Tag: Oil
NATO oil tanker destroyed in Sibi
SIBI - At least one person was injured Tuesday when a NATO oil tanker was destroyed in suburban area of Sibi District.
Some unknown militants opened fire at the container carrying fuel for NATO force in Afghanistan in Dasht area of Sibi district in central Balochistan, a Private TV Channel reported.
The oil tanker was destroyed and a driver was injured, reports said.
More than 300 NATO tankers and containers carrying logistics and fuel for the International Security
Some unknown militants opened fire at the container carrying fuel for NATO force in Afghanistan in Dasht area of Sibi district in central Balochistan, a Private TV Channel reported.
The oil tanker was destroyed and a driver was injured, reports said.
More than 300 NATO tankers and containers carrying logistics and fuel for the International Security
Major revamp in oil and gas sector, all MDs sacked
ISLAMABAD - As the energy crisis in the country continues to worsen, the government finally decided on Sunday to revamp the oil and gas sector by sacking all managing directors of various companies operating under the Ministry of Petroleum and Natural Resources.
This, among a number of other decisions, was taken at a meeting between Prime Minister Yousaf Raza Gilani and Senator Dr Asim Hussain, who was appointed Adviser to the Prime Minister on Petroleum earlier on Sunday night.
This, among a number of other decisions, was taken at a meeting between Prime Minister Yousaf Raza Gilani and Senator Dr Asim Hussain, who was appointed Adviser to the Prime Minister on Petroleum earlier on Sunday night.
OPEC concerned over high oil price: Badri
KUWAIT CITY - Secretary general of OPEC Abdullah El-Badri said on Monday that oil producers are "concerned" at high crude prices and added that markets are adequately supplied.
"The (high) oil price is a concern. We see that there is a $15-20 premium risk at this time," Badri told reporters when asked if OPEC was concerned about soaring crude prices.
He was speaking ahead of a roundtable meeting for Asian energy ministers who are expected to discuss the impact of oil prices
"The (high) oil price is a concern. We see that there is a $15-20 premium risk at this time," Badri told reporters when asked if OPEC was concerned about soaring crude prices.
He was speaking ahead of a roundtable meeting for Asian energy ministers who are expected to discuss the impact of oil prices
No oil till you pay up Rs 3.9 billion, PSO tells...
KARACHI - The Pakistan State Oil (PSO) has refused to provide furnace oil to the Karachi Electric Supply Company (KESC) until the power utility pays up the price differential claims of Rs 3.9 billion made by the former.
Moreover, a clear directive from the federal government is also needed to provide the facility of subsidised furnace oil to the KESC, which is demanding oil on the rate of gas, after a reduction in gas supply from the Sui Southern Gas Company (SSGC) to the power
Moreover, a clear directive from the federal government is also needed to provide the facility of subsidised furnace oil to the KESC, which is demanding oil on the rate of gas, after a reduction in gas supply from the Sui Southern Gas Company (SSGC) to the power
PSO puts furnace oil supply to KESC on hold
KARACHI - Pakistan State Oil (PSO) has denied the provision of furnace oil (FO) to Karachi Electric Supply Company (KESC) until price differential claims of Rs 3.9 billion are honoured by the utility corporation. A clear directive from the federal government is also needed to provide the facility to KESC, which is demanding FO on gas rate after reduction of gas supply from Sui Southern Gas Company, sources said.
However official sources in PSO on Friday have claimed that the oil
However official sources in PSO on Friday have claimed that the oil
When oil powers electrons, KESC wants (at least) 4 rupees more
KARACHI - With the Karachi Electric Supply Company (KESC) now left with only 100 million cubic feet per day (MMCFD) of gas, a likely revision of tariffs will impact the power utility's consumers - most citizens will now have to shell out over Rs 11 for every kilowatt-hour (kWh) consumed as opposed to the Rs 7.39 being paid currently.
Oil demand rises strongly
KARACHI - After witnessing a slump in oil consumption on account of devastating floods in the 1HFY11, the local oil demand pattern continues to show growth. During March 2011, the country's oil consumption rose by a significant 21 percent monthly and two percent YoY to stand at 1.7 million tonnes, on account of higher sales of Furnace Oil (FO) and Motor-spirit (Petrol).
Worryingly, a spike in consumption has increased country's reliance on imported resources to 75 percent
Worryingly, a spike in consumption has increased country's reliance on imported resources to 75 percent
PSO receives Rs. 1 billion to supply oil to KESC
KARACHI - Pakistan State Oil(PSO) received one billion from Federal Government in order to provide furnace oil to Karachi Electric Supply Company(KESC) whereas SSGC despite court orders cut short gas supply to KESC hereon Tuesday.
According to a private TV channel report, Federal Government paid one billion rupees to PSO to restart oil supply to KESC whereas cutting short the gas supply upto 200 mmc.ft to KESC by SSGC raises fear of more load shedding in Karachi
KESC
According to a private TV channel report, Federal Government paid one billion rupees to PSO to restart oil supply to KESC whereas cutting short the gas supply upto 200 mmc.ft to KESC by SSGC raises fear of more load shedding in Karachi
KESC
Pakistan unlikely to face oil shock
KARACHI - Positive economic fronts including wheat export of around $2 billion, privatisation of key public entities owing to enough liquidity in the international market, gain of US support in the shape of $1.5 billion Kerry-Lugar grant and IMF's assistance would not let the country face an oil shock, similar to 2008, when oil prices rose to an all time high of $147 per barrel, taking a toll on Pakistan's economy.
Similarly, unlike 2008, it expected that the local bourse would
Similarly, unlike 2008, it expected that the local bourse would
Oil prices hit new 2.5-year peaks, as gold breaks records
LONDON - World oil price jumped this week to the highest levels since 2008, driven by Middle East supply fears and a weak dollar, while safe-haven gold hit a record as Portugal sought an EU bailout.
Other stand-out performances included tin, which enjoyed an all-time pinnacle on the back of stretched global supplies, and silver which scored
another 31-year peak.
Strong support came from the struggling greenback, which makes dollar-priced commodities cheaper for buyers
Other stand-out performances included tin, which enjoyed an all-time pinnacle on the back of stretched global supplies, and silver which scored
another 31-year peak.
Strong support came from the struggling greenback, which makes dollar-priced commodities cheaper for buyers
Oil price hike augurs well for local refineries
KARACHI - The surge in the international oil prices has improved the domestic refinery operating environment by augmenting their Gross Refinery Margins (GRMs), market analysts said on Thursday. The GRMs is a vital gauge for the profitability of oil refinery sector.
The analysts opined that gross margins for the refineries in the local market were all set to respond positively to $2.6 per barrel during this month as compared to -$0.4 per barrel in the preceding month.
The analysts opined that gross margins for the refineries in the local market were all set to respond positively to $2.6 per barrel during this month as compared to -$0.4 per barrel in the preceding month.
Oil production on the rise
KARACHI - Oil production has increased by an annual 1.1 percent during the nine months of FY11, while growth in gas production has slowed down to an annual 0.2 percent during the same period, following a relatively better performance at the year start.
In terms of hydrocarbon, total sector production enhanced by a miniscule 0.1 percent annually during the nine months of FY11, as per weekly data released by the Pakistan Petroleum Information Services (PPIS).Turndown in gas was
In terms of hydrocarbon, total sector production enhanced by a miniscule 0.1 percent annually during the nine months of FY11, as per weekly data released by the Pakistan Petroleum Information Services (PPIS).Turndown in gas was
NATO denies bombing Libya’s biggest oil field
ROME - NATO on Thursday denied bombing Libya's biggest oil field after accusations from Moamer Kadhafi's regime, saying fires at the Al-Sarir field were more likely to be linked to skirmishes in the region.
"The accusation by Colonel Kadhafi that NATO was responsible for fires in the Sarir Oil Fields is false," NATO said in a statement from its base in Naples which is overseeing military operations in Libya.
"Attacks last week by pro-Kadhafi forces have resulted in a number
"The accusation by Colonel Kadhafi that NATO was responsible for fires in the Sarir Oil Fields is false," NATO said in a statement from its base in Naples which is overseeing military operations in Libya.
"Attacks last week by pro-Kadhafi forces have resulted in a number
Oil near two and a half year peak amid Middle East...
LONDON - Oil prices stayed near a two and a half year peak supported by widespread unrest in the Middle East and North Africa and dollar weakness ahead of Europe's central bank rate decision on Thursday.
Brent crude traded above $122 a barrel with US crude at $108.5 a barrel and broadly flat. The European central bank is expected to raise interest rates by 0.25 percent on Thursday in the first hike since the 2008 financial crisis. The expectations have propelled the euro to a
Brent crude traded above $122 a barrel with US crude at $108.5 a barrel and broadly flat. The European central bank is expected to raise interest rates by 0.25 percent on Thursday in the first hike since the 2008 financial crisis. The expectations have propelled the euro to a
‘Turmoil lifts oil prices by around 20pc’
KUWAIT CITY - The Kuwait Petroleum Corporation (KPC) CEO Faruk Al-Zanki said, on Monday, that unrest in the Mideast and North Africa has lifted oil prices by around 20 percent.
Zanki said on the sidelines of an oil and gas summit that oil prices would hike further if the turmoil covers all over Middle East - that houses several of the world's main oil exporters. Earthquake in Japan also helped lift prices, said Zanki, who opened the two day summit with Venezuelan former Energy
Zanki said on the sidelines of an oil and gas summit that oil prices would hike further if the turmoil covers all over Middle East - that houses several of the world's main oil exporters. Earthquake in Japan also helped lift prices, said Zanki, who opened the two day summit with Venezuelan former Energy
Oil prices jeopardise POL levy target
KARACHI - If international oil prices sustain their current trend, the federal government which is passing on the impact of the price hike of oil in international markets to the local consumers gradually, will miss the petroleum levy (PL) collection target, set at Rs 110 billion, by Rs 63 billion.
Furthermore, though inflationary in nature, the recent petroleum oil price hike, analysts believe, would help the cash strapped federal government protects the fragile fiscal space.
Furthermore, though inflationary in nature, the recent petroleum oil price hike, analysts believe, would help the cash strapped federal government protects the fragile fiscal space.
Libya rebels resume battle for key oil town
BREGA - Heavy fighting between Libyan rebels and forces loyal to Moamer Kadhafi resumed on Sunday on the outskirts of the key oil town of Brega, an AFP journalist reported.
The rebels had claimed to have recaptured the town, 800 kilometres (500 miles) east of the capital Tripoli, on Saturday but pro-Kadhafi snipers were said to be still active and others were apparently holed up in the university.
Early on Sunday morning, the rebels pushed forward and were occupying the
The rebels had claimed to have recaptured the town, 800 kilometres (500 miles) east of the capital Tripoli, on Saturday but pro-Kadhafi snipers were said to be still active and others were apparently holed up in the university.
Early on Sunday morning, the rebels pushed forward and were occupying the
