Category: Recent Post

SBP’s deputy governor Jameel Ahmad reported to the Senate committee on finance that the company took huge exposure to one client and something wrong happened there as there were also backward and forward links in this case. However, he said the financial market regulator SBP had examined the episode and the banks had not committed any regulatory violations while extending loans. “There is misappropriation in Hascol in addition to inventory losses,” said SBP Executive Director Inayat Hussain. The company’s bank liabilities were only Rs24.3bn a year earlier and swelled to…

Read More

The US-based company, Excelerate Energy (EE), has refused to extend for a few weeks its deadline of August 31 for the government to retain the FSRU (Floating Storage Regasification Unit) Sequoia currently functional at the Engro LNG terminal, saying it is committed to its new deal for regasification of LNG in Brazil, so it needs the government’s response by the last days of the current month. The response of the US firm has left the government on a tight rope putting the utilisation of new FSRU at Engro LNG Terminal…

Read More

The refinery policy is in the making for over a year. The idea of the policy is to incentivize new players to come in and jack up production of the country’s overall refining petroleum products to at least by cent percent, and to upgrade the existing five refineries to start production of Euro-5 specification products and also reduce the production of residual fuel – furnace oil, the demand of which is dying the world over, including Pakistan. The policy, after deliberations with the existing players was circulated last fiscal year…

Read More

Prime Minister has sought an explanation from Secretary Petroleum Division for not giving priority to Pakistan Railways (PR) and Pakistan National Shipping Corporation (PNSC) in transportation of POL products, well-informed sources told Business Recorder. These directions were issued during a recent meeting of Federal Cabinet, when at least two Ministers lodged a complaint that Pakistan State Oil Company Limited (PSOCL) is not giving weightage to instructions of Federal Cabinet in transportation of POL products. The Cabinet was informed that PSO was a public sector limited company under the administrative control of…

Read More

The first section of a massive new liquefied natural gas (LNG) plant bound for the Arctic Circle was loaded onto a cargo ship at Daishan manufacturing base in east China’s Zhejiang Province on Thursday. The 10,000-tonne unit will arrive in Murmansk in northwestern Russia in 25 days. With 13 more units to follow, they will form the Arctic LNG 2 (ALNG2) Project, the world’s largest LNG plant in the Arctic Ocean area. The project is being developed by Novatek, Russia’s largest independent natural gas producer. The plant will operate in…

Read More