Pkrevenue.com

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.

  • 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.

    (more…)
  • 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.

    (more…)
  • 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.

    (more…)
  • 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.

    (more…)
  • Two LNG ships arrive at Port Qasim

    Two LNG ships arrive at Port Qasim

    KARACHI: At least two liquefied natural gas (LNG) ships have arrived for the first time at Port Muhammad Bin Qasim. This monumental event has been confirmed by the Federal Minister for Maritime Affairs, Ali Haider Zaidi, marking a crucial development in Pakistan’s efforts to bolster its energy supply.

    (more…)
  • Pakistan offers incentives to Chinese investors in oil, gas exploration

    Pakistan offers incentives to Chinese investors in oil, gas exploration

    ISLAMABAD: Pakistan on Friday offered incentives to Chinese investors interested in oil and gas exploration in a bid to further strengthen economic ties and foster collaboration.

    (more…)