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,…
Aftab Ahmed Islamabad: An Inquiry Commission on Petrol Crisis has grilled the officials of OGRA team appearing before the Commission along with representatives of OMCs for not preparing the sale records of products of last seven years as desired by the Commission to ascertain the culprits behind this mega scam of swindling billions of rupees…
Aftab Ahmed Islamabad: The Petroleum Division has proposed a nomination for the board of directors Pakistan Petroleum Limited (PPL) in violation of the Companies Act. Therefore, the cabinet has refused to accord its approval. The Petroleum Division had proposed a 10-member new board of directors and chairman for Pakistan Petroleum Limited (PPL). However, during the…
Aftab Ahmed Islamabad: The Oil marketing companies (OMCs) pocket billions from the consumers by keeping petroleum products at custom bonded stores. They are bound to store the POL products at POL storage. But they are not doing so, following expected revisions in oil prices and taxes. They store products following the expected rise in oil…
Aftab Ahmed Islamabad: The Federal Cabinet is likely to approve a 10-member new board of directors and Pakistan Petroleum Limited. The Ministry of Energy (MoE), Petroleum Division, has proposed this panel. The Petroleum Division has proposed Shahab Rizvi, newly appointed board of director and possible chair of the Board of PPL and hailed from Sindh….
The Government will implement fortnightly oil pricing of Petroleum products. It is shifting of PSO’s price benchmark to Platts indexes. Aftab Ahmed Islamabad: The ECC of the Cabinet has approved the subject summary. The Ministry of Energy (Petroleum Division) submitted the summary regarding fortnightly pricing of Petroleum products and shifting of PSO’s price benchmark to…
Aftab Ahmed Islamabad: The government is all set to remove the cap of dividends by refineries in a new proposed oil refinery policy 2020. Under a plan, capping of dividends by refineries and 7.5 percent deemed duty on high-speed diesel would be discontinued. The refinery margins will be introduced based on 50% Oil marketing companies…
Aftab Ahmed Islamabad: It may be shocking disclosure that a high-powered Interview committed headed by Minister for Energy Omer Ayub had picked up a candidate and placed at the top of merit order for appointment of Chief Executive Officer (CEO) Pak Arab Refinery Limited (Parco) who stood disqualified. Even did not meet the advertised educational…