Aftab Ahmed The Federal Cabinet has approved the appointment of Masood Nabi as Managing Director (MD) Government Holdings (Private) Ltd–GHPL Pakistan. Masood Nabi has vast experience in the E&P industry and government has appointed him now as MD GHPL Pakistan. Earlier, he has worked as Executive Director (ED) Oil and Gas Development Company Limited (Ogdcl)…
Aftab Ahmed As Cash-strapped Hascol Petroleum continues to face heavy losses, it lays off 400 employees across the country. There had been hopes that its financial health will improve after Vital Dubai had acquired shares. But the company continues bleeding. In a desperate move to improve financial health, Hascol Petroleum had raised Rs7.91 billion from…
Aftab Ahmed With claims of facing over Rs 25 billion inventory losses, oil refineries have requested the government to defer payment of petroleum development levy (PDL) for six months till November this year. Refineries claim that they have suffered huge Inventory losses during the last two months and these losses may increase further in the…
Aftab Ahmed Islamabad: The Cabinet on Tuesday approved the restructuring of the Board of Directors of Pak-Arab Refinery Limited (PARCO). Mr. Aftab Hussain (Sindh), Mr. Abdul Hadi Shah (Khyber Pakhtunkhwa), and Ms. Bushra Naz Malik (Punjab/ Women representative) were approved as members of the Board of PARCO. The Cabinet also approved the nomination of director…
Aftab Ahmed Prime Minister Office has approved the nomination of six directors of the board of Pak Arab Refinery Limited (Parco), a joint venture between Pakistan and Abu Dhabi. This is the country’s largest oil refinery which was set up with joint investment between the government of Pakistan and Abu Dhabi. This is a strategic…
Aftab Ahmed Islamabad: As the existing managing director (MD) Pak Arab Refinery Limited (Parco) is set to leave after enjoying for 13 years after receiving extensions several times, four candidates are in race of new managing director of the country’s largest oil refinery, a joint venture between Pakistan and United Arab Emirates (UAE). The post…
Aftab Ahmed The personal file of Tariq Rizavi managing director, Pak Arab Refinery Limited (Parco) relating to his appointment goes missing mysteriously from Petroleum Division, causing a delay in appointing a new head of the refinery. Despite a file of the head of Parco goes missing, he has been receiving an extension in his job….
Aftab Ahmed Islamabad: The inquiry launched by National Accountability Bureau (NAB) against irregular appointment on key posts in State-run-OMC Monopoly—PSO, has landed now in Petroleum Division that may implicate top officials of the division sitting on the board of directors of the state-run entity. The board of directors of PSO has also key role in…
Aftab Ahmed The National Accountability Bureau (NAB) has started an inquiry against the top officials in the Petroleum Division of Ministry of Energy for misusing the authority and loss to the national exchequer in different cases relating to the oil and gas exploration sector along with importing and production of gas. The NAB, an apex…
Muhammad Afzaal Pakistan Refinery Limited (PRL) is going to become the first company to produce IMO grade fuel oil, very low sulphur (VLSFO) fuel oil to export it at a higher price. ‘This will change the company financials significantly starting June this year, an official said. By the end of the current financial year, the…