Tag: Refinery

Refinery Negotiates Settlement with Govt Over Unpaid Petroleum Levy

Admin
fuel-oil

The Finance Division has initiated discussions with refiner Cnergyico Pk Limited (CPL) to address an outstanding amount of Rs47.5 billion in unpaid petroleum levy (PL) on petroleum products, as revealed by an official document. According to the document, CPL has been in arrears since 2019, resulting in a significant accumulation over the past four and a half financial years. Despite government efforts to recover the amount, CPL has contested these attempts in court. In response to CPL’s proposal for a Deed of Settlement (DOS) to settle the dues, the Petroleum…

Read More

Taxation dispute delays refinery upgrade deals under new policy

Admin
oil-refinery

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 escrow account. Under the policy, the release from the joint escrow account will be made on a pro rata basis, i.e. a maximum of 25 percent from the escrow account…

Read More

Attock refinery resumes operations of two plants after OGRA intervention

Admin
oil-refinery

ISLAMABAD: Attock Refinery Limited (ARL) has restarted its two crude distillation plants that were shut earlier this month due to low demand for its products, its managing director said on Wednesday. The plants, which process local crude oil from the Khyber Pakhtunkhwa (KPK) and Potohar regions, were closed on Dec. 11 as the refinery faced a glut of petrol and diesel stocks amid reduced off-take by oil marketing companies (OMCs). “After intervention by OGRA (Oil and Gas Regulatory Authority), the off-taking by OMCs has improved and ARL management has made…

Read More

Pakistan expects $10bn refinery deal with S Arabia this year

Admin
Refinery_akhbar

ISLAMABAD: Pakistan is expecting finalisation of the much-awaited $10 billion deal with Saudi Arabia’s oil giant Aramco for the construction of a refinery at Hub within the ongoing calendar year 2023, it was learnt. The Special Investment Facilitation Council (SIFC), jointly run by the military and civilian side, is also contemplating options to secure around $7 billion from Saudi Arabia, which will get stakes in the Reko Diq project. Top official sources confirmed to The News that the required policy incentives were approved under Greenfield Refinery Policy 2023 in order…

Read More