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…
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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: 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…
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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,…
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Minister of State for Petroleum Dr Musadik Malik on Friday said that Prime Minister Shehbaz Sharif had announced to establish a refinery that would cost between $10 to $14 billion. Speaking at a news conference
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