“PSO Sounds Alarm Over Rising Circular Debt, Urges Payment of Rs550 Billion Dues for LNG Supply”

pso

Pakistan State Oil (PSO) has raised concerns about the escalating circular debt in the energy supply chain, particularly in liquefied natural gas (LNG) sales, warning of potential disruptions if outstanding dues are not addressed promptly. In a letter addressed to the managing director of Sui Northern Gas Pipelines Limited (SNGPL), PSO highlighted the critical issue of increasing outstanding payments for…

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PSO Seeks Power Division’s Help in Recovering Rs30.8bn from Hubco

pso

Pakistan State Oil (PSO) has reached out to the Power Division seeking assistance in recovering a long-pending amount of Rs30.8 billion from Hub Power Company (Hubco), according to reliable sources. The outstanding amount pertains to Residual Fuel Oil (RFO) supplies made by PSO to Hubco over a considerable period. As of February 26, 2024, the total outstanding amount, including Late…

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PSO Seeks Partnership Between Sinopec and Aramco for Refinery and Petrochemical Complex in Pakistan

pso

Pakistan State Oil (PSO) has initiated talks with Chinese energy giant Sinopec to join hands with Saudi Arabia’s Aramco in establishing a cutting-edge refinery and petrochemical complex in Pakistan. The government is considering incorporating the $10 billion Saudi Aramco refinery project into the framework of the China-Pakistan Economic Corridor (CPEC). In a letter addressed to Sinopec’s President Yu Baocai, PSO’s…

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Signing Ceremony of MoU between the Stakeholders onConsortium Formation for Machike-Thallian-Tarujabba White Oil Pipeline

New-SIFC

In a landmark achievement, the signing ceremony of MoU between the Stakeholders on Consortium Formation for Machike-Thallian-Tarujabba White Oil Pipeline Project has been held on February 14,2024 at SIFC Secretariat, PM Office. The ceremony was witnessed by Minister for Power and Petroleum Muhammad Ali, Secretary (Petroleum Division) Momin Agha, Secretary SIFC Jameel Qureshi. The heads of consortium entities i.e. MD…

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Oil association opposes govt’s decision to grant PSO sole diesel import rights

pso

KARACHI: A group of oil marketing companies is opposing a government decision to give Pakistan State Oil (PSO), the country’s largest fuel supplier, the sole right to import high-speed diesel (HSD). The move would create a monopoly for the state-owned PSO and hurt the competitiveness and innovation of the oil sector, the Oil Marketing Association of Pakistan (OMAP), which represents…

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Petrol, diesel likely to become cheaper by Rs10

Petroleum-prices

ISLAMABAD: The petrol price is estimated to decline by about Rs9-10 per litre on Jan 15 for the next fortnight due to a combination of lower international prices, exchange rate gains and a decline in premium. High-speed diesel (HSD) is also expected to be cheaper by around Rs2 per litre. Informed sources said the prices of all petroleum products had…

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SIFC wants to know if Aramco’s interest in refinery project persists

SIFC-initiatives

ISLAMABAD: The Apex Committee (AC) of the Special Investment Facilitation Council (SIFC) has directed Pakistan’s ambassador to Saudi Arabia to approach Saudi Aramco Refinery Project regarding current status of their interest in the refinery project, well informed sources told Business Recorder. The AC also directed the Petroleum Division to assess the investment interest of other parties also in the project. Regarding…

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Govt to recover Rs232b for LNG

LNG-chain

Gives fertiliser plants LNG worth Rs15b to be recovered from consumers ISLAMABAD: In the face of resistance from the Sindh province, the caretaker government is aiming to recoup Rs232 billion, representing the cost of diverting expensive Liquified Natural Gas (LNG) supply to domestic consumers from January 1, 2024. The gas utility, Sui Northern Gas Pipelines Limited (SNGPL), had redirected costly…

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Over Rs13 per litre cut in petrol price likely

pso

Projection based on global oil price fall, rupee strengthening ISLAMABAD: Prices of petrol and high-speed diesel are expected to decline up to Rs13.66 per litre effective from December 16, 2023, which is in line with the fall in international markets and appreciation of Pakistani rupee. In case the caretaker government does not allow exchange rate adjustment to Pakistan State Oil…

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Receivables of PSO against PIA reach Rs27.5bn

ISLAMABAD: The accumulated receivable of state-owned Pakistan State Oil (PSO) has reached Rs27.512 billion including late payment charges against Pakistan International Airlines (PIA) till December 7, 2023. Recently, the PSO suspended fuel supplies to the PIA over a dispute regarding unpaid dues. As a result of this standoff, the PIA was compelled to cancel domestic and international flights leading to…

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