Tag: refinery

  • PSX bounces back with gain of nearly 500 points

    PSX bounces back with gain of nearly 500 points

    The Pakistan Stock Exchange (PSX) welcomed a resurgence of bullish activity as the KSE-100 Index marked a substantial gain of nearly 500 points in Tuesday’s trading session.

    At 1:55 pm, the benchmark index stood at 66,496.21, reflecting a noteworthy increase of 483.89 points, or 0.73 per cent. 

    The positive momentum was evident in key sectors such as cement, fertiliser, oil and gas exploration, OMCs, refineries, and power generation. However, a mixed trend characterised the automobile and commercial bank sectors.

    In contrast to the previous session, where profit-taking led to a 211-point dip in the KSE-100 Index, today’s bullish trend is attributed to favourable economic indicators. 

    Investors are keenly observing the upcoming International Monetary Fund (IMF) executive board meeting on January 11, 2024.

    Simultaneously, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) is convening today, with market expectations leaning towards a maintenance of the key interest rate—a rate that reached an unprecedented 22 per cent in June and has remained unchanged for the past three meetings.

    Analysts note that investors have factored in the pinnacle of Pakistan’s interest rates, and optimism surrounds the anticipated successful conclusion of the IMF programme, contributing to the positive sentiment in both the stock markets and the currency.

  • Pakistan places first order for discounted Russian crude oil

    Pakistan places first order for discounted Russian crude oil

    Pakistan has placed its first order for discounted Russian crude oil under a new deal negotiated between Pakistan and Russia, following months of discussions.

    State Minister for Petroleum, Musadik Malik, confirmed that one cargo will dock at Karachi port in May.

    Pakistan will only purchase crude oil, not refined oil, and imports are expected to reach 100,000 barrels per day if the initial transaction goes smoothly. Pakistan’s Refinery Limited (PRL) will initially refine the Russian crude, with other refineries to be included after a trial run.

    A delegation from Russia arrived in Pakistan earlier this month to discuss the payment mode. During these talks, the Russian side requested that the deal with Moscow be kept secret as they do not want the disclosure to other Russian crude buyer countries.

    Consequently, Pakistan’s top officials decided not to disclose the mode of payment and the exact discount. Russian Energy Minister Nikolay Shulginov led a delegation to Islamabad in January to hold talks on the deal, after which he said oil exports to Pakistan could begin after March.

  • Saudi Arabia to set up $12 billion refinery, petrochemical complex in Pakistan

    Saudi Arabia to set up $12 billion refinery, petrochemical complex in Pakistan

    The government has convinced Saudi Arabia to resume a significant project to build a cutting-edge deep conversion refinery and petrochemical complex in Pakistan.

    A high-ranking team from the kingdom led by Crown Prince Mohammad Bin Salman will visit Pakistan in the final week of November, when a formal announcement is anticipated in this regard, according to a top official at the Energy Ministry.

    According to Geo, the Pakistani government reportedly made a tremendous effort to convince the kingdom to uphold the memoranda of understanding and invest in Pakistan. Riyadh and Washington are at odds over a reduction in the supply of oil on the world market, and Islamabad has thrown its support behind Riyadh in this dispute.

    Saudi Arabia signed MoUs in February 2019 during Mohammad Bin Salman’s visit to Pakistan for an investment of $21 billion in a number of economic sectors, including the $12 billion deep conversion refinery and petrochemical complex project.

    At this regard, the Saudi oil tycoon Aramco also carried out research, which concluded that building a refinery in Gwadar was not practical. However, the official claimed that it may be erected in Hub, Balochistan, or close to Karachi.

    Later, the insider claimed, when relations between Imran Khan’s administration and Saudi Arabia became tense, the kingdom’s top leaders essentially put $21 billion in MoUs on hold that had been inked in February 2019.

    According to the source, the Ministry of Petroleum is currently updating the draught for the refining policy in order to attract investment for the construction of new refineries.

    In addition to broadening the tax holiday’s application, the government is considering offering investors profitability at 14–15% instead of the 9% that was previously promised in the PTI administration’s plan for policy refinement.