Category: Shortcode

Chinese Firm to Invest $1 Billion in PRL Upgrade, Doubling Refinery Output

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PRL-Project

A Chinese investment corporation has committed $1 billion to Pakistan Refinery Limited (PRL) for a major upgrade aimed at doubling its production capacity. The agreement, however, comes with a condition: the Chinese firm seeks full independence from government control, ensuring that PRL repays the investment in dollars without any government intervention. Currently, Pakistan’s State Bank allows the private sector, including refineries, to retain dollars for investment. However, the Chinese company has urged for the removal of such controls to facilitate the smooth repayment of the loan. The firm emphasized that…

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IEA Predicts ‘Age of Electricity’ as Fossil Fuel Demand Set to Peak by 2030

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clean-energy

The world is rapidly transitioning toward a future dominated by low-emission energy sources, with more than half of global electricity expected to come from clean energy by 2030, according to the International Energy Agency’s (IEA) latest World Energy Outlook report. The IEA projects that demand for oil, gas, and coal will peak by the decade’s end, potentially leaving an excess of fossil fuel resources. “We’ve experienced the Age of Coal and the Age of Oil,” said IEA Executive Director Fatih Birol. “Now, we are speeding into the Age of Electricity,…

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OMAP Criticizes Proposed OMC Margin as ‘Inadequate’

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Oil-Price

LAHORE: The Oil Marketing Association of Pakistan (OMAP) has called on the Ministry of Petroleum to intervene regarding the Oil and Gas Regulatory Authority’s (Ogra) proposed revisions to oil marketing companies’ (OMCs) margins, which it deems insufficient for the industry’s sustainability. OMAP Chairperson Tariq Wazir Ali expressed concern over the proposed margin increase, stating that it does not account for the rising operational costs, foreign exchange losses, and pending tax refunds faced by OMCs. He warned that the current margin structure threatens the sector’s financial viability and limits critical investments…

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PSO Board Enforces Code to Prevent Corruption

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PSO-Head

ISLAMABAD: In accordance with the State-Owned Enterprises (SOE) Act 2023, Pakistan State Oil’s (PSO) Board of Management (BoM) has implemented a stringent code of conduct aimed at curbing corrupt practices, accepting gifts, and leaking sensitive information, a senior Petroleum Division official informed The News. All bureaucrats serving on the PSO board have signed the code, and violations could lead to legal action by the FIA or NAB, according to official documents. The code ensures transparency, accountability, and good governance. It prohibits bribery, payoffs, and conflicts of interest, while enforcing strict…

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OCAC Chairman Urges Government to Resolve Sales Tax and Smuggling Issues to Safeguard Pakistan’s Refinery Sector

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New-OCAC

Islamabad, October 16, 2024 – Adil Khattak, Chairman of the Oil Companies Advisory Council (OCAC), has called on the government to urgently address key challenges facing Pakistan’s downstream oil sector, warning that unresolved issues threaten the country’s refinery operations and long-term energy security. In an exclusive Q&A with Energy Update, Khattak highlighted the immediate need for government intervention to resolve the sales tax exemption on petroleum products and curb smuggling from Iran. Khattak emphasized the critical impact of the Federal Board of Revenue’s (FBR) decision through the Finance Act, 2024,…

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