KARACHI: Pakistan’s refining industry is gearing up for significant furnace oil exports in the coming weeks, with shipments expected to exceed 100,000 tonnes. The shift towards exports comes as domestic demand for furnace oil has nearly vanished since the start of the current fiscal year. Pakistan Arab Refinery Limited (PARCO) has already issued a tender to export 50,000 tonnes of…
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ISLAMABAD: The Cabinet Committee on Energy (CCOE) has decided to engage with the United Arab Emirates (UAE) regarding a planned $1.3 billion investment in Pak Arab Refinery Limited (PARCO). The investment aims to establish a hydrocracker unit to convert furnace oil into petrol and diesel. During a recent CCOE meeting, economic managers emphasized the importance of sending a delegation to…
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ISLAMABAD: Pak Arab Refinery Limited (Parco), a leading oil refiner, has announced a long-term investment of up to $1.3 billion to establish a hydrocracker unit aimed at converting furnace oil into petrol and diesel. This project is designed to ensure a sustainable oil supply and enhance energy security in Pakistan. The investment follows the government’s approval of new refinery policy…
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In a significant development, the Cabinet Committee on Energy (CCoE) has greenlit amendments to the Brownfield Refineries’ Policy, addressing the key demands of private sector oil refineries. The revised policy mandates existing refineries to upgrade within six years to produce Euro-V petrol and diesel, with minimal production of low-quality fuels like furnace oil. During the meeting chaired by Minister for…
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Summary sent to cabinet for formal approval of MD’s appointment ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar has given the green light to appoint Irteza Qureshi as the new regular managing director of Pak Arab Refinery Limited (Parco). He is currently working as the deputy managing director (DMD). According to sources, eight potential candidates had been shortlisted during the first…
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ISLAMABAD: For the first time, Pakistan has initiated diplomatic endeavours to effectively persuade the Kingdom of Saudi Arabia (KSA) and Sinopec — one of the biggest Chinese companies known for installing refineries — to help materialise the dream of setting up $10 billion state-of-the-art and deep conversion refinery with the capacity to refine crude oil of 300,000 barrels per day…
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KARACHI: The refining sector is struggling to finalize agreements with the government for upgrading their facilities to produce cleaner fuels under a new policy, as a dispute over taxation remains unresolved, sources told The News on Monday. As the deadline for the signing of agreements will expire on January 16, 2024, both sides have to resolve the issue of taxation…
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ISLAMABAD: Pakistan’s oil refining sector is unhappy with the government’s move to hire a new local law firm to review the implementation of a policy and Joint Escrow Account Agreement aimed at upgrading the country’s ageing refineries, saying it will cause further delays and uncertainty. The Petroleum Division, in a letter dated Dec. 25, 2023, told the local refineries that…
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KARACHI: Pakistan exported a record amount of fuel oil in the first half of the current financial year, surpassing the total exports of the previous year, as domestic demand plunged due to a shift to cleaner energy sources, data from the oil sector showed on Monday. The country exported around 600,000 tonnes of fuel oil from July to December 2023,…
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KARACHI: Local refineries are reluctant to import the Russian crude oil as the global prices of furnace oil, a by-product of the Russian oil, have plunged, industry sources told The News on Tuesday. “We need the Russian crude oil at a discounted price because the price for the earlier cargo is not feasible in the present times when the furnace…
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