ISLAMABAD: Briefing caretaker Prime Minister Anwaar-ul-Haq Kakar on Russian crude’s impact on POL prices, the Petroleum Division said that the maximum benefit of Russian crude is quite nominal of Re1 per liter petrol and diesel. It added that importing Russian crude involved two risks, including 30-36 days of transportation and 60 percent production of furnace oil that has to be…
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Ambassador of Turkmenistan H.E. Atadjan Movlamov called on Interim Federal Minister for Energy Muhammad Ali here today.Ambassador extended his congratulations to Minister on assuming his new portfolio and exchanged pleasantries.Minister for Energy expressed his gratitude and passed on the regards from Caretaker Prime Minister of Pakistan Anwaar-ul-Haq Kakar. “PM is pleased that the TAPI project is dealt on priority basis.”Both…
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KARACHI: The Pakistan Refinery Limited (PRL) has said that it would again process Russian crude “when available at favourable commercial terms”, denying the impression that it has suspended the use of Russian crude oil because of processing issues. In a release on Sunday, the refinery insisted that Russian crude was successfully processed and the “spot deal was technically and commercially…
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KARACHI: Pakistan is unlikely to meet a target for Russian crude to make up two-thirds of its oil imports, despite attractive prices, hampered by a shortage of foreign currency and limitations at its refineries and ports, officials and analysts say. The cash-strapped South Asian nation became Russia’s latest customer snapping up discounted crude that has been banned from European markets…
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BAMBOLIM, India, July 21 (Reuters) – Major fossil fuel producers, including Saudi Arabia and Russia, on Friday opposed a proposal to triple G20 countries’ renewable energy capacity by 2030, three sources said. China, the world’s biggest emitter of carbon dioxide, as well as coal exporters South Africa and Indonesia, also opposed the plan. India, as current holder of the G20…
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KARACHI: The oil sector has sought a 100 percent increase in the margins of oil marketing companies (OMCs) on petroleum products, citing a higher cost of doing business following a 20-year slump in diesel demand, The News learnt on Tuesday. Oil industry representatives held a meeting with the Oil and Gas Regulatory Authority (OGRA) on Tuesday and presented the sector’s…
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KARACHI: Pakistan is losing out on the opportunity to pass on the benefits of discounted crude oil from Russia due to the old processing technology of its current refineries, industry officials said. The country has five refineries, out of which one was established before partition and two were set up sixty years back. The other two that rely on old…
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OPEC+ has been cutting oil output since November in the face of flagging prices VIENNA: Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday. OPEC+ has been cutting oil output since November in the face…
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ISLAMABAD: Pakistani’s maximum benefit on Russian crude would stand at $7-8 million/100,000 tonnes compared to Middle Eastern oil, translating to Rs1.30/litre discount on petrol for consumers, an Energy Ministry official told The News. The discount could further increase to Rs1.60/litre petrol for the end consumers, in case National Refinery Limited, Pakistan Refinery Limited, and PARCO refined URAL, the official added.…
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ISLAMABAD: Pakistan will have to notify an increase in gas sale price by 45-50 percent and electricity base tariff by Rs3.50 to over Rs4 per unit for the FY2023-24 prior to the IMF Executive Board’s meeting, which is due on July 12. The increase in energy prices will pave the way for the $3 billion programme under the Stand-By Arrangement…
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