Category: Recent Post

The cargo ship that has been stuck at Clifton beach in Karachi will remain stranded till August 15 as the engine of the vessel is too weak to function, said Special Assistant to the Prime Minister on Maritime Affairs Mehmood Moulvi on Monday. Speaking at a press conference alongside the Federal Minister for Maritime Affairs Ali Zaidi, Moulvi said the authorities will need to unload oil from the ship first to move it. He said the port remained closed during Eid that resulted in the suspension of the rescue work,…

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The Central Power Agency Guarantee (CPPA-G) on behalf of ex-Water and Power Development Authority (Wapda) distribution companies has sought an increase of 80 paisa per unit in the power tariff for June under monthly Fuel Cost Adjustment (FCA) mechanism. The CPPA-G in a petition filed with the National Electric Power Regulatory Authority (Nepra) said the actual fuel charges remained Rs6.739 per unit against the reference fuel charges of Rs5.934 per unit during the said period and sought 80 paisa increase. In the petition it was said that a total 14,361…

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The fishy affairs of Hascol oil marketing company have landed in a parliamentary panel with a member levelling allegations of corruption worth Rs15 billion on the company. Senate Standing Committee on Petroleum member Afnanullah Khan alleged Hascol has been involved in corruption worth Rs15 billion. “Who is responsible for such massive corruption?” Senator Mohsin Aziz, another committee member questioned, adding that the issue must not be ignored and should be discussed in detail. A joint meeting of the standing committees on finance and petroleum should be convened on this issue,…

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After an epic, pandemic-induced crash in 2020, the U.S. stock market has gone back to winning ways and is enjoying yet another bumper season in the current year. The S&P 500 is already up 16.0% in the year-to-date and constantly taking out fresh all-time highs. Few sectors of the market have, however, done better than the long-suffering energy sector. After years of underperformance, the energy sector has been a standout performer in the current year with the Energy Select Sector SPDR ETF (NYSEARCA:XLE) up 30.0% YTD, second only to the…

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Byco Petroleum Pakistan Limited, Pakistan’s largest oil refining company, has won two awards in the categories of ‘The Foundations of Process Safety’ and ‘Oil Spill Management’ at the prestigious 7th International Awards on Environment, Health & Safety 2021.The awards were received by Mushtaq Ahmad Khokhar, General Manager- Production, Byco Petroleum andKaleem Ishaque, Senior Manager- SPM Operations, Byco Petroleum at a grand ceremony held at a local hotel in Karachi. Azfar Saeed Baig, Vice President – Information, Byco Petroleum, commented on the occasion and said that, “Byco being bestowed with these…

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