Ibn-e-Ameer Federal Investigation Agency (FIA) has stepped in after commercial banks show reluctance to extend credit to oil marketing companies (OMCs) and refineries in Pakistan. At present, Cnergyico is operating with the lowest working capital facility. At present, the total working capital facilities available with Parco is Rs 144,550 million, NRL Rs 105,850 million, PRL…
Oil Marketing Companies have defaulted to the commitment of diesel imports due to Russia-Ukraine War and the country is left with five days stocks only Ibn-e-Ameer Pakistan State Oil Company Limited (PSO) has complained to the petroleum division against the Oil and Gas Regulatory Authority (Ogra) for forcing it to import petroleum products for other…
Ibn-e-Ameer The increase in sale volume of Pakistan State Oil (PSO) pushed its share price up in the stock market despite its all times high receivables that touched Rs 436 billion mark. According to figures released by the oil industry, amongst the listed companies, Pakistan State Oil (PSO) sales increased by 24% YoY basis. Its…
News Report Prime Minister on Monday turned down a proposal of oil regulator to increase prices of petroleum products up to Rs. 16.79 per liter effective from February 1, 2022. The Finance Ministry says the Premier decided to keep oil prices unchanged to provide relief to the consumers. The government has maintained a price of…
Ibn-e-Ameer The Board of Directors of Cnergyico Pk Limited (formerly Byco Petroleum Pakistan Limited) has approved to acquire 57.37% stake in Puma Energy Pakistan Private Limited (‘Puma’). The company management announced in a notice sent to Stock Exchange. It said that in a meeting held on Thursday, (January 13, 2022) the board of directors had…
Aftab Ahmed Pakistan Refinery Limited (PRL) on Tuesday announced to invest US$ 1.2 billion to undertake Refinery Expansion and Upgrade Project (REUP). In a notice sent to Stock Exchange, PRL management that it had decided to undertake Refinery Expansion and Upgrade Project (REUP). It had two objectives to achieve under expansion and upgradation…
Ibn-e-Ameer Cabinet has approved an increase in margins of Oil Marketing Companies (OMCs) and petroleum dealers effective from the forthcoming revision in oil prices. At present, the oil industry margins are the lowest in the regional countries. Increase in Margins OMCs margins increased by 18 percent during 2013-2018 and 25 percent dealers margins on…
News Report Alan Duncan, Chairman of Hascol Petroleum has said that it is nearing the conclusion of negotiations with bankers to strike a restructuring agreement. Under the agreement, the company will replace short-term expensive debt with long-term affordable debt and some new equity. He said in a statement at Annual General Meeting…
By our Research Team It is easier said than done, a statement the world has heard in many a context, but for Pakistan, it is something the industrialist, small trader, or any businessman continuously hears in one reference or the other. Bleak economic figures and a constant change in the financial advisors show that the Government…
Ibn-e-Ameer Following the oil crisis, the Petroleum Division has proposed to transfer functions of import, demand, and supply of petroleum products to Oil and Gas Regulatory Authority (Ogra). At present, Ogra monitors and regulates the storages issues of oil marketing companies (OMCs). However, director General Oil (DG Oil) regulates imports, demand, and supply issues of petroleum…