Aftab Ahmed Pakistan State Oil (PSO) has canalled a tender of furnace oil import due to higher price it received in a bid that has increased to over Rs 120,000 per ton. The price of furnace oil in local market is Rs 75000 per ton. However, PSO received a bid of furnace oil over Rs…
Islamabad: The refinery sector remains in the limelight on the back of incentives provided in the budget for oil refineries in Pakistan. The government has proposed several incentives in the budget for oil refineries in Pakistan to execute up-gradation projects. We expect the refinery sector to remain in the limelight on the back of incentives…
Aftab Ahmed Islamabad: The Petroleum Division has submitted a plan before the economic coordination committee (ECC) that seeks to transport petrol through oil pipeline. The petroleum division is also seeking approval to put a multibillion rupees burden on the oil consumers to recover operational losses in transportation of petrol through the pipeline. The oil industry…
Aftab Ahmed Islamabad: Pakistan State Oil (PSO) has started lifting furnace oil from Attock Refinery Limited (ARL) to supply it to power plants for electricity generation. Power plants have started power generation on furnace oil following reduce the availability of RLNG and hydel generation. The demand for electricity has also swelled due to weather changes…
Aftab Ahmed Islamabad: Hub Power Company Limited (Hubco) has paid Rs 17 billion to Pakistan State Oil (PSO) on account of oil supply payment after receiving the amount from the government. The Hubco is one of the power plants that is a major defaulter of the PSO and paid Rs17 billion on account of fuel…
Finance Minister Shaukat Tareen has directed the concerned officers of the Finance Division and Chairman FBR to come with concrete proposals regarding the proposed refinery policy in consultation with all stakeholders including representatives of oil refineries, the Ministry of Petroleum, and other relevant forums. The meeting was held at Finance Division today to discuss the…
Pakistan State Oil (PSO) sales increased by 14% in May 2021 to 1.9 million tons as compared to 1.7mn tons in May 2020. Pakistan State Oil maintained its leadership position with total sales of 758,269 tons in May 2021 with a market share of 44.8%. PSO product-wise MS/HSD/FO/JP-1 arrived at 311,276/373,100/53,047/12,889 tons with market share…
Aftab Ahmed Islamabad: The Power Division has placed a huge demand of 2.7 million tons of furnace oil due to higher usage in power plants for the period till October 2021 and wants oil marketing companies (OMCs) in Pakistan and refineries to fill this demand. The demand for furnace oil has been higher due to…
Aftab Ahmed Islamabad: The oil import of Pakistan relies on Middle East Countries which needs diversification. PSO board of directors has approved the petrol import from Azerbaijan on deferred payment worth $300 million annually. Sources told Newztodays.com that Pakistan and Azerbaijan had already signed a Memorandum of Understanding (MoU) for crude oil import, refined petroleum…
Aftab Ahmed Islamabad: Oil pipelines are sustainable options to transport oil across the country. Pakistan State Oil (PSO) and Pak Arab Refinery Limited (Parco) have signed an agreement to build oil pipelines and developing an oil terminal having a single Point Moring (SPM) Facility at Hub for oil import. Pak Arab Refinery Limited (Parco) is…