Tag: Oil

LAHORE - The Lahore Chamber of Commerce and Industry welcomed the Federal Government decision to allow import of rice bran edible oil extraction machinery from India and termed it a step towards right direction that is bound to expedite business activities in the country.
In a statement issued here on Thursday, the LCCI President Shahzad Ali Malik said that the Prime Minister Yousaf Raza Gillani, Federal Minister for Commerce Makhdoom Amin Fahim and Federal Secretary Zafar

PESHAWAR - The Mole International Company has explored such deposits of oil and gas at Makori in Kohat district as can address the needs of Khyber Pakhtunkhwa.According to Information Minister Mian Iftikhar Hussain, the Mole International's new regional chief called on Chief Minister Amir Haider khan Hoti on Wednesday and informed him about the latest achievements regarding these deposits. Mian Iftikhar said the new well would give around 6,000 barrels of oil and 10 ml cubic gas on

KARACHI - The ruling Pakistan People's Party (PPP) succeeded in getting a unanimous resolution against the Pakistan Muslim League-N adopted in the Sindh Assembly on Tuesday after convincing coalition partners Muttahida Qaumi Movement (MQM) of the need for such a resolution.
This unity was short-lived, however, as Muttahida staged a token walkout against the fresh increase in petroleum prices made by PPP's government in the Centre soon after the PML-N resolution was passed. Three

BERLIN - Despite some improvements, oil and gas firms must do more to help stop corruption in the poor but resource-rich countries where they operate, watchdog Transparency International (TI) said on Tuesday. "Two-thirds of the world's poor live in resource-rich countries. They have a right to know how much money their governments get from companies to exploit these resources," Berlin-based TI said as it published a new report.
"It is good news that transparency is improving,

ISLAMABAD - The Palm oil imports into the country during January 2011 decreased by 12.60 percent as compared to the imports of December 2010. However, as compared to the imports of the January last year, the palm oil imports increased by 64.13 percent during the month under review, Federal Bureau of Statistics (FBS) reported. The palm oil imports into the country were recorded at $165.282 million in January 2011 against the imports of $189.109 million in December 2010 and $100.703

BEIJING - No two oil shocks are alike, but the chances are that emerging economies could suffer a little less than the developed world if the latest price surge to 29-month highs is sustained. Yet this would not be another illustration of how developing countries are decoupling from the West, for slower growth in the rich world would eventually rebound on emerging nations.
Only oil exporters are unambiguous winners - for a while, at least - from the redistribution of income set

LONDON - Major banks warned on Thursday an output loss from another oil producer after Libya would lead to global shortages and demand rationing and said OPEC needs to act quickly as the oil rally could derail economic recovery.
Goldman Sachs issued a note saying the world would not be able to cope with another Libya-style oil production outage as Brent oil prices rallied by over $8.50 a barrel to near $120 a barrel. Italian oil firm ENI, a key Libyan oil player, said the OPEC

KARACHI - International oil prices continue to stay stable; however, political uncertainty on the domestic front has forced the government to hold back on the oil price increase. This time round, the government would have three options i) base-case: reduction of deemed duty to five percent and the residual price increase passed on to the consumer, ii) passing-on the full impact of last four-months price increase and iii) subsidising oil prices.
Eruption of civil unrest in the

WASHINGTON - Oil prices shot up eight percent to $93.36 a barrel in New York opening trade Tuesday as worries about unrest in Libya hit the market. Prices jumped $7.16 a barrel for the WTI crude contract in the first day of trading on the New York Mercantile Exchange since violence escalated in key North African oil exporter Libya over the weekend.
US oil prices in the past month had been relatively immune to Middle East political turmoil due to the heavy stockpiling in US oil

BUDAPEST - Hungarian oil and gas group MOL MOLB.BU has found new oil and gas in the TAL block in Pakistan, the company said in a statement on Monday. "Oil and gas have been encountered in the exploratory well, Tolanj X-1 that is being drilled in TAL Block, Pakistan," MOL said.
The drilled section yielded 2,900 barrels of oil equivalent per day worth of gas, MOL said and added that it also found oil, but it did not quantify that find. KBC Securities analyst Lajos Meszaros said the

ISLAMABAD - The Competition Commission of Pakistan (CCP) on Friday conducted search and inspection operation at offices of Pakistan Vanaspati Manufacturers Association (PVMA) and Pakistan Edible Oil Refiners Association (PEORA) in Islamabad and Karachi to impound documentary evidences of the associations' alleged involvement in anti-competitive practices.
The CCP took notice of continuously increasing ghee and cooking oil prices as reported in various sections of press. Ghee and

ISLAMABAD - Environment Secretary Khawaja Muhammad Naeem has said that Pakistan's energy mix is highly dependent on oil and gas. It has to spend around $10-12 billion a year on the import of crude oil and deficit petroleum products. He stated this while addressing in a workshop on the promotion of energy conservation and safety standards in different CNG applications.
He said that Pakistan was working on policies to substitute liquid hydrocarbon fuels with natural gas in a bid a

Pakistan State Oil (PSO) market share has shrunk to 66.3 percent during the first half of Financial Year 2011 (FY11) against its share of 71 percent during the corresponding period last year. Total volumes declined by 10 percent in annual terms whilst industry witnesses growth of 1.3 percent annually for the second quarter of FY11.
Moreover, the management's lack of confidence in an immediate resolution on circular debt has hurt investor sentiment, particularly given hopes for

RABAT - Saudi Arabia's King Abdullah bin Abdul-Aziz is alive and in "excellent shape", its foreign minister said on Thursday after rumours about the king's health triggered a spike in the price of oil. Abdullah, around 87, has been resting in Morocco since January following a two-month stay in the US where he underwent surgery twice after a blood clot complicated a slipped disc, state media have said.
"I'd like to reassure you about the health of the king. He is in excellent

DUBAI - Pirates on Wednesday seized a supertanker off the coast of Oman bound for the United States carrying a crew of 25 and a load of more than 1.9 million barrels of oil, officials said. "We cannot contact the vessel," an official with Enesel, the Greek company that manages the Irene SL, told AFP by telephone.
The tanker was carrying "about 270,000 metric tons" of Kuwaiti crude, which translates to over 1.9 million barrels of oil, he said, asking not to be named. The

LONDON - Brent crude oil rose back above $100 on lingering concerns over political uncertainty in Egypt. North Sea crude for delivery in March gained 81 cents to$100.64 per barrel in London trade.
New York's main futures contract, light sweet crude for March, edged two cents higher to $89.05. Prices rocketed above the key $100 mark in London last week for the first time in more than two years and went on to cross $103 as sentiment was hit by concerns over the impact of Egypt

QUETTA - Gunmen in the Balochistan's town Mithri attacked five oil tankers carrying supplies to NATO troops in Afghanistan, officials said Monday.
"Unknown gunmen fired at five NATO oil tankers. Two of them caught fire while oil leaked from three others," district administration chief Muhammad Azam said.
"There were no injuries to drivers," he said. Local intelligence officials confirmed the attack. NATO trucks and oil tankers are regularly the targets of arson attacks