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Articles for tag: Arabia, companies, indian, Iraqi, refinery, sales, Saudi, slow, Sources, stop

September 2, 2025

News Desk

Saudi Arabia, Iraqi companies stop slow sales in the Indian refinery, sources say

Nayara’s logo appears at the fuel station on the outskirts of Ahmedabad, India, November 16th 2022. – Reuters Nayara loses 3m barrels Monthly offer by bay exporters. Sanctions raise payment issues for Iraqi crude oil markets. The Nayara refinery operates with a capacity of 70-80% amid sanctions. The Saudi oil company of Saudi Arabo and Iraq, Somo, stopped selling crude oil in India’s energy Nayara after sanctions imposed in July by the European Union for the refinery supported by Russia, reported three sources. The interruption of the offer by the two Gulf exporters means that Nayara, which belongs to the

August 28, 2025

News Desk

SIFC, ECC clearly refinery equipment to unlock $ 6b lining

Islamabad: The Special Investment Facility Council (SIFC) and the Economic Coordination Committee (ECC) have jointly achieved a long -awaited discovery for the Pakistani refining sector. Acting the SIFC instructions, the ECC approved the M/S CNERGYICO PK Limited (CPL) diesel engine on Tuesday, the country’s largest refinery. The framework, prepared in accordance with the SIFC APEX/EC/IC decisions, allows the basic amount of the duty of oil levy. It also authorizes the oil department to sign the settlement act with CPL. CPL’s requirements from government entities remain unresolved. However, officials say the SIFC preventive role and the commitment of the oil department

December 4, 2024

News Desk

Prime Minister calls for urgent fix on sales tax hurdle on refinery upgrade projects

A representational image showing an oil refinery. — AFP/File The IMF rejects the 1-2% sales tax proposal and calls for an 18% fuel tax. The 18% sales tax could increase the price of petrol by Rs 45 per litre. Annual foreign exchange loss of $1 billion attributed to refinery upgrade delays. ISLAMABAD: Prime Minister Shehbaz Sharif has taken note of the impasse over the non-implementation of the Brownfield policy, which aims to upgrade local refineries to produce Euro-V compliant petrol and diesel. The News was mentioned. “The Chief Minister directed the Directorate of Petroleum to hold a meeting with the

October 10, 2024

News Desk

The country’s largest oil refinery will be closed until November 18 for maintenance

An undated image of a Parco refinery. — Parco Website/Archive The refinery will be closed from October 10th to November 18th. Parco covers 40-50% of the country’s oil needs. The facility can process 120,000 barrels of crude oil per day. KARACHI: Pak Arab Refinery Limited (Parco), the country’s largest oil refinery, is set to shut down operations for about 40 days for maintenance and inspection. The News reported on Thursday. “The refinery will be shut down for 38 days, from October 10 to November 18,” Parco CEO Irteza Qureshi told the publication a day earlier. The official noted that the

May 17, 2024

News Desk

Pakistan, China likely to sign MoU on petrochemical refinery next month

Saudi Arabia also wants Pakistan to give the EPC contract for the refinery to Sinopec The logo of China Petroleum & Chemical Corporation, or Sinopec, is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, on July 12, 2023. —Reuters Saudi Aramco is awaiting the results of the joint study. Saudi Arabia wants the EPC contract to be awarded to Sinopec. Size, capacity of the project decided after study. ISLAMABAD: During Prime Minister Shehbaz Sharif’s visit to Beijing in June, the governments of China and Pakistan are expected to sign a memorandum of understanding (MoU) on

May 16, 2024

News Desk

CCOE will discuss extension for refinery upgrades

Islamabad: The Cabinet Committee on Energy (CCOE) is scheduled to meet on Thursday, where it will consider extending the deadline for signing implementation agreements with refiners to upgrade their plants. Prime Minister Shehbaz Sharif will preside over the meeting. According to sources, the CCOE will consider three agenda items, including the February 2024 debt circular, an incentive mechanism to recover electricity arrears of more than two years and extension of the deadline for signing upgrade agreements plants under the Pakistan Oil Refining Policy for Upgrading Existing/Brownfield Refineries 2023. The Directorate of Petroleum has submitted a brief for an extension to

May 9, 2024

News Desk

The ministry is asking for an extension to upgrade the refinery

Islamabad: The planned upgrade of existing oil refineries has been hit by the non-signing of implementation agreements as the Petroleum Directorate seeks an extension of the deadline by another six months. In this regard, the department has prepared a summary for the approval of the Ministerial Committee on Energy (CCOE). Earlier, the deadline for signing facility upgrade agreements with the Oil and Gas Regulatory Authority (Ogra) was April 22, 2024. Three refineries, namely Attock Refinery Limited (ARL), National Refinery Limited (NRL) and Pakistan Refinery Limited (PRL) had agreed to sign deals before the deadline, while two other refineries – Pak

April 4, 2024

News Desk

PRL will sign a supplementary agreement with the government

KARACHI: Pakistan Refinery Limited (PRL) has announced its intention to sign a supplementary agreement with the government to upgrade its refinery, aiming to take advantage of the maximum incentives offered through amendments to the refinery upgrade policy dated February 2024. The amended policy now allows refiners to withdraw a maximum of 27.5% funds from the escrow account for refinery upgrades, compared to 25% offered in the original policy notified in August 2023. In a notification to the Pakistan Stock Exchange (PSX), the state-owned refiner said on Wednesday, “Pakistan Refinery Limited intends to opt for the amended provisions/incentives of the Policy

March 20, 2024

News Desk

The refinery is likely to reduce investment in upgrading facilities

Islamabad: Pakistan may miss out on a planned investment of more than $2 billion in the oil refining sector after a shareholder in Pak Arab Refinery Limited (Parco) refused to back the initial plan to upgrade the plant. Under the plan, Parco, a joint venture between the governments of Pakistan and Abu Dhabi, was to invest up to $3 billion under the refinery’s new policy to set up cracking units to convert furnace oil into high-demand byproducts , such as gasoline and high speed oil. diesel. The government has set a March 20 deadline for signing implementation agreements with refineries

March 16, 2024

News Desk

Ukraine attacks Russian city, refinery on 2nd day of election

MOSCOW: A Ukrainian missile attack killed two people in western Russia and a separate drone strike set fire to an oil refinery on Saturday, the second day of elections that President Vladimir Putin has accused Kiev of trying to disrupt. The war in Ukraine has cast a shadow over voting in the three-day presidential election, which is sure to hand Putin another six years in the Kremlin. In the Belgorod region, where cross-border attacks from Ukraine have become part of daily life, the governor reported the death of a man and a woman. Video taken from Reuters showed fires burning

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