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Pakistan to explore wide middle distillate supply options amid tight Chinese exports

Pakistan to explore wide middle distillate supply options amid tight Chinese exports
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Pakistan refineries in upgrade phase

Pakistan refineries in upgrade phase Many companies are making heavy investment to ramp up business There are five major oil refineries that have a combined installed capacity of slightly over 417,000 barrel per day in Pakistan. PHOTO: FILE KARACHI: Pakistan’s dying petroleum oil refineries are in the planning phase or at an advanced stage of heavy investment-led upgrades to remain in business, as almost all of them are operating at half of their installed capacity due to production of out-of-demand products like furnace oil. Output of the outdated product sometimes spills over the storage capacity and hinders manufacturing of co-products in demand like petrol and diesel from the crude oil. Owing to the emergence of gas crisis time and again in the country for the past couple of years, the government agreed to lift the ban on use of furnace oil to produce electricity on and off.

LPG scam surfaces during emergency moot

LPG scam surfaces during emergency moot Importers of liquefied petroleum gas minted around Rs20b due to misuse of incentive The local industry said that LPG is a poor man’s fuel and it is essential to keep its prices at a affordable level, which is not reflected in LPG Policy. PHOTO: AFP ISLAMABAD: Private sector importers pocketed billions of rupees due to misuse of the government’s Liquefied Petroleum Gas (LPG) Policy 2015 – a fact revealed during an emergency meeting that the Petroleum Division held on Sunday to discuss the new LPG policy with relevant stakeholders. Under the 2015 policy, the local LPG producers paid 17% general sales tax (GST) whereas the importers paid only 10% GST due to an incentive announced for them by state-run Pakistan State Oil (PSO) and the Sui Southern Gas Company (SSGC).

Pakistan to get $4 5 billion from ITFC to fund imports

June 29, 2021 ISLAMABAD: Pakistan will get a funding of $4.5 billion from the International Islamic Trade Finance Corporation (ITFC) to finance imports of petroleum products in three years, the government said on Monday. ITFC, an autonomous entity within the Islamic Development Bank Group, signed a 3-year framework agreement for a cumulative amount of $4.5 billion with the government of Pakistan to provide financing for the import of essential commodities such as crude oil, refined petroleum products, liquefied natural gas and urea. Minister of Economic Affairs Omar Ayub witnessed the signing ceremony between ITFC CEO Hani Salem Sonbol and Ministry of Economic Affairs Secretary Noor Ahmed. The ceremony took place virtually.

International Islamic Trade Finance Corporation (ITFC) Archives

International Islamic Trade Finance Corporation (ITFC) Archives
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