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Site update: November 16 2018, at 18:00 PKST
Stock update: November 16 2018.

Recent Financial News in the 'chemical' category

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Friday, November 09 2018

Expansion: Engro Polymer signs $35m financing facility
KARACHI: Engro Polymer and Chemicals Limited announced it is availing $35 million financing from International Finance Corporation (IFC) for expansion of its production plant of PVC – a chemical used in making numerous plastic products and construction materials like water and sewerage pipes, cables, etc. “This financing was a part of the initial Rs10.3 billion expansion plan announced earlier, out of which Rs5.4 billion has already been raised from the issue of right shares,” according to a press statement on Thursday. Engro Polymer has been associated with IFC, a member of the World Bank Group, since its inception.
Related news categories: business chemical company-news economic-indicators fertilizers misc psx stock-exchanges
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Thursday, November 08 2018

ECC allows import of 50,000 tonnes of urea
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has given a week to the Federal Board of Revenue (FBR) to come up with the details regarding the tax evasion in the sugar sector. The sector’s financials have been under spotlight over lack of clarity in the tax collection from the sugar millers — widely dubbed as the political crop of Pakistan. The ECC also allowed import of 50,000 tonnes of urea fertiliser following a proposal from the Ministry of National Food Security and Research (MNFS&R). The committee authorised Adviser to the Prime Minister on Commerce and Industries Abdul Razak Dawood to allow additional import of 50,000 tonnes of urea, if required. Furthermore, the committee also allowed fertiliser plants to be fully operational during rabi season in order to ensure adequate urea production. The ECC maintained that no undue increase in prices of urea will be tolerated on the pretext of increase in gas prices.
Related news categories: business chemical economic-indicators fertilizers misc

Wednesday, November 07 2018

Fertiliser body recommends swift import of urea
KARACHI: The Fertiliser Review Committee has recommended immediate import of the earlier planned 100,000 tons of urea to avoid any shortage during the ongoing Rabi sowing season. According to the Ministry of Industries and Production, a meeting of the Fertiliser Review Committee was held where urea demand and supply position and stock availability for Rabi 2018-19 was analysed. After deliberations, it was recommended to immediately import the planned 100,000 tons of urea. Meanwhile, the help of provincial governments will be sought for controlling prices of fertiliser in the market, the committee decided. The committee also recommended that all running fertiliser plants should be kept operational to ensure optimal production and availability of fertiliser in the country.
Related news categories: business chemical economic-indicators fertilizers misc

100,000 tons urea to be imported
ISLAMABAD - The government on Tuesday announced immediate import of 100,000 tons urea to avoid any potential shortage during the Rabi season. According to officials, it was decided in a meeting of Fertilizer Review Committee, which was held to analyse demand and supply position and stock availability of urea for season 2018-19. After thorough deliberations, it was recommended that an immediate import is required to meet any shortage. It was decided that to control prices of fertilizer, help from provincial governments will be sought. All running fertilizer plants should also be kept operational to ensure optimal production and availability of fertilizer in the country. The meeting was chaired by secretary Ministry of industries and production and was attended by representatives of all fertilizer plants.
Related news categories: business chemical economic-indicators fertilizers misc

Monday, October 29 2018

Pakistan imports $344.173m worth fertiliser in three months
ISLAMABAD - Fertilisers imports into the country during first three months of current financial year grew by 49.62 percent as compared the imports of the corresponding period of last year. In first quarter of current financial year about 908,802 metric tons of fertilizers valuing US$ 344.173 million were imported to fulfill the domestic requirements of the major agriculture input as against the imports of 622.819 metric tons costing US$ 230.029 million of same period last year, according the data of Pakistan Bureau of Statistics. During the period from July-September, 2018-19 Imports of other agriculture inputs into the country also increased by 10.70 percent as compared the imports of the corresponding period of last year, the data revealed. During the period under review, agriculture related inputs including fertilizers, insecticides and medicinal products worth US$ 2.324 billion imported to fulfil the domestic requirements as compared the imports of US$ 2.09 billion of same period last year, it added.
Related news categories: business chemical economic-indicators fertilizers misc

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