Relief for masses on cards as Russian crude oil arrived in Pakistan: Musadik Malik
Minister of State for Petroleum Musadik Malik said the deal struck by Pakistan with Russia for crude oil import would help the government pass on financial relief to the masses who had been bearing brunt of inflation stemmed from the previous government’s flawed economic policies. “This is the history since it is the first time…
Adil Aziz
Pakistan PM says first discounted Russian crude oil cargo arrives in Karachi
PAKISTAN’S Prime Minister Shehbaz Sharif on Sunday (Jun 11) said the first cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow had arrived in Karachi. “Glad to announce that the first Russian discounted crude oil cargo has arrived in Karachi and will begin oil discharge tomorrow,” Sharif tweeted….
Govt specifies Rs 107,413 Million for power sector in PSDP 2023-24
The government has earmarked a sum of Rs 107413.044 million for various ongoing and new schemes of the power sector in the Public Sector Development Programme (PSDP) for the financial year 2023-24. According to the budgetary document, out of the total allocation, the government allocated Rs 81,774.431 million from the local component while Rs 25,638.613…
TAPI project to strengthen energy security of Pakistan, region: PM
The prime minister, in a meeting with a high ranking delegation from Turkmenistan, said the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas project was manifestation of Pakistan-Turkmenistan strategic cooperation in the energy sector. The delegation was headed by State Minister and Head of TurkmenGaz Maksat Babayev. Welcoming the delegation, the prime minister said Pakistan and Turkmenistan enjoyed brotherly relations…
Oil rises on Saudi plan to deepen output cuts from July
OIL prices rose after the world’s top exporter Saudi Arabia pledged to cut production by a further 1 million barrels per day (bpd) from July to counter macroeconomic headwinds that have depressed markets. Brent crude futures settled up 58 cents at US$76.71 a barrel, after touching a session high of US$78.73. US West Texas Intermediate…
Thar coal can ensure Pakistan’s energy security alone: CEO SECMC
Chief Executive Officer (CEO) Sindh Engro Coal Mining Company (SECMC) Amir Iqbal has said that Thar coal alone can ensure the energy security of Pakistan besides reducing power tariffs significantly. He said that unlocking indigenous Thar coal reserves could generate approximately 100,000 megawatts (MW) electricity for the next 250 years. Coal was considered a cheap…
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….
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…