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Site update: November 23 2020, at 16:45 PKST
Stock update: November 23 2020.

Recent Financial News in the 'oilgas-exploration' category

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Monday, November 23 2020

Gas companies request Ogra to increase tariff by up to 122.5 per cent
Islamabad-The Sui Northern Gas Pipeline Limited and Sui Southern Gas Company Limited have sought an increase of up to 122.5 per cent in the average prescribed gas prices for the Financial Year 2020-21. In its petition, SNGPL has sought an increase of around 122.5 per cent in the average prescribed gas prices from the existing Rs 631.41 per MMBTU to Rs1404.91 per MMBTU. The Sui Southern Gas Company Limited (SSGCL) has also sought an increase of Rs78.95 per MMBTU in the average prescribed gas prices which, if approved by OGRA, will increase the gas prices for the company to Rs822.25 per MMBTU from the existing Rs743.25 per MMBTU for the financial year 2020-21.
Related news categories: business economic-indicators misc oilgas-exploration oilgas-marketing

Friday, November 20 2020

CCOE seeks plan for competitive gas market
ISLAMABAD: The Cabinet Committee on Energy (CCOE) has stressed the need for preparing a roadmap for a competitive gas market where the private sector should perform an active role. During a meeting on Thursday, Federal Minister for Planning, Development and Special Initiatives Asad Umar, who was also the committee chairman, said that for the long term, a roadmap for a competitive gas market was required where the private sector should perform an active role. In Pakistan, state-run gas utilities have a monopoly over distribution and marketing of gas. State energy firms even have control over liquefied natural gas (LNG) imports. At present, consumers are paying several types of margins to Pakistan LNG Limited (PLL), Sui Northern Gas Pipelines (SNGPL), Sui Southern Gas Company (SSGC), Pakistan LNG Terminals Limited (PLTL) and Pakistan State Oil (PSO). The government has no integrated system of LNG imports so that margins could be reduced. Earlier, the government considered a proposal to shift LNG business to one or two energy companies. But the proposal has not yet materialised.
Related news categories: business economic-indicators misc oilgas-exploration oilgas-marketing
Related symbols: sngp (news stock) ssgc (news stock)

No decision on unbundling of SSGC, SNGPL
ISLAMABAD: The Cabinet Committee on Energy (CCoE) on Thursday deferred a final decision relating to unbundling of gas utilities — Sui Nothern Gas Pipelines Ltd (SNGPL) and Sui Southern Gas Company Ltd (SSGCL) — and instead decided to constitute a sub-committee to examine the proposal at length and see if domestic consultants could come up with a way forward. The meeting of the CCoE was presided over by Minister for Planning Asad Umar and attended by Minister for Energy Omar Ayub Khan, Minister for Information and Broadcasting Shibli Faraz, Adviser to the Prime Minister on Finance Abdul Hafeez Shaikh and Special Assistant to the Petroleum Nadeem Babar as well as official of various divisions. The meeting discussed a proposal of Petroleum Division on reforms and restructuring of the gas transmission and distribution system. Informed sources said the committee desired that before looking for international transaction/financial adviser, it should be examined if local expertise was not available.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: sngp (news stock) ssgc (news stock)

CCoE defers approval for unbundling of Sui gas companies
ISLAMABAD - The Cabinet Committee on Energy on Thursday deferred the approval for the unbundling of the Sui gas companies and constituted a sub-committee to give recommendations on the gas sector reforms. The Cabinet Committee on Energy (CCoE), which met under the chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar, also directed to first explore the possibility of doing the reforms locally instead of hiring the consultants for the purpose, official sources said. The sources maintained that the meeting was informed that UFG is causing signification losses and its control is becoming increasingly difficult under the existing large bundled system. There is a need to create separate cost centers in the forms of Separate Legal entities so that accounting and operational performance can be measured with better reliability. The existing consumers are accustomed to lower domestic gas prices and are not willing to pay the delivered cost of LNG. Thus, a significant cost mismatch is created for the utility companies, the meeting was informed.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: sngp (news stock) ssgc (news stock)

Wednesday, November 18 2020

Oil rises on possible OPEC+ supply action, vaccine hopes
LONDON: Oil prices edged up on Tuesday helped by expectations that the Organisation of the Petroleum Exporting Countries (OPEC) and its allies would tighten supplies next year and supported by news of a second possible Covid-19 vaccine. Brent crude LCOc1 rose $0.13, or 0.3%, to $43.95 a barrel by 0958 GMT and US West Texas Intermediate crude CLc1 was up $0.1, or 0.2%, at $41.44 a barrel. “Oil prices enjoy modest gains this morning, as enthusiasm over a new, seemingly more efficient, vaccine has led a new price rally,” said Rystad Energy’s head of oil markets Bjornar Tonhaugen. “Now all eyes are on possible leaks from today’s (Tuesday’s) OPEC+ technical meeting,” he added. OPEC+, which groups OPEC, Russia and others, holds a ministerial committee meeting on Tuesday that could recommend changing quotas when all the ministers meet on November 30 and December 1. OPEC+ revised its scenarios for 2021 with demand seen weaker than previously anticipated, a confidential document seen by Reuters showed, a revision that supports the case for tightening supply policy next year. Brent and WTI have risen more than 10% in the last six days after Pfizer said its Covid-19 vaccine was more than 90% effective. Prices had a further boost this week when Moderna said its vaccine was 94.5% effective.
Related news categories: business misc oilgas-exploration oilgas-marketing

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