Ibn-e-Ameer Cabinet Committee on Energy (CCoE) did not approve the new refinery policy and decided to discuss it again next week due to objections on some points. CCOE raised objections on some points regarding investment cash flow in a meeting held on Friday and decided to look into it again. Therefore, it decided to take…
Amid the controversy of default, the board of directors of Hascol Petroleum Limited has appointed Aqeel Ahmed Khan as its Chief Executive Officer (CEO) and two independent board of directors effective from August 5, 2021. Hascol Petroleum has faced a bank default and since that time, it has been in news. The board has approved…
Aftab Ahmed Islamabad: The Hascol oil marketing company has been blamed for Rs 15 billion scam. Member Senate Standing Committee on Petroleum Afnanullah Khan alleged Hascol for corruption of Rs 15 billion. Who is responsible for such massive corruption? Member Committee Senator Mohsin Aziz said and said Don’t ignore this issue, talk about it in…
FIA corporate circle Karachi asks PSO to provide all records of agreements Aftab Ahmed Islamabad: Federal Investigation Agency (FIA) has initiated an enquiry against the jet fuel supplier of the North Atlantic Treaty Organization (NATO) in Pakistan. Pakistan and the US had made arrangements for jet fuel supply to NATO forces when the latter attacked…
Islamabad: The government has Thursday hiked the price of petrol by Rs 5.40 per liter for the 2nd fortnightly of July. The government has increased the prices of almost all petroleum products and jacked up High-Speed Diesel by Rs 2.54 per liter, Kerosene Oil (SKO) by Rs 1.39 per liter, and Light Diesel Oil by…
Aftab Ahmed The sale of Petrol and diesel oil by two oil marketing companies-Pakistan State Oil and Shell Pakistan Limited (PSL) continues rising during the ongoing month of July 2021. The sale of petrol oil by PSO is up by 4 per cent as of July 12 and SPL 1 per cent. However, the sale…
Aftab Ahmed The Securities and Exchange Commission of Pakistan (SECP) took notice of HASCOL’s reported accounts for the period ending June 30, 2019, during October 2019. In this regard, the SECP has diligently followed its requisite internal protocols in compliance with its mandated role and responsibility. However, being the apex corporate regulator of the country,…
Islamabad: Pakistan State Oil (PSO) has said that it is okay with discontinuing the fuel supply agreement with Pakistan Railway. Reacting to the recent news report regarding Pakistan Railways’ consultant report, PSO spokesperson said “Pakistan State Oil has been fueling the national economy for the last 45 years, and has been catering to the POL…
Aftab Ahmed Islamabad: Hascol petroleum’s total loan stands at Rs54b as per its latest filed financial statements to Pakistan stock exchange and becomes a defaulter of over Rs16 billion loan to National Bank of Pakistan–NBP. Default of Hascol Petroleum is not new to National Bank fo Pakistan as it has also become a defaulter of…
Aftab Ahmed The price of furnace oil has jumped up by Rs 17000 per ton today following demand in the local market and a hike in prices globally. Last month, the price of furnace oil stood at Rs 75,000 per ton before tax that had jumped up to Rs 92000 per ton today in the…