Category: Shortcode

OGRA & MINISTRY OF ENERGY (PETROLEUM DIVISION) JOINTLY HOSTED MEETING WITH OIL INDUSTRY

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Oil-and-Gas

Islamabad. The Oil and Gas Regulatory Authority (OGRA) and Ministry of Energy (Petroleum Division) jointly hosted the meeting with Oil Industry to deliberate on many challenges highlighted by the industry. The Oil industry representatives presented the sector’s concerns and submitted proposals to deal with the challenging business environment in the country. The submissions of the Oil Industry were discussed and ample opportunity was extended to the participants to provide their input.The matter with regard to smuggling of petroleum products from Iran was also highlighted and it was briefed that the…

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OMCs seek 100pc rise in margins on POL products

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fuel-oil

KARACHI: The oil sector has sought a 100 percent increase in the margins of oil marketing companies (OMCs) on petroleum products, citing a higher cost of doing business following a 20-year slump in diesel demand, The News learnt on Tuesday. Oil industry representatives held a meeting with the Oil and Gas Regulatory Authority (OGRA) on Tuesday and presented the sector’s concerns and demands viz-a-viz the challenging business environment in the country. OMCs told OGRA that the high cost of borrowing due to historic high interest rate and drop in the…

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PRL eyes $5 billion investment after refineries upgrade

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PRL-eyes

KARACHI: Pakistan Refinery Limited (PRL) is eyeing $5 billion investment after an upgrade at all its existing refineries, which will result in 5 deep conversion refineries collectively capable of refining around 350,000 barrels per day (bpd) of crude oil, Tariq Kirmani, chairman of the board of directors at PRL, said in a statement. The company is making strides towards enhancing and modernising its refining capabilities through a Refinery Expansion and Upgrade Project (REUP). The transformative endeavor aims to propel PRL into a sustainable future, producing cleaner and environmentally friendly fuels,…

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IMF board to meet today to decide on $3bn loan agreement

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IMF-board

The International Monetary Fund’s (IMF) executive board will meet today (Wednesday) to review the $3 billion stand-by agreement for Pakistan, which was finalised at the end of June. Pakistan expects the board to also release the first tranche of $1.1bn as part of the loan programme. The initial disbursement is contingent upon the board’s approval. Pakistan was absent from an earlier schedule released in June, igniting speculation that the IMF was not going to release funds from the previous programme that expired on June 30. On June 29, the IMF and Pakistan…

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Ecnec clears health, energy projects worth over Rs1tr

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energy-projects

Ecnec clears health, energy projects worth over Rs1tr July 12, 2023 ISLAMABAD: The Executive Committee of the Economic Council (Ecnec) on Tuesday approved six projects with an estimated cost of Rs1.077 trillion including two mega country-wide projects in health and energy sectors. Federal Minister for Finance and Revenue Ishaq Dar presided over the meeting also attended by Commerce Minister Syed Naveed Qamar, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Senator Nisar Ahmad Khuhro from Sindh and Himayatullah Khan Advisor Finance Khyber Pakhtu­nkhwa government besides federal secretaries…

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