Pakistan News

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  • Oil market improving, says Saudi oil minister

    BAGHDAD: The global oil market is improving and stabilising, Saudi Oil Minister Khalid al-Falih said in Baghdad on Saturday...

    In a speech at the opening of the Baghdad International Exhibition, Falih praised the cooperation between Iraq and Saudi Arabia, which he said had helped to boost global oil prices...

  • Oil tankers store most oil this year as glut continues

    Oil traders are resorting to storing more and more oil at sea amid swelling output in the Atlantic region, a sign the market is far from the kind of re-balancing that OPEC would have hoped for when the group set out last year to bring down global stockpiles...

    The amount of oil stored in tankers reached a 2017 high of 111...

  • Oil market loses faith in S. Arabia oil strategy

    Arabia’s stra­­tegy for rebalancing the oil market through a period of lower prices shows few signs of working so far — with rival producers claiming they will raise output even as prices slide to new lows...

    With prices down by more than half compared with the same point in 2014, oil consumption is growing at some of the fastest rates for a decade...

  • Saudi non-oil business growth boosted by high oil output in August: PMI

    DUBAI: Growth in Saudi Arabia's non-oil private sector rose to a five-month high in August, buoyed by the impact of increasing oil production, a survey of businesses showed on Thursday...

    Saudi Arabia has raised its oil output to record highs in the last few months to protect its market share, although global oil prices plunged to six-year lows in August...

  • Jamshed Dasti arrested over alleged abduction of oil tanker driver, theft of oil

    The former lawmaker has been named in cases pertaining to the alleged abduction of staff transporting oil and the alleged theft of the commodity...

    com, a case has been registered at the Qureshi police station in Muzaffargarh under Sections 395 (punishment for dacoity), 365 (kidnapping or abducting with intent secretly and wrongfully to confine person), 170 (personating a public servant) and 171 (wearing garb or carrying token used by...

  • Elengy CEO offered top slot in Pakistan State Oil

    ISLAMABAD: A day after the Engro Elengy Terminal Limited (EETL) alleged unfair treatment and wrongdoing in barring it from bidding for the second LNG terminal, the prime minister approved the appointment of CEO of the company as managing director of Pakistan State Oil (PSO) on Friday...

    On Wednesday and Thursday, Mr Sheikh had accused Sui Southern Gas Company Limited (SSGCL) of “mala fides” to have rejected EETL’s bid for the second...

  • Pakistan State Oil cancels jet fuel tender amid Afghan border dispute

    Pakistan State Oil (PSO) has cancelled a tender to buy jet fuel for delivery in June amid a border dispute between the South Asian country and Afghanistan, a source at the company said on Tuesday...

    PSO initially sought to buy a cargo of 10,000 tonnes of jet fuel for delivery in June but this has now been cancelled due to restrictions in shipping oil across the border, the source said, speaking on condition of anonymity as he was not...

  • IMF warns Pakistan, others of 30pc hike in oil import bill

    WASHINGTON: The International Monetary Fund (IMF) has warned Pakistan and other oil importers that because of an increase in global prices, their oil bills for 2017 will be almost 30 per cent higher than the last year...

    “Any further increases could undermine consumption, increase fiscal risks, and worsen external imbalances,” the IMF warns in its May 2017 Regional Economic Outlook for the Middle East, the Gulf, and North Africa,...

  • Pakistan fails to capitalise on oil price dip: ADB

    ISLAMABAD: The Asian Development Bank says that Pakistan’s economy has failed to achieve its growth potential in spite of benefiting from lower prices of oil which accounts for almost a third of its imports...

    The ADB approved $1 billion for projects in Pakistan to improve transport and trade...

  • Pakistan makes $2.5bn savings in oil import bill

    KARACHI: Low oil prices on the international market helped Pakistan save around $2...

    5 billion in imports of petroleum products during the first four months (July to October) of this fiscal year, according to a latest report of the State Bank of Pakistan (SBP)...

  • US oil, gas services firm to wind up Pakistan operations

    ISLAMABAD: A leading international oil and gas services firm is reportedly winding up its operations in Pakistan, causing a setback to exploration and development companies operating in the country and rendering more than 60 professionals jobless...

    Based in Houston, US, and operating in more than 90 countries, Baker Hughes is one of the largest oil field services companies in the world providing the oil and gas industry products and...

  • Parco to build Pakistan's ‘biggest oil refinery’ in Hub

    ISLAMABAD: The Pak-Arab Oil Refinery (Parco) will begin building Pakistan's biggest oil refinery in Balochistan's Hub area, Petroleum Minister Shahid Khaqan Abbasi confirmed to DawnNews...

    The $5 billion Khalifa Coastal Oil Refinery, which will have a production capacity of 250,000 barrels per day, is expected to be completed within five years, Abbasi said...

  • Byco Pakistan plans hundreds of job cuts due to oil slump

    KARACHI: Pakistan’s Byco Petroleum Pakistan Limited is planning to lay off hundreds of employees to reduce costs due to the global plunge in oil prices and shrinking profits, a company spokesman said on Friday...

    “In view of current oil market slump, the company is going to lay off hundreds of both regular and contractual employees,” Imran Ghaznavi, a spokesman for Byco told Reuters...

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