Ibn-E-Ameer ‘However beautiful the strategy, you should occasionally look at the results’ said once by the great Winston Churchill, but sadly the results and outcome are occasionally missed out in our state. The dark looming clouds of uncertainty that circle the Capital City of Pakistan and the national and international forces behind them do not…
News Report Attock Petroleum Limited (APL) may be a major beneficiary of the rise in oil prices which is currently maintaining oil inventor levels for 30 days. The government had increased oil prices up to Rs 5 per liter effective from September 16, 2021. APL maintained an average oil inventory level for 20 days in…
Aftab Ahmed The sale of furnace oil is likely to gain momentum following a record increase in prices of LNG across the world. Pakistan has two LNG terminals and imports LNG from Qatar and some other suppliers including spot purchases. During the last several months, Pakistan had also received LNG cargoes at record higher prices…
Ibn-e-Ameer It is poor management, inefficiency, or government intervention; whatever you call it, Pakistan State Oil (PSO) is edging towards financial collapse due to circular debt. PSO Pakistan is the country’s largest oil marketing company–an organization that government owns. It claims to capture a 46.3% market share in FY21 against 44.3% in FY20, leading to…
Ibn-e-Ameer Islamabad: Amid conflicting figures of deemed duty, the government is moving towards conducting an audit of the deemed duty oil refineries have collected in Pakistan for their up-gradation projects. Oil refineries have pocketed billion on account of deemed duty in Pakistan for up-gradation projects. The cabinet committee on Transport and Logistics (CCoTL) has unanimously…
Ibn-e-Ameer The government has exempted oil refineries from import duties and Sales Tax on import of Petroleum Crude oil with effect from July 1, 2022. Refineries will use petroleum crude oil as the main raw material for finished products in the new policy 2021. The petroleum division has informed the cabinet committee on energy (CCoE)…
Ibn-e-Ameer The government will contribute 26 percent of funds to finance the up-gradation projects of existing refineries in Pakistan in the new proposed Policy 2021. Sources told Newztodays.com that Petroleum Division had moved a revised summary to the cabinet committee on energy (CCoE) for approval. Earlier, the petroleum division had tabled a summary before CCoE…
Ibn-e-Ameer Federal Investigation Agency (FIA) is going to fix the main culprits of oil marketing companies (OMCs) in Pakistan involved in the oil crisis. Oil companies had made billions during the oil crisis whereas PSO had to sustain billions of rupees loss. It has informed Cabinet Committee on Energy (CCoE) on Thursday that it would…
Shell Pakistan, an oil marketing company has posted a profit of Rs 2.1 billion after-tax, turning it into profit-making. It had recorded a loss of Rs 7.8 billion during the same period last year. Shell Pakistan is in oil business and has announced financial results for half-year financial results. The Board of Directors of Shell…
News Desk Members of the Parliamentary Panel want the government to put names of Hascol Petroleum officials on ECL for an alleged fraud of over Rs 66 billion. Senator Fida Mohammad demanded in a meeting of the senate standing committee on Petroleum to put the names of the responsible persons on the ECL. Senator Mohsin…