K-Electric Limited (KE), a leading power generation and supply company, has reported an impressive 222 percent increase in net profit for the quarter ending March 31, 2021.
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Pakistan Refinery announces contraction in accumulative loss at Rs17.74 billion
KARACHI: Pakistan Refinery Limited (PRL) on Tuesday announced financial results for quarter ended March 31, 2021. The accumulated losses of the company contracted at Rs17.74 billion by March 31, 2021 as compared with loss of Rs18.36 billion by June 30, 2020.
In addition, current liabilities of the company exceeded its current assets by Rs14.49 billion as March 31, 2021 as against Rs16.84 billion by June 30, 2020.
The company ended the period with negative cash and cash equivalents amounting to Rs5.65 billion as against Rs10.19 billion on June 30, 2020.
The company said: “These conditions may cast significant doubt on the company’s liability to continue as a going concern and the company may be unable to realize its assets and discharge its liabilities in the normal course of business.”
The refinery further said that right issue of one ordinary share of every one share held amounting to Rs3.15 billion, announced in February 2020 to address negative equity and liquidity issues was completed during the period thereby increasing the share capital to Rs6.3 billion.
“Further, by changing crude recipe and operational philosophy during the current financial year, company was able to produce IMO-2020 grade Marine Residual Fuel (MRF), a premium product and Euro-II High Speed Diesel for a certain period that enabled the company to earn additional revenues,” it said.
However, sustainable production of above high premium products is tied with long term crude arrangements, it added.
The company’s ability to produce Petrol (MS) 92, 95 and RON has resulted in saving of RON differential price adjustment on MS and also generated additional revenues to the company during the period.
“All these efforts helped the company in earning profit after taxation of Rs621 million for nine-month period ended March 31, 2021 as compared with loss after tax of Rs6.77 billion in the same period of the last year.”
The company said: “Based on the cumulative impact of factors mentioned above, the company believes that it will continue as a going concern and will be able to realize its assets and discharge its liabilities in the normal course of business.”
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NTDC sets up control center to monitor power supply during Sehr, Iftar and Traweeh
LAHORE: National Transmission and Dispatch Company Limited (NTDC) has setup Central Control Center at 220 kV grid station, New Kotlakhpat, Lahore to monitor and keep a close liaison with NPCC and all DISCOs during Sehr, Iftar and Traweeh, a statement said on Wednesday.
The monitoring cell has been established in compliance of directions of Ministry of energy (Power Division). The Central Control Center will monitor stability of the Power System.
Engr. Dr. Khawaja Riffat Hassan visited the control center and checked the arrangements. He said that the Central Control Center will work round the clock under the supervision of GM (Asset Management) North and dedicated team will look after continuous and uninterrupted power supply to all distribution companies throughout the country.
He said that in order to meet any emergency Regional Control Centers of Asset Management at Islamabad, Multan, Hyderabad & Quetta have also been established.
MD NTDC further said that in case of a fault at any Grid Station or Transmission Line of NTDC across Pakistan, the control center will monitor the team mobilisation and material directly and latest information will be shared with the Ministry of Energy (Power Division) and respective DISCOs.
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Engro Corp approves $31.4m for petrochemical project study
KARACHI: The board of directors of Engro Corporation Limited has approved $31.4 million for commencement of a study on a projected related to petrochemical chemical for future investment prospects.
In an information shared with the Pakistan Stock Exchange (PSX), the company said that the board in its meeting held on April 08, 2021 approved an amount of up to $31.4 million towards conducting engineering, design and technical studies including a Front End Engineering Design (FEDD) study in relation of PDH-PP Project.
The result of these studies, when completed, are expected to inform the final investment decision in relation to this project, which decision will also be based on a conducive policy environment and arranging the right mix of debt and equity partners at such time.
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Sales of POL products surge by 44pc in March
KARACHI: The sales of petroleum products have climbed up by 44 percent year on year (YoY) in March 2021 due to low base of March 2020 as the government last year enforced lockdown that resulted in slowdown in sales volume.
Analysts at Arif Habib Limited said that total petroleum and lubricant sales clocked-in at 1.49 million tons in March 2021, depicting a gigantic growth of 44 percent YoY (ex- furnace oil growth of 32 percent YoY and 4 percent MoM) and 6 percent MoM due to extra working days compared to February and low base of March 2020 given the incumbent government enforced a lockdown last year resulting in a slowdown in sales volumes.
The growth in sales volumes is primarily attributable to: i) Economic growth driving retail fuel sales, ii) Surge in trade activity (exports and imports) and better agricultural yields resulting in higher sales of HSD, iii) double digit growth in automobile offtake, iv) preference to private transport over public transport to reduce chances of contracting Covid-19, and v) strict surveillance on borders and various parts of country in order to control supply of illegal or dumped fuel from Iran.
During 9MFY21, sales of total petroleum products increased by 15 percent YoY to 14.15 million tons against 12.27 million tons in 9MFY20.
Dissection of data revealed that major contribution to growth came from HSD and FO with offtake undergoing a jump to 5.38 million tons and 2.30 million tons, up by 17 percent and 43 percent YoY against 4.60 million tons and 1.61 million tons in SPLY.
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Petrol price reduced to Rs110.35 per liter
ISLAMABAD: The government on Wednesday announced a decline of Rs1.55 per liter petrol to Rs110.35 for the next fortnight starting April 01, 2021.
According to revised petroleum prices issued by the finance division the price of petrol has been revised downward by Rs1.55 per liter to Rs110.35 from existing price of Rs111.90.
The price of high speed diesel has been reduced by Rs3 per liter to Rs113.08 from Rs116.08.
Similarly, the per liter kerosene oil has been reduced by Rs1.55 to Rs82.06 from Rs83.61.
Likewise, the price of light diesel oil has been brought down by Rs1.56 per liter to Rs79.86 from exiting Rs81.42.
The prices will be effective from April 01, 2021.
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Byco Petroleum changes name
KARACHI: Byco Petroleum Pakistan Limited has changed its official name to Cinergyco PK Limited, according to information shared with Pakistan Stock Exchange (PSX) on Wednesday.
It said that the board of directors has considered and approved a change in company’s name from Byco Petroleum Pakistan Limited to Cinergyco PK Limited.
Consequently, for such purpose, the board has also resolved to call an extraordinary general meeting for seeking approval/authorization of the shareholders, the company added.
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ADB approves $300 million for 300MW hydropower plant in Pakistan
MANILA, PHILIPPINES: The Asian Development Bank (ADB) has approved a $300 million loan to finance the construction of a 300-megawatt hydropower plant that will increase the share of clean energy in Pakistan and improve the country’s energy security, a statement said on Tuesday.
The plant will add 1,143 gigawatt-hours of clean energy annually to the country’s energy mix, enhancing the energy sector’s reliability and sustainability. The plant, which will incorporate seismic strengthening and climate-proofing measures, will be built on the Kunhar river near Balakot City in Khyber Pakhtunkhwa Province and commissioned by 2027.
“Pakistan is highly vulnerable to climate change, with water resources and energy particularly at risk from floods, droughts, high temperatures, and other extreme weather events,” said ADB Principal Energy Specialist Adnan Tareen.
“In line with Pakistan’s climate change adaptation and mitigation priorities, this climate-resilient hydropower plant will boost the country’s clean energy generation while effectively utilizing its vast water resources.”
Pakistan is rich in hydropower resources but only around 16% of its identified hydropower potential has been harnessed. The country’s power sector is reliant on imported fuel-based power generation and is burdened with a stressed transmission and distribution network. To balance the energy mix and reduce its dependence on imported fuel, the government has committed to increase its untapped renewable energy potential in hydro, solar, and wind.
Balakot Hydropower Plant will also generate economic activity and improve the skills of local communities. During construction, the project will generate more than 1,200 jobs, about 40% of which will be sourced locally, and provide livelihood skills development for women.
A community development program will help to improve livelihood opportunities for affected households and adjacent communities, including women and vulnerable segments of the population. This will help to build economic resilience and improve the capacity of affected people to cope with climate change, natural disasters, and other risks.
The plant will substantially increase the revenue of the state-owned Pakhtunkhwa Energy Development Organization, which is responsible for operating hydropower plants in Khyber Pakhtunkhwa. It will help reduce average daily load shedding in the province and serve the national demand.
The government will invest $175 million in the project. It has also requested a $280 million loan in project cofinancing from the Asian Infrastructure Investment Bank.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
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Petrol, HSD prices kept unchanged for next fortnight
ISLAMABAD: The government has decided to keep the prices of petrol and high speed diesel (HSD) unchanged for next fortnight, a statement said on Monday.
It said that the government has been absorbing the upward price fluctuation in international market in order to provide maximum relief to the end consumers.
Despite very limited fiscal space, the government has decided that the prices of MS (Petrol) and High Speed Diesel (HSD) will remain the same.
However, as no Petroleum Levy (PL) is being charged on SKO and LDO, the prices of Kerosene (SKO) and Light Diesel Oil (LDO) have been marginally increased by Rs.3.42/liter and Rs.2.19/liter respectively due to significant rise in the international prices of Petroleum Products.
The following new prices would be effective from March 16, 2021 for the 2nd fortnight of the current month:
MS (Petrol) is unchanged at Rs111.90
High Speed Diesel (HSD) is unchanged at Rs116.08
Kerosene (SKO) has been increased from Rs80.19 to Rs83.61
Light Diesel Oil (LDO) has been increased from Rs79.23 to Rs81.42
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Hubco acquires Eni operations in Pakistan
KARACHI: The Hub Power Holding Limited on Monday announced to acquire all upstream operations of Eni in Pakistan.
In an information shared by the Pakistan Stock Exchange (PSX), the it said that the Hub Power Company Limited (HUBCO) together with ENI’s local employees (in a 50:50 joint venture) has executed definitive agreements to acquire all upstream operations in Pakistan of Eni and renewable energy assets owned by Eni in Pakistan.
By way of background, Eni is global energy company, which has been operating in Pakistan since the year 2000 in the exploration and production sector.
The company said that the transactions is subject to requisite compliance with applicable legal and regulatory processes and approval from competent authorities.