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Category: Energy

You can go through stories related to energy. The stories are about changes in petroleum prices and updates on energy sector of Pakistan and world.

  • FBR issues uniform 17pc sales tax rates for petroleum products

    FBR issues uniform 17pc sales tax rates for petroleum products

    ISLAMABAD: Federal Board of Revenue (FBR) on Sunday issued uniformed sales tax rates for petroleum products effective from July 01, 2019.

    To implement the sales tax rates for petroleum products from July 01, 2019 the FBR issued SRO 700(I)/2019 on Sunday.

    In the earlier SRO 602(I)/2019 dated May 31, 2019, the FBR fixed the sales tax rate included: petrol 13 percent; high speed diesel oil, 13 percent; kerosene oil 17 percent; and light diesel oil at 17 percent.

    The FBR sources said that the sales tax rates have been increased on the two major products including petrol and high speed diesel oil, which are main revenue spinner.

    The FBR has been given Rs5,550 billion target for fiscal year 2019/2020, which is apparently an impossible target on the back of weak economic conditions and lower manufacturing output.

  • New petroleum policy to offer incentives to foreign E&P companies: Imran Khan

    New petroleum policy to offer incentives to foreign E&P companies: Imran Khan

    ISLAMABAD: Prime Minister Imran Khan has said that the government is working on a new petroleum policy, which will offer incentives to foreign exploration and production (E&P) companies.

    The prime minister said this at a meeting with Chief Executive Officer Kuwait Petroleum Shaikh Nawaf Saud Al-Sabah, along with his delegation, which called on Prime Minister Imran Khan at Prime Minister’s Office on Wednesday.

    The prime minister said that in order to capitalize the existing potential of the sector, the fovernment was working on a new petroleum policy offering incentives to foreign exploration and production (E&P) companies and removing impediments in way to undertaking smooth and profitable business ventures.

    Minister for Energy Omar Ayub Khan, Minister Energy Punjab Dr. M. Akhtar Malik, Secretary Petroleum Mian Asad Hayauddin and senior officers were also present during the meeting.

    Shaikh Nawaf Saud Al-Sabah briefed the Prime Minister about Kuwait Petroleum’s business ventures in Pakistan since 1980s in the area of exploration.

    He evinced keen interest in further expanding business activities in the country.

    The prime minister welcomed Shaikh Nawaf Saud Al-Sabah and his delegation to Pakistan and assured Government’s continued support to the company in their smooth business operations.

    The prime minister highlighted various steps that the present Government has taken for improving ease of doing business and facilitation of foreign investment.

    The prime minister observed that exploration remained a neglected area in past.

    Imran Khan appreciated company’s contribution towards imparting training to the local manpower in E&P sector.

    Minister Energy Punjab Dr. M. Akhtar Malik also briefed the meeting about various initiatives being taken by Punjab Government in Petroleum sector.

  • OMCs sales sharply decline by 25pc in 10 months

    OMCs sales sharply decline by 25pc in 10 months

    KARACHI: The sales of Oil Marketing Companies (OMCs) massively declined by 25 percent during first ten months (July – April) of current fiscal year owing to slowdown in economic activities.

    The sales of OMCs fell to around 15.28 million tons during July – April 2018/2019 as compared with 20.4 million tons in the same period of the last fiscal year.

    Analysts at Topline Securities attributed the massive fall in sales to slowdown in economic activities and sharp decline in furnace oil.

    They said that Pakistan OMCs sales continued to suffer, where volumetric sales for April 2019 nosedived 16 percent YoY on back of 33 percent YoY lower furnace oil volumes and decline in high speed diesel volumes by 18 percent YoY.

    FO sales continued to feel pinch amid availability of RLNG/Coal for power generation. While, HSD volumes are down on YoY basis due to slowdown in economic activities.

    Petrol sales touched 20-Month high (in absolute terms), +2 percent YoY vs. +17 percent YoY in April 2018.

    Lower growth in MS could be attributed to increase in its prices by around 15 percent YoY coupled with overall slowdown in economy.

    In MS oil segment, PSO witnessed increase in market share by 4.3ppts YoY to 39.6 percent, while Hascol share has declined by 8.3ppts YoY to 7 percent as the company has changed its focus from higher volumes to higher margins.

    Similarly, unlisted player GNO gained 3.4ppts YoY in its market share.

    On HSD front, Hascol has lost 7.5ppts YoY in its market share to 7.1 percent, while GNO has gained 7.5ppts YoY and now commands 12 percent of the market.

  • ExxonMobil chief discusses offshore drilling with minister

    ExxonMobil chief discusses offshore drilling with minister

    ISLAMABAD: Chairman of ExxonMobil, Alex Volkov with his team met Ali Haider Zaidi, Minister for Maritime Affairs here on Tuesday.
    In a tweet message by the minister stated that productive discussions took place on the LNG requirements in Pakistan and the offshore drilling project off the coast of Karachi.

  • Credit Suisse consultants for RLNG plants privatization

    Credit Suisse consultants for RLNG plants privatization

    ISLAMABAD: The government has accorded approval to a consortium led by Credit Suisse to act as financial consultants for the privatization of the RLNG power plants.

    The approval was given at a meeting of the Board of Privatization Commission chaired by Federal Minister of Aviation and Privatization Muhammad Mian Soomro.

    The transparent and appropriately appraised value of privatization of state owned enterprises is one of the major priorities of the current government and shall be successfully undertaken with due regard to every possible minutiae, Soomro said.

    The meeting was attended by Secretary Privatization Rizwan Malik and the board members of the Privatization Commission.

    A number of essential issues were on the agenda. The Minister was briefed about the progress made in the Privatization process of a number of state owned enterprises.

    These enterprises include Mari Petroleum, SME Bank and First Woman’s Bank. Other state owned entities which are to be privatized on priority basis were also discussed. These include Services Hotel and Convention Centre, Islamabad.

    The Minister was apprised of the current status of the process for each entity and the Minister ordered that it should be ensured that every possible step is taken to ensure a transparent and financially feasible privatization.

    The meeting also confirmed the minutes of the Third Meeting (03/2018) of Privatization Commission Board which was held on 18th December, 2018 and also reviewed the status of decisions of the Third Meeting of the PC Board. The appointments of Consultants of the Privatization Commission were also discussed.

    It was also decided in the meeting that a steering committee headed by the Minister for Privatization, including relevant stakeholders shall over see the implementation process of privatization.

  • New LNG terminal: Instructions issued for completing formalities

    New LNG terminal: Instructions issued for completing formalities

    ISLAMABAD: Finance Minister Asad Umar on Tuesday issued instructions for expeditiously completing formalities for setting up new LNG terminal at Port Qasim.

    The finance minister issued the directive while chairing the meeting of Economic Coordination Committee of the Cabinet (ECC) on Tuesday. The committee considered proposals from different ministries/ Divisions.

    Ministry of Maritime Affairs briefed the ECC on matters relating to establishment of new LNG terminals at Port Qasim.

    The committee was informed that the Port Qasim Authority was looking at various choices with a view to find the most viable option.

    The committee gave instructions to expedite the matter and directed for completion of all formalities for setting up the new terminal expeditiously keeping in view the growing energy needs of the country.

    ECC approved proposal of Ministry of Energy based on request by Pakistan Petroleum Ltd for allocation of up to 9 mmcfd gas from Fazl X-1 field in distt Matiari to M/S SSGCL.

    The Committee also considered and approved various proposals relating to Supplementary grants. It may be recalled that such grants were previously approved by the Ministry of Finance, however in order to make the process more transparent, these are now considered and approved at the ECC/ Cabinet level.

  • Port Qasim Authority praised for successful handling LNG ships

    Port Qasim Authority praised for successful handling LNG ships

    Islamabad – Federal Minister for Maritime Affairs, Syed Ali Haider Zaidi, commended the Port Qasim Authority on Tuesday for its strategic management in handling the docking of LNG ships at berths. Zaidi emphasized that this proactive approach has played a crucial role in mitigating the impending gas crisis.

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  • CNG stations to remain closed for further 24 hours

    CNG stations to remain closed for further 24 hours

    KARACHI – Sui Southern Gas Company (SSGC) announced on Friday that Compressed Natural Gas (CNG) stations will remain closed for an additional 24 hours as part of gas load management.

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  • Domestic oil sales plunge by 28.45pc in seven months

    Domestic oil sales plunge by 28.45pc in seven months

    KARACHI: The domestic oil sales have dropped by 28.45 percent to 10.74 million tons during July – January 2018/2019 as compared with 15.01 million tons in the same period of the last fiscal year.

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  • Nominal reduction in petroleum prices announced

    Nominal reduction in petroleum prices announced

    The government of Pakistan has decided to implement slight adjustments in the prices of petroleum products for the month of February 2019.

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