Adverse impact of Covid-19: Refineries seek deferment of monthly PDL payment for six months

ISLAMABAD: Pakistan’s five refineries have braved mammoth inventory losses of Rs25.849 billion in just two months of March and April 2020 due to Covid-19’s adverse impact on oil industry across the world and more damage is also on the cards in the next two months of May and June, 2020. The refineries also told the government if they were not compensated, their survival will be at stake. “The refineries that include the Attock Refinery Limited (ARL), National Refinery Limited (NRL), Pakistan Refinery Limited (PRL), Pak-Arab Refinery Company (PARCO) and BYCO…

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Karachi to experience heatwave from May 5-8

KARACHI: Amid the coronavirus lockdown, the southern port city will witness a heatwave from May 5 to 8, the Meteorological Department said on Friday. Met department Director Sardar Sarfaraz said that during the time period, mercury can rise up to 42 degrees Celsius in Karachi. Sarfaraz said that during the heatwave, the sea breeze will remain suspended. Due to hot winds blowing from the northwest, the weather will feel hot and humid, he said. Read more: Locked down due to coronavirus, Karachi residents brace for heatwave starting today Karachi went…

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The oil bankruptcies are just beginning. Here’s who could be next

The oil crash is blocking American frackers from accessing the cheap credit that fueled their prolific rise. That reversal of fortunes could prove fatal for overleveraged shale oil companies.The downturn in the oil industry has laid bare just how much America’s rise to superpower status in the energy world was made possible by easy money. Virtually unlimited borrowing allowed shale companies to dramatically ramp up production, whether that oil was needed or not.Getting locked out of the junk bond market will tip the weakest players into bankruptcy, risking countless US…

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PSO BoM reviews company’s performance during nine months

Pakistan State Oil (PSO), the leading oil marketing company of Pakistan, convened its Board of Management (BoM) meeting to review the company’s performance during the nine months of fiscal year 2019-20 which concluded on March 31, 2020. According to the details released by the company here on Thursday, despite serious challenges faced by the economic and business world amid Covid-19 outbreak, PSO’s bottom line remained positive. The profitable performance was achieved by it through re-gaining its market share over same period last year (SPLY) and by maintaining growth over and…

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Good news! Global emissions will fall eight percent this year due to COVID-19

COVID-19 is expected to cause global energy emissions to fall a record eight percent this year due to an unprecedented drop in demand for coal, oil, and gas, the International Energy Agency said Thursday. The IEA’s Global Energy Review was based on an analysis of electricity demand over more than 100 days, during which much of the world has entered lockdown in a bid to control the pandemic. It predicted that global energy demand would fall six percent in 2020 — seven times more than during the 2008 financial crisis…

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Pakistan can save $6bn annually by using PNSC as its mainstay in oil freight

ISLAMABAD:Pakistan can save around $5-6 billion annually merely by using the Pakistan National Shipping Corporation (PNSC) as the mainstay of its international maritime trade and allowing the national flag carrier to buy more oil carriers and tankers to increase its capacity of transporting liquid freight, said former PNSC executive director Commodore (r) Syed Muhammad Obaidullah on Thursday. During a webinar organised by the Institute of Policy Studies here, Commodore (r) Obaidullah, who is also the founding director of National Maritime Policy Research Centre, explained reasons of the current oil crisis…

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Cabinet body directs NEPRA to perform circular debt audit

ISLAMABAD: The Cabinet Committee on Energy (CCOE) on Friday directed the power sector regulator to audit the circular debt figures in order to determine the reality of the claim of improvement in the past one year. The committee also reviewed the current demand and supply situation of petroleum products, noting that demand for petrol had dropped by 41% and that for high-speed diesel by about 55% due to a lockdown in most of the country to stop the spread of COVID-19. The directive to perform the circular debt audit was given…

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FBR, ministries of communications and energy blamed for hindering exports

LAHORE: The Ministry of Commerce (MoC) has blamed the Federal Board of Revenue (FBR), the Ministry of Communications (MoC) and the Ministry of Energy’s Power Division for hampering the country’s exports, sources told Profit on Sunday. The commerce ministry took up its reservations at a recent meeting headed by Prime Minister Imran Khan that reviewed the ministry’s performance regarding the country’s exports, sources added. The MoC officials during the meeting requested the premier to issue instructions to all the ministries and departments that no decision about the country’s exports should be taken without…

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Large Crude Inventory Build Sends Prices Tumbling

The American Petroleum Institute (API) estimated on Tuesday a larger than anticipated crude oil inventory build of 4.18 million barrels for the week ending January 31, compared to analyst expectations of a 2.8-million-barrel build in inventory.PauseUnmuteLoaded: 64.03%Remaining Time -2:28Picture-in-PictureFullscreen Last week saw a surprise draw in crude oil inventories of 4.27 million barrels, according to API data. The EIA’s estimates, however, were for a build of 3.5-million barrels for that week. Oil prices were down in the afternoon hours, after trending upward earlier in the day on news that OPEC was in talks about what action to…

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GE Showcases Commitment to Powering Pakistan at Tech Conference (Dec 09, 2019)

GE Showcases Commitment to Powering Pakistan at Tech Conference Tech Conference highlights the contributions of GE’s 9HA gas turbine technology and teams in meeting Pakistan’s energy needs and strengthening community infrastructure. Operating at three power plants across Pakistan for over a year, GE’s 9HA gas turbines have enabled the most efficient, least cost conversion of gas to electricity in the country. Building further on its commitment to serve the community, GE Power undertook repair and refurbishment works, and donated supplies to the Government Girls High School Haveli Bahadur Shah. Islamabad,…

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