By NewzTodays Editorial Team | February 7, 2021

Aftab Ahmed The federal government plans to shift the head office of Pakistan State Oil (PSO) from Karachi to Islamabad before December 2021. Sources said that the petroleum division had given an ambitious target given to Zafar Usmani Chairman PSO’s Board of Management (BoM) to execute a plan. Now, Usmani is making the struggle to…

By NewzTodays Editorial Team | February 7, 2021

Aftab Ahmed The state-run Pakistan Petroleum Limited (PPL)’ exploration projects are at stake as it is out of pocket due to circular debt. The company is facing a liquidity crunch. The ballooning circular debt has remained a serious cause of concern for several entities in the energy sector, PPL has informed the Petroleum division. The…

By NewzTodays Editorial Team | February 5, 2021

Aftab Ahmed The PTI government has borrowed Rs 11.5 trillion during the last two years. The Minister for Finance Abdul Hafeez Sheikh had recently briefed the cabinet about Pakistan’s current debt situation. He informed the cabinet that, at present, the total debt is Rs 36,500. It stood at Rs 25,000 billion when the present government…

By NewzTodays Editorial Team | February 3, 2021

Aftab Ahmed The Economic Coordination Committee (ECC) has allowed Mari Petroleum to remove the cap on dividends’ distribution. ECC approved it ints the meeting held on Wednesday. Petroleum Division also moved a summary for removal of Dividend Distribution cap on Mari Gas Company Limited (MPCL) under Gas Pricing Agreement as the government is considering to…

By NewzTodays Editorial Team | February 1, 2021

Iran meets the 19.5 percent demand of Pakistan for high-speed diesel (HSD) through smuggling. The Petroleum division disclosed a Senate Standing Committee meeting that met with Senator Mohsin Aziz. It informed Iranian smuggled high-speed diesel accounted for 19.5 percent of the total country’s demand. As many as 1364 Petrol Pumps in Punjab were illegally selling…

By NewzTodays Editorial Team | January 22, 2021

Shaheen Air International (SAI) has allegedly committed a “willful default” worth Rs11.5 billion against two leading banks- Habib Bank Ltd (HBL) and United Bank Ltd (UBL). It caused a default of Rs 11 billion against the HBL and Rs50m UBL. PAC smells fishy in multi-billion HBL–Post deal Dawn reported that FIA has initiated the process…

By NewzTodays Editorial Team | January 22, 2021

Aftab Ahmed The Fauji Fertilizer Bin Qasim Limited (FFBL) increased price of DAP by Rs550 per bag in Pakistan, mainly due to increased demand globally and the reduction in supply from China. After the current increase, FFBL primary DAP margins increased to a record high of USD230/ton, which was last seen in 2015 as phosphoric…

By NewzTodays Editorial Team | January 20, 2021

The Securities and Exchange Commission of Pakistan (SECP) has clarified that the mere registration of a company with SECP does not authorize acceptance of deposits from the general public. Deposit-taking by companies other than banking companies is illegal in terms of section 84 of the Act. Only special companies can offer financial services including car…

By NewzTodays Editorial Team | January 19, 2021

Aftab Ahmed The Petroleum division has assured stakeholders of moving a summary to the economic coordination committee (ECC) allowing Mari Petroleum to remove the cap for dividend distribution. Special Assistant to Prime Minister on Petroleum Nadeem Babar informed the meeting that the petroleum division would place a draft summary before the economic coordination committee (ECC)…