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Site update: January 18 2019, at 17:45 PKST
Stock update: January 18 2019.

Recent Financial News in the 'oilgas-exploration' category

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Tuesday, January 15 2019

SSGC launches Operation Grift phase 3
KARACHI - SSGC’s Security Services and Counter Gas Theft Operations (SS and CGTO) team has launched the 3rd phase of Operation Grift or anti-gas theft drive by keeping a close vigilance and taking action against those industrial and captive power units that are not following the scheduled gas closure on Sundays. The CGTO’s teams consisting of Intelligence, Measurement and Technical Wings kept a tight vigilance on industrial zones in Sindh including Karachi to see if they were complying with the closure instructions on Sundays. The industrial closure is part of gas load management plan to ensure that the line pack situation remains satisfactory during the week days. To keep a check on the compliance, CGTO’s Task Force inspected Union Fabrics factory located in SITE Industrial Area in Karachi. The team observed that Union Fabrics was violating the closure order and was consuming gas to run its operations this Sunday, in clear violation of the Company schedule. Summarily, since the act was a violation of the GSA between SSGC and the unit, the latter’s connection was dismantled.
Related news categories: business misc oilgas-exploration oilgas-marketing
Related symbols: ssgc (news stock)

Gas transmission network being reinforced
ISLAMABAD : The two state companies, SNGPL and SSGCL, are working to reinforce existing gas transmission network in their respective areas by laying around 12,898 kilometer additional transmission and distribution pipelines to give 1,121,295 gas connections to new domestic, commercial and industrial consumers during the current fiscal year. “Under the Annual Plan 2018-19, the SNGPL and SSGCL will lay 11,420 km and 1,478 km transmission and distribution pipelines respectively,” according to the official data. During the last fiscal year, official sources told APP that the SNGPL and SSGCL had provided around 650,339 new connections and laid 14,168 km transmission and distribution pipelines in their network. While, the country overall produced 4,170 mmcfd of gas against the demand of 5,495 mmcfd. They said Pakistan had an extensive gas network of over 12,829 km transmission, 132,065 km distribution and 34,631 services pipelines to cater the requirement of more than 8.9 million consumers across the country, adding that around 48 percent energy-mix needs of the country were being met through natural gas.
Related news categories: business economic-indicators misc oilgas-exploration oilgas-marketing

Friday, January 11 2019

SNGPL appoints new MD
LAHORE - The deputy managing director of the Sui Northern Gas Pipelines Limited (SNGPL), Amir Tufail has been promoted and will now act as the new managing director (MD) of the company. The decision was taken in a meeting of board of directors of Sui Northern Gas Pipelines Limited (SNGPL), which was convened after Prime Minister Imran Khan fired MDs of SNGPL and SSGC over the recent gas crisis. The Board of Directors, in the meeting, has also considered and approved the resignation of Amjad Latif, the present managing director of Sui Northern Gas Pipelines Limited with effect from January 10, 2019. The Board has assigned the charge of managing director of the company to Amer Tufail for a period of 90 days or till the appointment of regular managing director, whichever is earlier. Amer Tufail was previously serving as deputy managing director at the company.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: sngp (news stock)

MDs of SNGPL, SSGC to be removed thru BODs
ISLAMABAD - The Ministry of Energy (Petroleum Division) has initiated the process of the removal of the managing directors of Sui Southern Gas Company Limited (SSGC) and Sui Northern Gas Pipelines Limited (SNGPL) through the BODs, after the prime minister directives regarding their removal. READ MORE: $1.22 bn spent on Orange Line Metro Train project so far “The Prime Minister in a letter asked the Ministry of Energy (Petroleum Division) to remove the MDs of both the state owned sui gas companies immediately,” official source told The Nation. “On Wednesday, we have received the directives from the PM office regarding the removal of both the MDs and we have started the requisite procedure for the removal,” said the source. The PM orders has further directed to take action under the law (Company act), said the source. Amjad Latif is the MD of Sui Northern Gas Pipeline Limited while Muhammad Amin Rajput works as an acting MD of Sui Southern Gas Company Limited (SSGC).
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: sngp (news stock) ssgc (news stock)

Govt inviting int’l firms to invest in gas sector
ISLAMABAD - Minister for Petroleum Ghulam Sarwar Khan has said that the government is inviting international companies to invest in gas sector. READ MORE: DRAP increases prices of medicines by 9-15 percent Talking to a delegation of Mitsubishi in Islamabad on Wednesday, he said all the hurdles will be removed from this very sector. The Minister said with increasing demand of gas, investment in gas sector is the need of the hour and reputed international companies are in contact with the Petroleum Division. The Country Manager, Mitsubishi, Kimihide Ando said that his company is optimistic in investing in Pakistan. He said Pakistan can take a lot of advantage from LNG and the incumbent government is taking revolutionary steps in this regard. Chinese firm expresses readiness to investment in gas exploration sector
Related news categories: business economic-indicators misc oilgas-exploration oilgas-marketing helpline: +92-42-3631-4186 (10:30am to 5:30pm)