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…
Ibn-e-Ameer Oil and Gas Regulatory Authority (Ogra) is going to issue a unique ID to each oil retail station to maintain a check on stocks. It will help Ogra to keep an eye on oil stocks. This will help examine the stocks retail outlets would be maintaining during sales of petroleum products. …
Alan Duncan Chairman Hascol Petroleum Limited congratulates Prime Minister to reverse course on PDC Ibn-e-Ameer The crash in the stock price of Hascol Petroleum Limited (HPL) has wiped out Vitol’s $89 million investment. Vitol invested $89 million in Hascol Petroleum Limited (HSL) through rights issues. But a crash in stock price almost completely wiped…
Ibn-e-Ameer The government has burdened the oil industry in Pakistan with multibillion rupees by maintaining oil prices. This will put a negative financial impact on oil refineries and oil marketing companies. The government has recently announced to maintain current oil prices. Ogra had proposed to hike the prices of petrol by Rs 11.53…
Ibn-e-Ameer Pakistan has committed International Monetary Fund (IMF) to increase the oil prices by Rs 4 per liter to end the deadlock. The consumers will now face an increase in prices of petroleum products up to Rs 4 per liter effective from November 16. Pakistan and IMF had entered into a deadlock over…
The government has decided to build oil strategic reserves. The Cabinet Committee on energy has tasked Ogra to conduct a study to build strategic reserves of petroleum products. Cabinet Committee on Energy (CCoE) on Friday directed Oil and Gas Regulatory Authority (Ogra) to conduct a study in this regard. The Federal Minister for…
The government on Saturday increased the price of diesel by Rs 12.44 per liter effective from October 16. It also increased the price of petrol by Rs 10.49 per liter. The government has also increased the price of kerosene oil by Rs 10.95 per liter. It hiked the price of light diesel oil (LDO) by…
Ibn-e-Ameer Byco Petroleum has selected Axens to upgrade Project Phases I, II, III. The up-gradation is likely to complete I, II & III in Q2 2024. Axens will make advanced technical solutions available for Refinery to achieve Euro V gasoline and diesel specifications. The refinery is working to integrate three existing units into a Cracked…