Aftab Ahmed Islamabad: The Federal Investigation Agency—FIA—has confiscated records at OGRA about the countrywide oil crisis this June. The FIA team also remained at the headquarter of the Authority till late at night. So that they can get the relevant record of OMCs. The Agency recorded those OMCs mainly responsible for hoarding and dumping POL…
Aftab Ahmed Islamabad: The Cabinet on Tuesday approved Shahid Mehmood Khan as the new head of Parco, Shahid Mehmood Khan – is already working in PARCO as DMD and had been working in Parco for 13 years. Pak Arab Refinery Limited (Parco) has had a new managing director after 13 years. READ …
Aftab Ahmed Islamabad: Amid opposition of Petroleum Division and Oil and Gas Development Company Limited (OGDCL), the board of directors of Mari Petroleum approved Faheem Haider as managing director of the company. The Petroleum Division and OGDCL have objected direct hiring of the managing director of Mari Petroleum without following the interview process. Sources told…
Aftab Ahmed Islamabad: The Petroleum Division and Oil and Gas Development Company Limited (OGDCL) have objected direct hiring of managing director of Mari Petroleum without following interview process. Sources told Newztodays.com that the management of Mari Petroleum has set aside the concerns of Oil and Gas Development Company Limited (Ogdcl) and Petroleum division to follow…
Aftab Ahmed Islamabad: Chief Executive Officer (CEO) Shell Pakistan Haroon Rashid has admitted the manipulation of Oil Marketing Companies (OMCs) through small traders and dumping products for opportunistic gains witnessed nowadays. Shell Pakistan was one of the companies which had curtailed oil supplies to its retail outlets during June this year when oil prices witnessed…
Aftab Ahmed Islamabad: The Economic Coordination Committee (ECC) on Tuesday approved a fortnightly oil pricing mechanism based on Platts average. The sub-body of ECC recommended fortnightly price revision to better plan for oil stocks, fair competition in the oil industry, margins aligned with international pricing trends, and smoothing out volatility of prices due to linking…
Muhammad Afzaal Islamabad: While rejecting current members’ regulators, the selection committee has shortlisted five candidates who have questionable credentials for the post of chairman of Oil and Gas Regulatory Authority (OGRA). The Committee re-constituted by Prime Minister Imran Khan aimed at hiring Chairman OGRA has completed the exercise of interview and finalized 5 names for…
Aftab Ahmad Islamabad: Prime Minister Imran Khan has given the go-ahead to submit a summary with two names in a race for new head Pak Arab Refinery Limited–PARCO–before the cabinet for approval. Ahsan Khan is at the top among three candidates for the post of MD Parco, but lacked experience in the refining sector and…
Aftab Ahmed Islamabad: A high-powered selection committee under the chair of newly re-designated Advisor to Prime Minister on Interior, Shehzad Akbar along with his five-member team will interview 23 short-listed candidates for the post of chairman OGRA through a video link on Thursday. Shehzad Akbar, elevated to the post of Advisor to PM from Special…
Aftab Ahmed Islamabad: Hascol Petroleum Limited (HASCOL) has reported loss due to a massive decline of volumes as a result of regulatory tightening by PSO. HASCOL has also suffered inventory loss in its last quarter which resulted in negative gross margins. It is worth mentioning to note that by reviewing company accounts it looks that…