PPL’S 73rd Annual General Meeting approves 25% Cash Dividend

PPL-Project

Karachi, October 25, 2024: Pakistan Petroleum Limited (PPL) held its 73rd Annual General Meeting (AGM) at a local hotel in Karachi, where shareholders approved the financial statements for the fiscal year ending June 30, 2024, along with the auditor’s report. A final cash dividend of 25% on ordinary shares was also ratified, bringing the total dividend for the year to…

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Experts Warn of Biased Decision-Making in Pakistan’s Oil Industry

oil-gas

Pakistan’s oil industry is raising red flags over potential conflicts of interest and biased decision-making. The Ministry of Energy’s Petroleum Division is attempting to deploy officials from state-owned enterprises (SOEs) in key government departments, despite a 2020 directive calling for their repatriation due to risks of undermining impartiality ¹. Concerns Over SOE Dominance Experts warn that this move could cripple…

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Oil Transport Sector Poised for Growth Amid Rising Demand: Pacra Study

oil-export

KARACHI: The oil transportation and storage sector in Pakistan is set for expansion, driven by increased petroleum demand and relaxed import restrictions, according to a study by the Pakistan Credit Rating Agency (Pacra). The report highlights that pipelines, recognized as cost-effective and environmentally friendly, are essential for both domestic and cross-border oil transport. Pakistan’s oil pipeline network, spanning over 2,000…

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PSO Waives Interest for Five IPPs, Receives Rs14.8 Billion Principal Payment from Power Purchaser

PSO-Head

ISLAMABAD: In a significant move aimed at restructuring the power sector, Pakistan State Oil (PSO) has waived late payment interest charges on fuel supply debts owed by five Independent Power Plants (IPPs) whose agreements with the government have been terminated. These IPPs include HUBCO, Lalpir, Saba Power, ROUSCH, and Atlas Power. The settlement agreements, known as Negotiated Settlement Agreements (NSAs),…

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Ogra Seeks Clarification from SSGC Over Geyser Charges in Gas Bills

OGRA

KARACHI: The Oil and Gas Regulatory Authority (Ogra) has requested an official explanation from the Sui Southern Gas Company (SSGC) regarding charges related to geysers appearing on consumers’ gas bills. Ogra has asked SSGC to provide a detailed written response concerning the pricing of geysers and associated installation fees. The authority emphasized that consumers are not required to use SSGC’s…

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PPL and BME Focus on Sustainable Growth of Balochistan Mining Projects

PPL-Pak

Karachi, October 18, 2024: The 49th Annual Management Committee meeting of Bolan Mining Enterprises (BME) took place on October 17, 2024, in Quetta. The meeting brought together joint venture (JV) partners Pakistan Petroleum Limited (PPL) and the Government of Balochistan (GoB). Managing Director and CEO of PPL, Mr. Imran Abbasy, along with senior officials, represented PPL, while the GoB delegation…

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Oil Prices Drop 8% in Weekly Decline Amid Weak Demand

Oil-prices

HOUSTON: Oil prices tumbled on Friday, heading for a significant 8% weekly drop due to weaker-than-expected demand, driven by China’s slowing economic growth and shrinking refinery output for the sixth consecutive month. Brent crude futures fell by $1.69, or 2.27%, reaching $72.74 per barrel by 11:09 am EDT. Meanwhile, US West Texas Intermediate crude dropped $1.72, or 2.43%, to $68.95…

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Oil Industry Criticizes Restrictive Fuel Pricing, Cites Major Losses

Oil-Price

ISLAMABAD: The oil industry has raised alarm over restrictive fuel pricing policies, claiming significant financial losses due to deviations from the government-approved pricing formula. In a letter to the Oil and Gas Regulatory Authority (Ogra), the Oil Companies Advisory Council (OCAC), representing refineries and oil marketing companies, warned that adjustments to the pricing mechanism effective from October 16, 2024, are…

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Oil and Gas Output Declines in Q1 Amid Field Disruptions

oil-gas

KARACHI: Pakistan’s oil and gas production experienced a notable decline in the first quarter of the current fiscal year, with oil output falling by 8% and gas by 7%. The downturn was primarily due to annual turnarounds (ATAs) and forced curtailments at major fields, according to a report by Arif Habib Limited (AHL). Key oil fields like Nashpa, Mela, Adhi,…

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Chinese Firm to Invest $1 Billion in PRL Upgrade, Doubling Refinery Output

PRL-Project

A Chinese investment corporation has committed $1 billion to Pakistan Refinery Limited (PRL) for a major upgrade aimed at doubling its production capacity. The agreement, however, comes with a condition: the Chinese firm seeks full independence from government control, ensuring that PRL repays the investment in dollars without any government intervention. Currently, Pakistan’s State Bank allows the private sector, including…

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