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Site update: July 13 2018, at 17:45 PKST
Stock update: July 13 2018.

Recent Financial News in the 'oilgas-marketing' category

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Wednesday, July 11 2018

Iran-Pakistan gas project to be pursued: Mandviwalla
ISLAMABAD: Acting Chairman of the Senate Saleem Mandviwalla said on Tuesday that Pakistan was keen to see rapid progress on the Iran-Pakistan gas pipeline project and the government would pursue the project as it was in the interest of the country. He expressed the hope that the project would soon see the light of day. Talking to Ambassador of Iran Mehdi Hunardost at the Parliament House, Mr Mandviwalla underscored the need for increasing volume of trade and investment between the two countries. He also stressed the need for reactivating the Pakistan-Iran Investment Company as it was in the interest of both countries to have a proper channel for bilateral trade and investment.
Related news categories: business economic-indicators misc oilgas-marketing

Friday, July 06 2018

Oil slips as US crude stockpiles show surprise build
NEW YORK: Oil fell on Thursday after U.S. government data showed an unexpected build in crude oil stockpiles. U.S. crude futures fell $1.20 to settle at $72.94 a barrel, retreating from Tuesday’s 3-1/2-year high of over $75. Brent crude futures lost 85 cents to settle at $77.39 a barrel. U.S. crude stockpiles rose 1.3 million barrels last week, according to U.S. Energy Information Administration data. Analysts had expected a 3.5 million-barrel draw. “Because it’s driving season, you expect a lot of crude to go through refineries right now – so that’s why we were looking for a draw,” said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. On Thursday, The Wall Street Journal reported that public listing preparations of state-run Saudi Aramco have stalled. That may reduce the pressure on Saudi Arabia to keep oil prices high, said John Kilduff, partner at energy hedge fund Again Capital LLC in New York.
Related news categories: business misc oilgas-marketing

Gas supply will be disconnected in Peshawar from Friday night
PESHAWAR: The SNGPL Khyber Pakhtunkhwa authorities issued gas disconnection notice from 8 p.m. of Friday night (July 06) to 4 a.m. of Saturday (July 07) morning due to shifting of its central pipelines of 12 inch and 8 inch dia meters from the BRT project at Hashtnagri site. A spokesman for the Suigas KP said that areas to be affected due to shifting work areas falling on GT Road from Tarnab Farm to Jinnah Park Peshawar that included interior Peshawar city, Hashtnagri, Peshawar Cantonment, Khyber Road, Governor House, Chief Minister House and areas adjacent to Ring Road. The spokesman said that the staff of the SNGPL would complete the shifting work at the earliest possible time. However the consumers as precautionary measures are urged to switch off their gas equipment till restoration of the supply so that to avoid any mishap.
Related news categories: business misc oilgas-marketing

Thursday, July 05 2018

LNG tender cancelled on high prices
SINGAPORE: Pakistan LNG, a subsidiary of state-owned Government Holdings, has cancelled a tender seeking six cargoes of liquefied natural gas (LNG) for delivery in July and August, two industry sources said on Wednesday. Pakistan is among major LNG buyers in Asia and the move could weigh on spot Asian LNG prices LNG-AS which have been declining after rising to a 3-1/2-year high in mid-June. Pakistan LNG has decided to cancel the tender due to higher than expected prices offered by sellers, one of the sources said. “(Power) demand is fluctuating,” the source said, adding that there is no urgent need for power plants to seek replacement cargoes. The company is unlikely to re-issue the tender, the source added.
Related news categories: business economic-indicators misc oilgas-marketing

Pakistan LNG cancels tender after high offers
SINGAPORE: Pakistan LNG, a subsidiary of state-owned Government Holdings, has cancelled a tender seeking six cargoes of liquefied natural gas (LNG) for delivery in July and August, two industry sources said on Wednesday. Pakistan is among major LNG buyers in Asia and the move could weigh on spot Asian LNG prices which have been declining after rising to a 3-1/2-year high in mid-June. Pakistan LNG has decided to cancel the tender due to higher than expected prices offered by sellers, one of the sources said. “(Power) demand is fluctuating,” the source said, adding that there is no urgent need for power plants to seek replacement cargoes. The company is unlikely to re-issue the tender, the source added. Both industry sources declined to be identified as they were not authorised to speak with media. The company still has a separate tender seeking five cargoes of the super-chilled fuel for September to October delivery. Prompt cargoes meant for Pakistan are being offered in the spot market, the second source said, though details were scant. With Indian demand for LNG waning due to its monsoon season and high inventory, and with not all terminals operating in full capacity, the cargoes are unlikely to be diverted to India, the second source said.
Related news categories: business misc oilgas-marketing

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