Govt slashes petrol prices by Rs8 to Rs.262 per liter
The government announced further reduction of Rs.8 in prices of per liter petrol, bringing down the commodity rates by Rs.20 in a single month. Announcing the new petroleum prices, Federal Minister for Finance and Revenue, Mohammad Ishaq Dar said petrol prices were reduced by Rs.12 on May 15 and was now further reduced by Rs.8….
Adil Aziz
PACRA Updates Entity Ratings of National Refinery Limited – Rating Watch
The ratings reflect National Refinery Limited’s (NRL) association with the integrated oil group – Attock Group (AG). The strength of the Company is its base oil business wherein NRL possesses a notable share in meeting the economy’s demand for lubricants. The local refinery sector took a toll owing to deteriorating economic conditions of the country….
Oil imports from Russia; a ray of hope for cheaper fuel
Fluctuating global oil prices, devaluation of the currency, taxation on oil imports and very low local oil exploration put a heavy strain on the fragile economy of a country like Pakistan which heavily relies on oil import for power generation industrial production and transportation. The soaring prices of petroleum products have a trickle-down effect on…
First crude oil shipment from Russia expected by month end: Musadik Malik
Minister of State for Petroleum Dr Musadik Malik said the first shipment of 100,000 tons of crude oil from Russia was poised to anchor at Oman Port by the month’s end, from where it would be gradually brought to Pakistani ports by small ships. Speaking informally to the media here, he explained that the oil…
Pakistan committed to ensuring generation of environment-friendly energy: Khurram Dastgir
Minister for Power Division Khurram Dastgir said Pakistan was committed to ensuring generation of environment-friendly energy and an ambitious target had been set up to enhance share of renewable energy (RE) to 60 per cent in the total country’s energy mix by 2030. Addressing at the Future Energy Conference 2023, he said Pakistan was moving…
Musadik Malik discusses steps to boost Pakistan’s energy productivity with senior US officials
The visiting Minister of State for Petroleum, Musadik Masood Malik, discussed with senior U.S. officials ways and means to enhance productivity in the energy sector and plug Pakistan into Global Value Chains, the cross-border networks that bring a product or service from conception to market. During a meeting with Verinda Fike, Regional Director for the…
POL import bill contracts by 11.66% in 9 months
The imports of the overall petroleum group contracted by 11.66 percent during the first nine months of the current fiscal year (2022-23) as compared to the corresponding period of the last year. The total imports of the petroleum group during July-March (2022-23) stood at $13,083.145 million, as against the imports of $14,810.060 million during the…
Solar power generation excellent choice for Pakistan: Liu Yiyang
Solar power generation has made a huge contribution to the global fight against climate change, which is an excellent choice for a climate-vulnerable country like Pakistan, said Liu Yiyang, Deputy Secretary-General and Press Spokesperson of China Photovoltaic Industry Association (CPIA). Growing number of companies and organizations are catching the tide, showing an increase by leaps…
Pakistan, US reaffirm commitment to promote economic growth, energy security
Pakistan and the United States reaffirmed their commitment to promoting economic growth, energy security, partnership in long-term flood rehabilitation efforts, and strengthening their overall relationship. The bilateral ties were discussed in a meeting between Prime Minister Shehbaz Sharif and visiting Assistant Secretary for the Bureau of Energy Resources at the US Department of State Geoffery…
Thar Block-1 Integrated Coal Mine Power Project providing most cost-effective energy to millions of Pakistani households
The Thar Block-1 Integrated Coal Mine Power Project, an open-pit coal mine with an annual lignite output of 7.8 million tons and a total capacity of 1,320 megawatts, is providing the most cost-effective energy to millions of Pakistani households. Gul Hassan, a mining engineer with Sino Sindh Resources (Pvt.) Ltd. (SSRL) said in an interview…