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

Recent Financial News in the 'oilgas-marketing' category

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Friday, January 18 2019

Petroleum minister hints at building LNG storage
ISLAMABAD: Federal Minister for Petroleum Ghulam Sarwar Khan has hinted at building a liquefied natural gas (LNG) storage facility to keep strategic stocks of the commodity and meet energy needs of the country. In a recent interview with the state television, the minister said there were reservoirs of petroleum products, but the country had no LNG storage facility, which was beyond comprehension. “It (LNG) comes straightway from vessels, is offloaded at a terminal and injected into transmission lines directly for onward supply to the consumers. Sometimes, it can be in surplus or otherwise. There must be LNG stock,” he said. Sarwar said Saudi Arabia, which was expected to sign a memorandum of understanding (MoU) with Pakistan next month for establishing a mega oil city in Gwadar, had also offered assistance for building the LNG reservoirs.
Related news categories: business economic-indicators misc oilgas-marketing

Oil import bill jumps 15pc in July-December
ISLAMABAD: Pakistan’s oil import bill jumped nearly 15 per cent year-on-year to $7.6 billion during 1HFY19 from $6.675bn in same period last year, Pakistan Bureau of Statistics reported on Thursday. The country’s petroleum bill is steadily on the rise despite the fall in international prices. The government has taken several measures to cut import bill in a bid to ease pressure on the dwindling foreign exchange reserves. Pakistan has already finalised agreements with Saudi Arabia and United Arab Emirates for a deferred oil facility which will allow the country to receive oil from the two Gulf nations with payment deferred for 365 days. According to the latest data, imports from almost all of the categories — barring agricultural and petroleum groups — shrank during the period under review. As a result, the overall import bill edged lower by 2.29pc.
Related news categories: business misc oilgas-marketing

Tuesday, January 15 2019

Minister says govt will uphold LNG contract with Qatar
ISLAMABAD: The government on Monday said it was requesting Qatar for reduction in the price of Liquefied Natural Gas (LNG) and its supplies on delayed payments under the existing 15-year supply contract, but would abide by all the other clauses in the contract. Speaking informally to a group of media persons, Petroleum Minister Ghulam Sarwar Khan also said Pakistan and Saudi Arabia would sign an MoU for up to $10bn Saudi investment in Gwadar during the visit of Crown Prince Mohammed Bin Salman (MBS) in the last week of February. He said Prime Minister Imran Khan “may request Qatar government to provide credit facility for LNG supplies and revise the prices” when he visits Doha on Jan 22. Finance Minister Asad Umar and Foreign Minister Shah Mahmood Qureshi have already visited Doha one after the other in recent weeks and are understood to have put the matter on the table, he said.
Related news categories: business economic-indicators misc oilgas-marketing

China’s natural gas imports hit record high
BEIJING: China’s imports of natural gas climbed to a new high last year in part due to government support for clean energy. Some 90.39 million tonnes of natural gas were transported to China in 2018, 31.9 percent higher than a year ago, the General Administration of Customs said Monday. The growth rate picked up from a 26.9-percent increase in 2017. In December, the country’s natural gas imports came in at 9.23 million tonnes. China’s appetite for natural gas has swelled rapidly in recent years, in part driven by environmental policies to replace dirtier coal-fired electricity generation. It surpassed the Republic of Korea to become the world’s second-largest liquefied natural gas importer in 2017, after Japan. Monday’s data also showed import increases in other commodities including crude oil and copper, while imports of iron ores and soybeans went down.
Related news categories: business misc oilgas-marketing

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
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