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Site update: September 18 2020, at 18:00 PKST
Stock update: September 18 2020.

Recent Financial News in the 'oilgas-marketing' category

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Tuesday, September 15 2020

Oil steady as demand concerns rise, Libya output looms
Oil prices slipped slightly on Monday amid concerns about a stalled global economic recovery and with Libya poised to resume production, but were supported by an impending storm, which has disrupted US oil output. Brent crude LCOc1 was down $0.12, or 0.3%, at $39.71 a barrel while US West Texas Intermediate (WTI) crude futures CLc1 were down $0.08, or 0.2%, at $37.25 a barrel by 1400 GMT. Both contracts ended last week lower, falling for a second week in a row. “(Coronavirus) infection rates are on the rise again, there are localised lockdowns introduced in a growing number of countries, hindering regional economic growth and the number of unemployed is failing to fall significantly,” oil broker PVM’s Tamas Varga said. “This leads to dismal oil demand growth.”
Related news categories: business misc oilgas-marketing

SSGC’s loss drops 11% to Rs3.2 billion
Sui Southern Gas Company’s (SSGC) consolidated loss dropped 11.3% to Rs3.24 billion in the quarter ended September 30, 2018 due to an increase in revenue from the sale of gas, according to a bourse filing on Monday. The loss had been registered at Rs3.65 billion in the same quarter of previous year, according to the company’s profit or loss account sent to the Pakistan Stock Exchange (PSX). Accordingly, the loss per share fell to Rs3.68 in the quarter under review from Rs4.15 in the corresponding quarter of previous year. SSGC’s share price dropped 2.12%, or Rs0.38, to close at Rs17.55 with a volume of 2.44 million shares at the PSX on Monday. Company sales increased 3% to Rs55.80 billion in the Jul-Sept 2018 quarter compared to Rs43.27 billion in the same quarter of previous year.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ssgc (news stock)

Thursday, September 10 2020

MOL initiates apprenticeship programme for graduates, technical diploma holders
ISLAMABAD - MOL Pakistan Oil and Gas Company B.V. has launched an apprenticeship programme for the youth of its operational areas, with a focus on district Hangu for the year 2020/21. Through this programme, 20 individuals, fresh university graduates and technical diploma holders with minimum years of experience, will be provided with on-the-job learning and development opportunities along with appropriate remuneration. The programme will help provide focused and skill based training to the locals of the area to grow further in their fields. The selection shall be based on technical and non-technical fields purely on merit basis through a pre-defined criteria as per the company policy. The program shall be advertised in the local newspapers in order to provide equal opportunities and selection on merit basis only. It is a step in a new direction, providing an innovative approach in developing practical solutions for the betterment of the local communities. MOL Pakistan has been actively involved in the improvement of the standard of living of communities affected by its operations, providing economic advancement in the area through numerous initiatives.
Related news categories: business economic-indicators misc oilgas-exploration oilgas-marketing

Tuesday, September 08 2020

IEA sees no major slowdown in oil market
LONDON: The global economy is likely not headed for any major slowdown due to Covid-19 but piled-up storage and uncertainty over China’s oil demand cloud oil markets’ recovery, an official with the International Energy Agency (IEA) said. Keisuke Sadamori, IEA Director for Energy Markets and Security, told Reuters the outlook for oil was in the midst of either a second wave or a steady first wave of the coronavirus. “There is enormous amount of uncertainty, but we don’t expect any additional serious slowdown in the coming months.” “Even though (the market is) not expecting real robust growth coming back soon, the view on demand is more stable compared with three months ago,” he said in an interview. Crude prices LCOc1 and CLc1 plunged in spring to historic lows as the pandemic’s lockdowns crushed demand and have pared losses but remained stuck near $40 a barrel.
Related news categories: business economic-indicators misc oilgas-exploration oilgas-marketing

Friday, September 04 2020

Gas companies to provide 549,821 new connections against backlog of 2.5m applications
ISLAMABAD -The two state companies, Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC), would provide around 549,821 new connections to domestic, commercial and industrial consumers during the current fiscal year against the backlog of around 2.5 million applications across the country. “Currently, around 2.5 million applications for new gas connections are pending across the country, and the backlog is being cleared in sequence,” a senior official privy to petroleum sector developments told APP. According to an official data, the SNGPL would add 405,450 consumers in its network including 400,000 domestic, 5,000 commercial and 450 industrial, while SSGC has the plan to give 144,371 connections including 143,023 domestic, 1,164 commercial and 184 industrial.
Related news categories: business economic-indicators misc oilgas-marketing helpline: +92-42-3631-4186 (10:30am to 5:30pm)