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Site update: January 22 2018, at 16:00 PKST
Stock update: January 19 2018.

Recent Financial News in the 'oilgas-marketing' category

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Monday, January 22 2018

Saudi Arabia calls for oil producers to extend cooperation
MUSCAT - Top oil exporter Saudi Arabia called Sunday for extending cooperation between OPEC and non-OPEC producers beyond 2018, after a deal to cut output succeeded in shoring up prices. The call, the first explicit invitation by Riyadh for long-term cooperation between oil producers , came with oil prices topping $70 a barrel thanks to the deal, after they dove below $30 a barrel in early 2016. "We should not limit our efforts to 2018. We need to be talking about a longer framework for our cooperation," Saudi Energy Minister Khaled al-Faleh told reporters before a meeting between ministers of OPEC and non-OPEC countries in the Omani capital Muscat. The meeting will be discussing levels of compliance to the cuts. Oil producers from inside and outside the Organisation of Petroleum Exporting Countries signed a landmark agreement in November 2016 to cut output by 1.8 million barrels per day to fight oversupply and lift sagging prices. That deal was initially for six months, but the 14-member cartel and 10 independent producers have since extended it until the end of this year.
Related news categories: business misc oilgas-exploration oilgas-marketing

Friday, January 19 2018

PSO’s newly introduced tank lorries inaugurated
ISLAMABAD (PR): Member Oil, Oil & Gas Regulatory Authority (OGRA), Dr Abdullah Malik inaugurated PSO’s newly introduced tank lorries in an opening ceremony held in Islamabad. MD & CEO PSO Sheikh Imranul Haque and other senior officials from the company were also present on this occasion. As part of the opening ceremony, Dr Abdullah Malik was briefed by the PSO senior management about regulatory compliance features of the PSO modern fleet. While updating the chief guest of the ceremony about compliant standards and safety features, MD PSO , Sheikh Imranul Haque said: “The PSO branded tank lorries launched and inducted in our fleet today have a capacity of approximately 20,000 liters each and will be used to transport Jet A-1 fuel and other white oil products from PSO depots to consumer outlets. These lorries have an integrated tank on rigid frame with 3 axles and safety accessories including pneumatically operated foot-valves designed to minimize the possibility of leakages. Main tank hole covers are on UNADR standards to maintain pressure in the fuel chambers while special baffle plates within chamber walls safeguard the partition. The TLs have an engine capacity that fully complies OGRA guidelines whereas the outer side also properly highlights safety signs and petroleum product codes.”
Related news categories: business company-news economic-indicators misc oilgas-marketing psx stock-exchanges
Related symbols: pso (news stock)

Tuesday, January 02 2018

Petrol to cost Rs4 more per litre
ISLAMABAD: The government has increased prices of petroleum products ranging between Rs4 and Rs6 per litre. Adviser to Prime Minister on Finance Miftah Ismail said at a press conference on Sunday that the Oil and Gas Regulatory Authority (Ogra) had recommended an increase of Rs4 to Rs13 in the prices of petroleum products, but the prime minister approved almost half of it. He said the petrol price had been increased by Rs4.06 to Rs81.53 from Rs77.47 and that of kerosene by Rs6.74 to Rs64.32 from Rs57.58 per litre. Ogra had recommended Rs13.58 per litre hike in the kerosene price, he added. The adviser said the price of High Speed Diesel (HSD) has been jacked up by Rs3.95 to Rs89.91 from Rs85.96 per litre, while Ogra had recommended an increase of Rs7.51.
Related news categories: business economic-indicators misc oilgas-marketing

Businessmen reject over 11pc hike in POL prices
LAHORE - The business community has rejected the whopping hike of over 11 percent in petroleum prices, saying the industrial production and movement of raw materials would be costlier now. Rice Exporters Association of Pakistan chairman Samee Ullah Ch said the move will reduce the competitiveness of Pakistani goods in the international market and put the government’s initiatives in reverse for boosting exports. He said that POL price increase will also add to the complexities of the agriculture sector which is already in a bad state-of-affairs because of water scarcity and high input cost. Samee Ullah Ch said that the increase in petroleum prices would increase the input cost of agriculture production as high speed diesel is being used in tractors, tube-wells, harvesters, thrashers and other agriculture machinery. He said that the cost of thermal generation by private sector will also go up. The REAP chairman said that government is producing huge amount of electricity through thermal means and after increase in petroleum prices the rates of electricity would touch new highs.
Related news categories: business economic-indicators misc oilgas-marketing

LCCI urging govt to withdraw hike in POL prices
LAHORE: Lahore Chamber of Commerce and Industry (LCCI) Monday urged the government to withdraw the hike in POL (petroleum, oil and lubricants) prices as the current economic condition did not allow for such measures. LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rasheed and Vice President Zeshan Khalil said this in a statement, issued here. They said the POL price hike would directly and indirectly affect the industrial sector and industrial production and transportation of raw materials and trading goods would be more costly and reduce the competitiveness of Pakistani goods in the international market and put the government’s initiatives in reverse for boosting exports.
Related news categories: business economic-indicators misc oilgas-marketing helpline: +92-42-3631-4186 (10:30am to 5:30pm)