Category: Shortcode

Asia’s spot fuel oil market extended gains on Tuesday, although recovery remains capped as monthly supplies to Asia hit a year-to-date high. December fuel oil arrivals were at 5.5 to 6.0 million tonnes, the latest assessments by Refinitiv Oil Research showed on Tuesday, with strong arbitrage inflows from the West leading the climb. Asia is expected to be flooded with more fuel oil supplies in 2023 as Kuwait’s new Al-Zour refinery ramps up output and as Russia diverts record volumes from Europe to the East ahead of sanctions. While spot…

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Engineering firm Ados Pakistan Ltd is going to delist from the Pakistan Stock Exchange (PSX) on Jan 9 after the bourse accepted its request on Thursday for going private. Engaged in the supply of oil and gas field–related equipment, Ados grappled with “serious concerns” about its ability to continue its regular operations following low sales and “structural changes” in the energy exploration and production (E&P) industry. The PSX’s Voluntary Delisting Committee approved in August the minimum buyback price of Rs29 per share. The exchange advised minority shareholders on Tuesday to…

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Global law firm White & Case LLP has advised the Federal Government of Pakistan, the Provincial Government of Balochistan, Government Holdings (Private) Limited (GHPL), Oil & Gas Development Company (OGDCL) and Pakistan Petroleum Limited (PPL) on the reconstitution of the Reko Diq project and the comprehensive resolution of a US$11 billion dispute.  White & Case partner Kamran Ahmad, who co-led the Firm’s team, said: “Our role advising the Federal Government of Pakistan, the Provincial Government of Balochistan, GHPL, OGDCL and PPL has helped turn the albatross of the second-largest ICSID…

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Speakers at the 2nd International Conference on Pakistan Hydropower Sector on Wednesday stressed the need to harness hydropower potential in the country for adding more clean and green electricity to the national grid system for sustainable economic growth.They were of the view that Pakistan was blessed with huge hydel and renewable energy (RE) generating resources and it was a dire need to exploit all these resources for generating clean and green energy.The conference was organized by Energy Update in collaboration with Private Power Infrastructure Board (PPIB) and International Hydropower Association…

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National Electric Power Regulatory Authority (Nepra) is facing a frustrating situation in so far as approval of amendments to Net Metering Regulations is concerned as the “affected” influential parties have pressurized the government to put the proposed decision on hold, well-informed sources told Business Recorder. Power Division, sources said, has already conveyed its dismay to the regulator on its “speed” on Net Metering decision after received “misperceived” complaints from many influential stakeholders, including Federation of Pakistan Chambers of Commerce and Industry (FPCCI), approached the Prime Minister’s Office to stop the regulator…

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