’s national oil and gas company. The acquisition will give the buyers lease rights to 38 pipelines, but ADNOC will retain ownership of the assets and…

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