Aftab Ahmed Prime Minister Imran Khan on Friday directed Nadeem Babar to step down and removed the secretary of petroleum over the petrol crisis. Khan has also sent a case to the Federal Investigation Agency (FIA) to complete the inquiry within 90 days. He asked the secretary of petroleum to report the Establishment Division. Asad…
Aftab Ahmed Islamabad: The government has decided to offer tax exemptions to the existing and new oil refineries for up-gradation projects in the new proposed refinery policy. Up-gradation/Modernization /Expansion of Existing Refineries All existing refineries are incentivized to upgrade and modernize their refineries. There is no restriction on the technology, equipment or process to qualify…
Aftab Ahmed The government is set to increase margins of Oil Marketing Companies (OMCs) and dealers on petroleum products by 6.8 percent effective from July 1, 2020. The Economic Coordination Committee (ECC) will give formal approval in this regard. The ECC in its meeting held on January 18, 2021, had taken up the matter of…
Aftab Ahmed The government is likely to hand over Asia Petroleum Limited (APL) to Byco Refinery to utilize it for transporting oil. Sources said that management of Byco refinery has proposed utilization of APL pipeline for transporting 90 percent of its white products from refinery to Port Qasim. They said that Byco had assured to…
Aftab Ahmed Pakistan State Oil (PSO) has proposed that the government transfer its shares to Mari, OGDCL, and PPL under an equity swap arrangement. The proposed arrangement would help clear the circular debt of Rs 100 billion. In a letter sent to Asad Hayauddin, Secretary, Petroleum Ministry of Energy (Petroleum Division), PSO management said its…
Our Correspondent Attock Group of Refineries has claimed to invest $600 million to install Diesel Desulphurisation and Isomerisation units. ARL CEO Adil Khattak said In response to a statement made by Nadeem Babar, Special Assistant to Prime Minister on Petroleum, as reported in the media, asking the refineries to either upgrade in a year or…
Aftab Ahmed The PTI government has decided to say ‘Goodbye’ to decades-old oil refineries if they fail to upgrade in a year period in line with Euro-V products. Special Assistant to Prime Minister (SAPM) Nadeem Babar on Petroleum announced this on Wednesday. He was accompanied by Federal Minister for Power Umer Ayub and Secretary Petroleum…
News Desk The Petroleum Division has assured state-run oil marketing company Pakistan State Oil (PSO) to extend support in embracing new technologies specifically electric vehicle charging and automation. Federal Minister for Energy Omar Ayub Khan and Special Assistant to the Prime Minister (SAPM) on Petroleum, Nadeem Babar accompanied by Secretary Petroleum, Mian Asad Hayaud Din…
Aftab Ahmed Islamabad: A senior official at OGDCL was selected at a handsome package with an irrelevant degree and a pending inquiry while being in his previous PSO assignment. Both Companies—OGDCL & PSO—are the Petroleum Division’s autonomous departments. Ministry of Energy and senior officials of the Division are at the BoDs of both the companies…
Aftab Ahmed Islamabad: The government has decided to revise the formula of calculating margins of Oil Marketing Companies (OMCs) based on their audited financial statements. The margins of OMCs are currently linked with the CPI index. Sources told Newztodays.com that the Pakistan Institue of Development Economics (PIDE) is currently conducting a study to revise the…