The federal government has given go ahead to Mari Petroleum to acquired 30 percent working interests in Margala Block from MOL Pakistan. Petroleum Division has recently informed the economic coordination committee (ECC) that the Directorate General, Petroleum Concessions had received request for assignment of 30% working interests in Margala Block from M/s MOL Pakistan to…
Pakistan and Uzbekistan signed agreement on Monday to implement Pak-Uzbekistan Preferential Trade Agreement to take effect from February 1, 2023. It will help to increase trade volume to $1 billion. To overcome the Problems being faced by the Pakistani/ Uzbek Transporters, both Pakistan and Afghanistan had agreed to take up all the issues with Afghanistan,…
After Honda and Indus Motors, Suzuki Pakistan has announced to shut down its automobile production plant due to restrictions placed by the Central Bank on import of completely-knocked-down (CKD) kits. In a notification sent to Pakistan Stock Exchange, Suzuki Pakistan said that State Bank of Pakistan had introduced a mechanism for prior approval of import…
Prime Minister Shahbaz Sharif on Friday expressed disappointment and serious concerns over low IT exports growth and directed to take measures on priority basis to tap full potential. Prime Minister Muhammad Shahbaz Sharif held a meeting regarding the promotion of exports in the field of information technology, especially IT. It was informed during the meeting…
The Russian oil import has sparked controversy due to a divergence of opinion between the petroleum and foreign ministers. Foreign Minister Bilawal Bhutto-Zardari stated on Thursday that Pakistan was neither seeking nor receiving discounted Russian oil. However, Petroleum State Minister Musadik Malik stated during a press briefing on Friday that Pakistan was seeking discounted oil…
The government is likely to allow Sui Northern Gas Pipeline Limited (SNGPL) to recover Rs 100 billion in revenue requirement on account of LNG supply to domestic consumers. SNGPL has been diverting LNG to domestic consumers during the last four winter seasons following direction of the federal government to overcome gas crisis. MoS, Secretary Petroleum…
Ibn-e-Ameer Islamabad: The coalition government is likely to allow oil refineries to make 100 percent financing from incremental revenue to execute upgradation projects. The previous government of PTI had proposed to place cap on 30% percent financing out of incremental revenue collected through levying 10 percent deemed duty on petrol and diesel. The previous government…
Pakistan car sales (including sales of Non-PAMA members) clocked in at 20,000 units up 35% MoM. However, auto sales declined by 2 percent Year on Year (YoY) basis during the period under review. The sales was up primarily due to availability of CKD parts which led to higher production in Nov-2022 as compared to Oct-2022….
The country can secure $778.93 million/annum worth of benefits to the country with a supply of 50MMCFD stranded indigenous gas to CNG Stations An immediate supply of 50 million cubic feet per day (MMCFD) of local natural gas to compressed natural gas (CNG) stations for resale to motor vehicles could save the country $778.93 million…
Petroleum minister claimed on Monday that Russia had agreed to provide oil at discounted rates. Minister of State for Petroleum Musadik Malik said during a press conference.Furnace Oil Prices in Pakistan down up to Rs 15,000 per ton He added that negotiations with Russia were very positive regarding oil and gas supplies. He said…