Abn-e-Ameer Pakistan State Oil (PSO) is likely to make dividends with higher oil stocks following a possible hike in prices effective from May 1, 2021. Oil and Gas Regulatory Authority (OGRA) had proposed an increase in oil prices up to Rs 6 per liter. The government is likely to hike the prices of petrol and…
PSO outpaces energy market despite facing challenges of circular debt and Pandemic Aftab Ahmed Islamabad: Pakistan State Oil (PSO) outpaces the energy market. It makes a net profit of Rs 18.2 billion after-tax during the nine months of the fiscal year 2020-21 (9MFY21) despite epidemics’ challenges. The company has been facing challenges of circular debt…
Byco Petroleum Pakistan Limited’s gross profit more than quadruples, displaying strong growth by jumping up 4.5 times (YoY) to PKR 5.47 billion for 9 months of FY21 (9MFY21) Karachi: Pakistan’s leading crude oil processing and refining company, Byco Petroleum Pakistan Limited (Byco), reported financial results for the nine months ending on 31 March 2021. Byco’s…
Aftab Ahmed Islamabad: Pakistan has pressed Saudi Arabia to renew its plan of setting up a $10 billion refinery in Balochistan. Earlier, Saudi Arabia had shelved a plan of setting up a refinery in Pakistan following cold relations between two countries. Pakistan and Saudi Arabia had entered into cold relations when the former shifted its…
Aftab Ahmed Islamabad: Local leading businessmen’s consortium is set to buy 22 per cent stakes of Abraaj Group in Byco refinery in Pakistan. Sources told Newztodays.com that deal is at the final stage and the share purchase agreement will be signed in the next few days. Byco located in the Hub area of Balochistan is Pakistan’s…
Aftab Ahmed The Federal Board of Revenue (FBR) has started an audit of Oil Marketing Companies (OMCs) to find out tax evasion. The FBR will complete the audit by the end of June this year. The government had referred a case to FBR to conduct an Audit as part of an initiative to launch a crackdown…
PSO may emerge as a competitor to Byco after setting up SPM Aftab Ahmed The federal government has directed Pakistan State Oil (PSO) to explore the option of setting up Single Point Mooring (SPM) in the Hub area connecting APL pipeline to transport imported petroleum products. At present, Byco has a single Point Moring (SPM)…
Aftab Ahmed Prime Minister Imran Khan on Friday directed Nadeem Babar to step down and removed the secretary of petroleum over the petrol crisis. Khan has also sent a case to the Federal Investigation Agency (FIA) to complete the inquiry within 90 days. He asked the secretary of petroleum to report the Establishment Division. Asad…
Aftab Ahmed Islamabad: The government has decided to offer tax exemptions to the existing and new oil refineries for up-gradation projects in the new proposed refinery policy. Up-gradation/Modernization /Expansion of Existing Refineries All existing refineries are incentivized to upgrade and modernize their refineries. There is no restriction on the technology, equipment or process to qualify…
Aftab Ahmed The government is set to increase margins of Oil Marketing Companies (OMCs) and dealers on petroleum products by 6.8 percent effective from July 1, 2020. The Economic Coordination Committee (ECC) will give formal approval in this regard. The ECC in its meeting held on January 18, 2021, had taken up the matter of…