Category: Shortcode

The downward streak in petroleum consumption continues as January 2023 sales by the oil marketing companies fall by 20 percent year-on-year. The decline in petroleum sales for the OMCs was led by a decline in furnace oil sales followed by high-speed diesel and motor spirit. Furnace oil posted a decline of 45 percent for volumes sold in Jan-23 year-on-year, while diesel volumes were down by 21 percent year-on-year. Motor spirit consumption was weaker by 13 percent year-on-year. Key factors for weaker sales by the OMCs in January included the ongoing…

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The International Monetary Fund (IMF) has expressed concern over the circular debt in the gas sector of Pakistan, citing sources, ARY News reported on Thursday. Sources told ARY News that the IMF delegation visited the Petroleum Division and held talks with the senior officials. The Petroleum Division’s secretary briefed the IMF delegation regarding the measures taken by the federal government. “IMF delegation expressed reservations over the existing circular debt in the gas sector and stressed bringing immediate reforms to the energy sector,” said sources. The IMF officials insisted Petroleum Division’s…

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Caught up in a vicious circle of debt, Pakistan has been spiralling deep into an economic crisis — reviving recent memories of Sri Lanka’s financial-cum-political crisis. With the Pakistani rupee falling to a record low and fuel prices shooting up, Pakistan has been struggling to fulfill the basic demands of its citizens, reports claim. But why is Pakistan in such a critical position? What is it doing to climb out of the hole and should India be worried? CNBC TV-18 takes a deep dive into the neighbouring country’s problems and the reverberations…

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Prime Minister Shehbaz Sharif on Thursday inaugurated K-3, the third unit of Karachi Nuclear Power Plant (Kanup), which will produce 1,100 megawatts of electricity. The project has been completed with assistance from China. In his address on the occasion, the prime minister said K-3 was a step forward in cooperation with Pakistan’s trusted friend China. He congratulated the scientists and workers of Pakistan and China who strove for completion of the project. He said the staff of Pakistan Atomic Energy Commission (PAEC), who contributed to the project, would be invited…

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Engro Fertilizers Limited (PSX: EFERT) is a wholly owned subsidiary of Engro Corporation which is the subsidiary of Dawood Hercules Corporation Limited. The company was incorporated in Pakistan in 2009 and is engaged in the manufacturing, purchasing, marketing, and selling of fertilizers, seeds, and pesticides besides providing logistics services.

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