Category: Shortcode

Oil Executives Remain Skeptical of Rapid Shift to Green Energy Amid Profit Boom

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solar-energy

At the annual CERAWeek conference in Houston, oil executives voiced skepticism about a swift transition to green energy, citing ongoing high demand and record profits in the fossil fuel industry. This sentiment contrasts with global climate commitments made at COP28, where leaders pledged to increase renewable energy usage significantly by 2030. Despite growing concerns over climate change and record temperature rises, industry leaders at CERAWeek expressed confidence in the continued growth of fossil fuel consumption. They argued that consumers are not ready to bear the costs associated with a rapid…

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Pakistan Plans to Offer OGDCL Shares to Gulf Investors for Better Price

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OGDCL-1

Pakistan is considering offering shares of the Oil and Gas Development Company Limited (OGDCL) to friendly nations in the Gulf region, including Saudi Arabia, the United Arab Emirates (UAE), Qatar, and Kuwait. The goal is to secure a better price for the shares, given the challenges faced during previous attempts to divest OGDCL’s shares on the stock market. Past efforts to sell OGDCL’s shares on the stock market resulted in a significant drop in share prices due to alleged stock market manipulation. The government now aims to attract strategic investors…

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Ogra Conducts Public Hearing on SNGPL’s 147% Tariff Hike Request

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OGRA

The Oil and Gas Regulatory Authority (Ogra) is conducting a public hearing in Lahore today on a petition by Sui Northern Gas Pipelines Limited (SNGPL) seeking a 147% increase in gas tariffs. SNGPL has requested an increase of Rs2,646 per mmBtu, aiming to set the new price at an average rate of Rs4,446.89 per mmBtu, which would result in a projected revenue shortfall of over Rs189 billion. The public hearing in Lahore, scheduled for March 25, 2024, is part of Ogra’s process to determine SNGPL’s estimated revenue requirements and prescribed…

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PSX stays bearish, loses 265 points

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Stock-Exchange

ISLAMABAD   –   The 100-index of the Pakistan Stock Exchange (PSX) con­tinued with bearish trend on Friday, losing 265.57 points, a negative change of 0.41 percent, closing at 65,151.83 points against 65,417.40 points the previ­ous trading day. A total of 208,408,686 shares valuing Rs.7.149 billion were traded during the day as compared to 389,654,899 shares valu­ing Rs. 11.307 billion the last day. Some 332 compa­nies transacted their shares in the stock market; 120 of them recorded gains and 185 sustained losses, where­as the share prices of 27 remained unchanged. The three…

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SBP reserves cross $8bn mark, again

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state-bank

KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $105 million to reach $8 billion again. The SBP’s report on Thursday indicated that the reserves of both commercial banks and the SBP increased during the week ending March 15, showing the presence of excess dollar liquidity in the banking market, which also supports exchange rate stability. The demand for dollars is not high, reflecting the prevailing restrictions on imports. This situation also presents an opportunity for the SBP, which is a permanent buyer of dollars from…

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