KARACHI: Chairman of the Businessmen Group (BMG) Zubair Motiwala and President of the Karachi Chamber of Commerce and Industry (KCCI) Muhammad Jawed Bilwani have strongly opposed the Economic Coordination Committee’s (ECC) recent decision to increase gas tariffs, calling the move irrational and harmful for the industrial sector, particularly small and medium enterprises (SMEs). In a joint statement on Friday, the business leaders termed the tariff hike unjustified in the current energy market context. They pointed out that global Brent crude prices have fallen and the SNGPL system is facing a…
Read MoreTag: SSGC
SSGC swings to Rs. 8.29 billion profit in FY24, up 1,092% YoY
Karachi: Sui Southern Gas Company Limited (SSGC) has announced its consolidated financial results for the fiscal year ended June 30, 2024, showcasing a notable recovery compared to the previous year. The company reported a consolidated profit of Rs. 8.29 billion, a significant turnaround from the loss of Rs. 836 million in FY 2023. Earnings per share (EPS) stood at Rs. 9.41, compared to a loss per share of Rs. 0.95 in the prior year. The company’s net revenue increased to Rs. 465.87 billion, up from Rs. 451.48 billion in FY 2023,…
Read MoreSNGPL Seeks Petroleum Division’s Intervention on Gas Cost Equalisation and RLNG Financing
ISLAMABAD: Sui Northern Gas Pipelines Limited (SNGPL) has called on the Petroleum Division for urgent support to finalise a gas cost equalisation arrangement with Sui Southern Gas Company Limited (SSGC) and to include the full financing cost of short-term RLNG borrowings in the RLNG price structure to ensure cost recovery. In a letter to the Director General (Gas) at the Petroleum Division, SNGPL’s Chief Financial Officer (CFO) reaffirmed the company’s commitment to meeting its financial obligations, including payments to Pakistan State Oil (PSO). The letter highlighted that accumulated payment shortfalls…
Read MoreOGDCL Begins Oil and Gas Production from Kharo-1 Well in Sindh
KARACHI: Oil & Gas Development Company Limited (OGDC), Pakistan’s largest exploration and production (E&P) firm, has officially started oil and gas production from its Kharo-1 well in Khairpur, Sindh. The company made this announcement in a notice to the Pakistan Stock Exchange (PSX) on Wednesday. The Kharo-1 well is currently producing 20 barrels of oil per day (bpd) and five million standard cubic feet per day (mmscfd) of gas. The production has been connected to the OGDC Sinjhoro Processing Plant via a 6-inch, 12.5 km flow line, with the gas…
Read MoreSSGC Ensures Uninterrupted Gas Supply in Franchise Areas Amid Challenges
KARACHI: Despite a significant reduction in indigenous gas supplies, the Sui Southern Gas Company (SSGC) claims there is no gas load-shedding in its franchise areas, particularly for domestic consumers, according to a press release issued on Sunday. The company highlighted a 40% decline in gas supplies since the 2017-18 fiscal year, with a cumulative depletion of 465 mmcfd over the past seven years. Under the Economic Coordination Committee’s (ECC) approved load management plan, domestic, commercial, and general industrial sectors remain the top priority for gas allocation. While no formal load-shedding…
Read More