Recent news
Crude oil settles down 44 cents, at $45.15 a barrel
U.S. oil prices ended lower Monday, ahead of the first big snowstorm this year in the country's Northeast, while benchmark Brent crude fell after pledges of no policy change by the top oil exporter Saudi Arabia after King Abdullah's death.
An 11-year high in the U.S. dollar against other major currencies, and fears of fresh instability in the euro zone after a decisive Greek election victory by the Syriza party also limited any potential rebound in oil, traders said.
Light snow began falling on the U.S. East Coast on Monday morning, the first signs of a potentially historic blizzard that officials predicted could dump up to 3 feet of snow in the coming day, snarling transportation for millions of people
On the special directives of the Prime Minister, Mian Muhammad Nawaz Sharif gas would be provided to all remaining districts of Baluchistan, said the Minister of State for Petroleum and Natural Resources
On the special directives of the Prime Minister, Mian Muhammad Nawaz Sharif gas would be provided to all remaining districts of Baluchistan, said the Minister of State for Petroleum and Natural Resources , Jam Kamal in a statement. The Minister is following the whole progress of the process. The present Government gives prime importance to initiate developmental projects in the province for immediate social and economic uplift .He further mentioned that natural gas would be provided through Sui Southern Gas Company Limited( SSGC) as SNG air mix plants. SSGCL had prepared feasibility reports and estimations and Floted tenders so that procedural recommendations could be sought.
Present government under the leadership of Prime Minister Mian Muhammad Nawaz Sharif sincerely wants to redress the grievances of people of Pakistan and Baluchistan with launch of speedy developmental projects. Energy is one of the core issues of Pakistan and this government is fully dedicated in resolving those. Ministry of Petroleum n natural resouces is putting its utmost efforts in not only developing and improving the current structures but enhancing and introducing new ventures like LNG. There is no short cut to energy and Inshallah what government is putting today would be realised in coming years.
ISLAMABAD: Representatives of oil marketing companies and oil refineries in a meeting with Finance Minister Ishaq Dar said that Pakistan imports crude oil and oil products worth $15 billion, a statement said on Wednesday.
The current oil stocks in the country are enough for 30 days, they said.
The finance minister said that oil constitutes a major portion of imports and plays a critical role in the development of the economy.
The present government, Dar said, is engaged with the oil companies as part of its policy to ensure that essential items such as oil are available to the industry, as well as for common use without any interruption.
“It is important that we have a comprehensive data about the products and source of their imports for proper planning so that decision can be made about them,” he said.
The finance minister urged the representatives of oil marketing companies and refineries to advise the government on the present pattern of oil imports and its marketing and suggest measures to further improve them.
Marc Soissong, chairman OCAC / CEO TPPL, Aamir Butt, secretary OCAC, M Wasi Khan, CEO of Byco Asia, Asad Khan, CFO of Byco Petroleum, Col Shuja Khan, resident manager of SPL, M Shakil Baig, MD of BTCPL, Imran Mirza, CFO of PRL, Syed Zawar Haider, GM (M&C), Parco, Moazzam Mubarak, manager finance of Parco, Mumtaz Hassan Khan, chairman of HPL, Rehmatullah Bardaei, GM (F&A) APL, Mufaddal Shabbir, senior manager (F&A) APL, S Qasim Ali Rizvi, senior manger commercial of NRL, Amjad Parvez Janjua, MD of PSO, Sohail Butt, DMD, PSO, Aftab Husasin, MD / CEO of PRL, Akhtar Zamir, DGM Supply, PSO, Zeeshan Haider, DGM, PSO, Kamran Lari, GM of Byco Refinery, Adviser on Petroleum Zahid Muzaffar and Petroleum Secretary Abid Saeed were present on the occasion.
September-2014
PARCO wins 2nd FPCCI Achievement Award
The Federation of Pakistan Chambers of Commerce and Industries (FPCCI) is the apex body representing Pakistan`s Industry and Services. The federation held its 2nd FPCCI Achievement Awards Ceremony to recognize the services of organizations in different sectors contributing towards the progress of Pakistan..
PARCO was selected by the Jury of FPCCI in the Energy Sector for the Gold Medal. PARCO has always been in the forefront fueling the wheels of economy through its uninterrupted supply of environment friendly fuels, technology transfer, employment generation, savings of foreign exchange and Corporate Social Responsibility. This recognition reaffirms the fact that PARCO is the Energy Lifeline for the Nation.
In a prestigious awards ceremony, the Honorable President of Pakistan, Mr. Mamnoon Hussain presented the Gold Medal to Mr. Tariq Rizavi, Managing Director PARCO on Sep 8, 2014.
Gas Infrastructure Development Cess w.e.f. 25-September-2014
The Federal government promulgated the Gas Infrastructure Development Cess (GIDC) Act, 2011 in December-2011. The sectoral rates of GIDC w.e.f. 25-September-2014 have been notified in official gazette. The said Gazette notification may be downloaded from the following link