Aftab Ahmed Islamabad: The Power Division has placed a huge demand of 2.7 million tons of furnace oil due to higher usage in power plants for the period till October 2021 and wants oil marketing companies (OMCs) in Pakistan and refineries to fill this demand. The demand for furnace oil has been higher due to…
Aftab Ahmed Islamabad: The oil import of Pakistan relies on Middle East Countries which needs diversification. PSO board of directors has approved the petrol import from Azerbaijan on deferred payment worth $300 million annually. Sources told Newztodays.com that Pakistan and Azerbaijan had already signed a Memorandum of Understanding (MoU) for crude oil import, refined petroleum…
Aftab Ahmed Islamabad: Oil pipelines are sustainable options to transport oil across the country. Pakistan State Oil (PSO) and Pak Arab Refinery Limited (Parco) have signed an agreement to build oil pipelines and developing an oil terminal having a single Point Moring (SPM) Facility at Hub for oil import. Pak Arab Refinery Limited (Parco) is…
Abn-e-Ameer Pakistan State Oil (PSO) is likely to make dividends with higher oil stocks following a possible hike in prices effective from May 1, 2021. Oil and Gas Regulatory Authority (OGRA) had proposed an increase in oil prices up to Rs 6 per liter. The government is likely to hike the prices of petrol and…
PSO outpaces energy market despite facing challenges of circular debt and Pandemic Aftab Ahmed Islamabad: Pakistan State Oil (PSO) outpaces the energy market. It makes a net profit of Rs 18.2 billion after-tax during the nine months of the fiscal year 2020-21 (9MFY21) despite epidemics’ challenges. The company has been facing challenges of circular debt…
Byco Petroleum Pakistan Limited’s gross profit more than quadruples, displaying strong growth by jumping up 4.5 times (YoY) to PKR 5.47 billion for 9 months of FY21 (9MFY21) Karachi: Pakistan’s leading crude oil processing and refining company, Byco Petroleum Pakistan Limited (Byco), reported financial results for the nine months ending on 31 March 2021. Byco’s…
Aftab Ahmed Islamabad: Pakistan has pressed Saudi Arabia to renew its plan of setting up a $10 billion refinery in Balochistan. Earlier, Saudi Arabia had shelved a plan of setting up a refinery in Pakistan following cold relations between two countries. Pakistan and Saudi Arabia had entered into cold relations when the former shifted its…
Aftab Ahmed Islamabad: Local leading businessmen’s consortium is set to buy 22 per cent stakes of Abraaj Group in Byco refinery in Pakistan. Sources told Newztodays.com that deal is at the final stage and the share purchase agreement will be signed in the next few days. Byco located in the Hub area of Balochistan is Pakistan’s…
Aftab Ahmed The Federal Board of Revenue (FBR) has started an audit of Oil Marketing Companies (OMCs) to find out tax evasion. The FBR will complete the audit by the end of June this year. The government had referred a case to FBR to conduct an Audit as part of an initiative to launch a crackdown…
PSO may emerge as a competitor to Byco after setting up SPM Aftab Ahmed The federal government has directed Pakistan State Oil (PSO) to explore the option of setting up Single Point Mooring (SPM) in the Hub area connecting APL pipeline to transport imported petroleum products. At present, Byco has a single Point Moring (SPM)…