Aftab Ahmed The government is likely to hand over Asia Petroleum Limited (APL) to Byco Refinery to utilize it for transporting oil. Sources said that management of Byco refinery has proposed utilization of APL pipeline for transporting 90 percent of its white products from refinery to Port Qasim. They said that Byco had assured to…
Aftab Ahmed Pakistan State Oil (PSO) has proposed that the government transfer its shares to Mari, OGDCL, and PPL under an equity swap arrangement. The proposed arrangement would help clear the circular debt of Rs 100 billion. In a letter sent to Asad Hayauddin, Secretary, Petroleum Ministry of Energy (Petroleum Division), PSO management said its…
Our Correspondent Attock Group of Refineries has claimed to invest $600 million to install Diesel Desulphurisation and Isomerisation units. ARL CEO Adil Khattak said In response to a statement made by Nadeem Babar, Special Assistant to Prime Minister on Petroleum, as reported in the media, asking the refineries to either upgrade in a year or…
Aftab Ahmed The PTI government has decided to say ‘Goodbye’ to decades-old oil refineries if they fail to upgrade in a year period in line with Euro-V products. Special Assistant to Prime Minister (SAPM) Nadeem Babar on Petroleum announced this on Wednesday. He was accompanied by Federal Minister for Power Umer Ayub and Secretary Petroleum…
News Desk The Petroleum Division has assured state-run oil marketing company Pakistan State Oil (PSO) to extend support in embracing new technologies specifically electric vehicle charging and automation. Federal Minister for Energy Omar Ayub Khan and Special Assistant to the Prime Minister (SAPM) on Petroleum, Nadeem Babar accompanied by Secretary Petroleum, Mian Asad Hayaud Din…
Aftab Ahmed Islamabad: A senior official at OGDCL was selected at a handsome package with an irrelevant degree and a pending inquiry while being in his previous PSO assignment. Both Companies—OGDCL & PSO—are the Petroleum Division’s autonomous departments. Ministry of Energy and senior officials of the Division are at the BoDs of both the companies…
Aftab Ahmed Islamabad: The government has decided to revise the formula of calculating margins of Oil Marketing Companies (OMCs) based on their audited financial statements. The margins of OMCs are currently linked with the CPI index. Sources told Newztodays.com that the Pakistan Institue of Development Economics (PIDE) is currently conducting a study to revise the…
Aftab Ahmed Islamabad: The NAB—top anti-corruption body—has initiated a probe against one of the OMCs operating in the country under NAB Ordinance 1999 and section 3 of AMLA 2010. In a letter sent to Chief Executive Officer (CEO), Exceed Petroleum Limited, Islamabad to provide the record and information desired by the Authority, said a letter…
Aftab Ahmed Islamabad: Cabinet has approved the nomination of directors and Shahab Rizvi as possible chair of the board of Pakistan Petroleum Limited (PPL). Earlier, the cabinet had refused to approve the petroleum division’s nominations for the board of directors and chairman of PPL. In a new development, the cabinet has approved a new board…
News Desk Karachi: Pakistan Petroleum Limited (PPL), a frontline Exploration and Production (E&P) company for seven decades, has played a key role in providing energy for the country with a current contribution of more than 20 percent to national gas supplies. “The company’s over 100-year rich history is linked with its predecessor and major stakeholder,…