KARACHI: The government has exceeded its annual petroleum development levy (PDL) collection target, amassing Rs907 billion in the first 11 months of the current fiscal year, against a target of Rs869 billion. This surge comes as demand for petroleum products peaked to a nine-month high of 1.4 million tons in May 2024 due to a price reduction, bringing total consumption to 13.8 million tons from July to May 2023-24, according to Topline Research. Topline Research analyst Myesha Sohail noted that the monthly average tax collection of Rs80-85 billion could push…
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PRL and Saudi ED Investment Group to Establish Joint Venture
ISLAMABAD: Pakistan Refinery Limited (PRL) and Saudi Arabia’s ED Investment Group are in advanced discussions to establish a joint project, according to sources informed by Business Recorder. This development follows the Prime Minister’s visit to Saudi Arabia in April 2024. At a recent meeting chaired by Federal Minister for Petroleum Dr. Musadik Masood Malik, updates on the progress of the visit were reviewed. Attendees included representatives from various divisions such as Petroleum, Power, Resources, Railways, SIFC, PPIB, PSO, PRL, WAPDA, and the Pakistan Embassy. Zahid Mir of PRL reported ongoing…
Read MoreWorld Bank to Extend Closing Date of $390m IBRD Loan for T4HP and T5HP
ISLAMABAD: The World Bank is set to restructure the Tarbela Fourth Extension Hydropower Project (T4HP) to extend the closing date of the $390 million International Bank for Reconstruction and Development (IBRD) loan to September 30, 2027. This loan is also financing the Tarbela Fifth Extension Hydropower Project (T5HP). According to official documents, the results framework has been updated to incorporate indicators from the World Bank Group’s Corporate Scorecard approach. The project includes: IBRD Loan-81440 ($400 million, fully disbursed and closed) and IDA Credit-50790 (SDR 179 million, fully disbursed and closed),…
Read MoreChinese IPPs Intensify Pressure for Payment of Dues Ahead of PM Shehbaz Sharif’s China Visit
ISLAMABAD: As Prime Minister Shehbaz Sharif embarks on a four-day official visit to China, Chinese power generation and transmission companies are intensifying their demands for the payment of overdue amounts. The Central Power Purchasing Agency–Guaranteed (CPPA-G) recently paid Rs 70 billion to Chinese Independent Power Producers (IPPs) and plans another installment soon, aiming to clear substantial dues before June 30, 2024. The outstanding dues for CPEC power projects total approximately Rs 550 billion. This issue was a focal point during recent visits to Beijing by Deputy Prime Minister Ishaq Dar…
Read MoreOPEC+ Extends Deep Oil Cuts into 2025 Amid Market Concerns
LONDON/DUBAI: In a move to stabilize the oil market, OPEC+ has decided to extend its substantial oil output cuts well into 2025. This decision, announced on Sunday, comes amid concerns over sluggish demand growth, particularly from top oil importer China, high interest rates, and increasing competition from U.S. production. Recently, Brent crude oil prices have hovered around $80 per barrel, a figure lower than many OPEC+ members require to balance their budgets. Factors contributing to this price include slow demand growth in China and rising oil stocks in developed economies.…
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