Pakistan Refinery Ltd (PRL) is looking to buy a second-hand refinery complex to upgrade its operations and increase output to help meet rising demand for petroleum products. AFP/File
ISLAMABAD: Pakistan Refinery Ltd (PRL) is looking to buy a second-hand refinery complex to upgrade its operations and increase output to help meet rising demand for petroleum products as the country emerges from a pandemic-driven slump.
The South Asian country currently has five refineries with a total capacity of 417,000 barrels per day (bpd), according to Pakistan’s 2020 economic survey, the largest of which stands at 150,000 bpd.
If the purchase goes ahead PRL could double its capacity to 100,000 bpd. The company this week sought offers to purchase a second-hand refinery complex for relocation to Pakistan, according to an advertisement placed in international media.
Pakistan’s fuel oil exports to fall as peak summer season approaches: analysts
Pakistan’s fuel oil exports are expected to drop during the peak summer season of May-July, as increased household and industrial consumption drives up domestic power sector’s reliance on the fuel, market analysts told S&P Global Platts.
Abdullah Umer, a research analyst at Karachi-based brokerage Ismail Iqbal Securities, said that among domestic electricity producers commonly known as Independent Power Producers, or IPPs fuel oil demand witnessed a 36% growth in the 2020-2021 fiscal year, while fuel oil-based power generation rose 17% over the same period.
IPPs account for about 80% of the country’s fuel oil consumption, with the remaining 20% coming from captive power plants installed at domestic heavy industries, local refinery sources said.
PSX: Stocks take another battering as KSE-100 loses 828 points in intraday trading
By
KSE-100 index loses 828 points, or 1.84%, during trading to close at 44,223.
Nearly 232 million shares change hands during session, with a total worth of nearly Rs15.97billion.
Index dropped below 44,000 barrier twice during session before finding resistance.
KARACHI: Bears once again dominated the Pakistan Stock Exchange (PSX) on Tuesday, with the benchmark KSE-100 Index shedding more than 800 points during intraday trading to close at the 44,223 level.
The bourse, for the second-straight session this week, witnessed severe selling pressure, with the index at one point plunging by 1,105 points to reach a low of 43,946 at 12:16pm.
The stock market on Friday remained choppy where the KSE-100 index moved between the intra-day high and low of 188 points (positive) and 114 points (negative). AFP/File
KARACHI: The stock market on Friday remained choppy where the KSE-100 index moved between the intra-day high and low of 188 points (positive) and 114 points (negative).
The index settled at 45,931 points to represent loss for the day at 58.35 points or 0.13 per cent.
The second session in the red after Friday’s fall was thought to suggest consolidation of the market at the current levels after an untiring bull run for months on end.
The market mood was also thought to have clouded on several negatives including the dip in international oil prices; reports suggesting that the government was weighing options of increase in power tariff in phased manner to revive the stalled International Monetary Fund programme.