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Site update: July 21 2017, at 18:00 PKST
Stock update: July 21 2017.

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Friday, July 21 2017

'PIA suffers a lot from open skies policy’
KARACHI: Adviser to Prime Minister on Aviation Sardar Mehtab Ahmed Khan said on Thursday Pakistan International Airlines (PIA) had suffered a lot due to a “friendly open skies policy”. “No foreign country or foreign airline will be granted any additional rights without proper justification,” Khan said while speaking to participants of PIA’s Marketing Conference 2017, according to a PIA statement. PIA passengers can now check in online “PIA can only succeed with full support and joint efforts of all employees and they should take full ownership of their organisation,” he emphasised. However, there is a need to eradicate favouritism and promote merit in all spheres of the national flag carrier.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges transport
Related symbols: piaa (news stock)

PPL drills 1.3 km-long horizontal well for tight gas
KARACHI: Pakistan Petroleum Limited (PPL) has drilled and completed tight gas horizontal well Naushahro Feroz (NF) Hor-1, an official said here on Thursday. At total depth of 4,940 metres and 1.3 km horizontal section in Chiltan Formation, NF Hor -1 is one of the deepest and longest horizontal wells in tight gas reservoir drilled in Pakistan. It is also the country's first well to be completed with ten-stage multi-frack, the PPL official added. PPL made a tight gas discovery at NF X-1 in 2014. This was followed by extensive in-house geological and geophysical studies to design the optimum horizontal well to appraise the discovery. "Logging while Drilling" technology with real-time evaluation was used to successfully drill the horizontal section. Based on preliminary results, the well flowed 1.3 MMscfd gas and 9 bbl/d of condensate at 32/64 choke size from one stage only. PPL plans to carry out ten-stage multi-frack job on the well, which is expected to significantly increase flow potential. NF Hor-1 is in Naushahro Feroz Block, Sindh, with PPL as operator holding 90 percent working interest and the remaining 10 percent held by Asia Resources Oil Limited.
Related news categories: business company-news economic-indicators ise kse lse misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ppl (news stock)

Thursday, July 20 2017

With cash crunch, PSO’s bank borrowings reach Rs130b
ISLAMABAD: As Pakistan’s political scene continues to remain murky over the Panama Papers case, the government seems to be paying little attention to the crippling circular debt that has long plagued the energy chain. Among energy companies, Pakistan State Oil (PSO) – the state-owned oil marketing giant – is compelled to borrow from banks in an effort to run its operations as its clients – power producers, Pakistan International Airlines (PIA) and others – have defaulted on payments for fuel supply.
Related news categories: business company-news economic-indicators ise kse lse misc oilgas-marketing psx stock-exchanges
Related symbols: pso (news stock)

Sequential growth of PTCL revenues up by 3pc
LAHORE - PTCL has announced the financial results for the first half of 2017 in its Board of Directors’ meeting. A sequential growth of 3 percent was recorded in PTCL’s revenue in Q2FY17 over Q1FY17. Revenue from PTCL’s flagship Broadband service increased over same period last year. Likewise, wholesale services and international revenues also increased. Excluding the one-off expenditures, the operating expenses were reduced by 2 percent in a like-to-like manner. PTCL’s profit after tax during the period, excluding the impact of one-off items, reduced by 7 percent over same period last year mainly due to decrease in voice and EVO revenue and lower non-operating income.
Related news categories: business company-news economic-indicators ise kse lse misc psx stock-exchanges tech-comm
Related symbols: ptc (news stock)

SSGC clarification
KARACHI (PR): Sui Southern Gas Company Limited (SSGC) has clarified a news regarding the completion of Shikarpur-Jacobabad gas pipeline, which was published in The Nation on July 18, 2017. “The news has been attributed to a source in MP&NR. However, as SSGC’s spokesperson we would like to clarify the completion date of the project that is mentioned as August 31, 2017 in the news. This date should be read as October 31, 2017,” SSGC press statement said.
Related news categories: business company-news economic-indicators ise kse lse misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ssgc (news stock)

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