Finance directed to release funds for PSO
The Cabinet on Wednesday directed the Finance Ministry to release funds, within next two days, to Pakistan State Oil (PSO) whose Letters of Credit (LCs) for oil import are near to default due to non-payment of dues by power sector. According to sources, the Cabinet took serious notice of poor financial health followed by rising circular debt that was resulting in reduction of profitability of PSO.
Pindori oil output swells to 1,740bpd
The oil production from Pindori field has increased to 1,740 barrels per day (bpd) on account of resumed production from Pindori-4 compared to last week's July average production of 394bpd, reflecting 342 per cent surge in last two months.
Attock Refinery Limited (ARL) starts supplying additional oil to North
As shortage of fuel gets to the alarming levels in the northern areas, Attock Refinery Limited (ARL) has started providing additional 500 tonnes of petrol on daily basis. Sources in Ministry of Oil and Gas told a private television news channel Wednesday that additional supply has commenced from August 24 and will go on till further orders.
DTRE-related issues: proposal under study to set up separate body
The Federal Board of Revenue (FBR) is seriously working on a proposal to establish a separate organisation for Duty and Tax Remission for Export Scheme (DTRE) to exclusively deal with the DRTE- related issues of the registered manufacturers-cum-exporters.
12-month paper yield jumps 22bps
6-month Kibor to consolidate at current level
The T-bill auction held Wednesday witnessed a slight upward revision by 22bps in 12-month cut off yield. The auction result indicated that rates would consolidate on these levels in the next auction as SBP mopped Rs43.2 billion against the target of Rs60 billion however it received bids worth Rs83 billion.
Qamar gives away 438 million OGDC free shares to workers
The Minister for Petroleum and Privatisation, Naveed Qamar, on Wednesday distributed 438 million shares, worth Rs 36 billion, among 10,576 employees of Oil and Gas Development Company Limited (OGDC), free of cost, under the Benazir Employees Stock Option Scheme (BESOS).