Reliance to spin off oil-to-chemicals business with USD 25 bn loan
The carving out of Reliance O2C Limited (O2C) will enable the focused pursuit of opportunities across the oil-to-chemicals value chain, improve efficiencies through self-sustaining capital structure and a dedicated management team, and attract dedicated pools of investor capital, according to a company presentation filed with the stock exchanges.
Mukesh Ambani
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Billionaire Mukesh Ambani s Reliance Industries announced the contours of spinning-off its oil refining, fuel marketing and petrochemical (oil-to-chemical) business into an independent unit with a USD 25 billion loan from the parent, as it looks to unlock value by settling stakes to global investors like Saudi Aramco.
PLL seeks higher LNG margins
Govt ends monopoly of state-run firms in LNG market by opening it to private sector
Market players urged government to reduce margins on LNG imports as a result of merger of PLL and PLTL. PHOTO: REU-TERS
ISLAMABAD:
At a time when the government is looking to end monopoly of state-run companies in the liquefied natural gas (LNG) market by allowing private sector to import LNG, Pakistan LNG Limited (PLL) has come up with a proposal for increase in its margins - a move which will put more burden on consumers.
PLL is importing two contract cargoes of LNG every month. At the same time, it is importing a few spot cargoes, forcing consumers to utilise gas at higher prices.
National
February 16, 2021
ISLAMABAD: In a new development, one of the leading private players in the LNG sector, the PGPCL (Pakistan Gas Port Limited), has sought allocation of pipeline capacity for transmission of 150mmcfd of RLNG on a three-month rolling basis.
The PGPL has written a letter to OGRA, seeking the pipeline capacity allocation keeping in view the latest decision taken by the Cabinet Committee on Energy (CCOE) on February 4, 2021. The CCOE decided that in order to provide fair and level playing field to the new LNG terminal, the existing available capacity in the pipeline will be allocated to any applicant, meeting the requisite criteria for three-month rolling basis till such time the new terminals achieve commercial operations date (CoD). As per the letter to OGRA, the Pakistan GasPort Limited (PGPL), the owner of PGP Consortium Limited (PGPC), has placed the request seeking for the pipeline allocation capacity of 150mmcfd on a three-month rolling and on a take-o
National
February 16, 2021
ISLAMABAD: In a new development, one of the leading private players in the LNG sector, the PGPCL (Pakistan Gas Port Limited), has sought allocation of pipeline capacity for transmission of 150mmcfd of RLNG on a three-month rolling basis.
The PGPL has written a letter to OGRA, seeking the pipeline capacity allocation keeping in view the latest decision taken by the Cabinet Committee on Energy (CCOE) on February 4, 2021. The CCOE decided that in order to provide fair and level playing field to the new LNG terminal, the existing available capacity in the pipeline will be allocated to any applicant, meeting the requisite criteria for three-month rolling basis till such time the new terminals achieve commercial operations date (CoD).
Petroleum Division backs long-term LNG deal
Secretary tells Senate panel on petroleum it will ensure smooth supply
LNG PHOTO: FILE
ISLAMABAD:
With the Pakistan Tehreek-e-Insaf (PTI) government set to open the liquefied natural gas (LNG) market for the private sector to reduce financial risk, a Petroleum Division official has underlined the need for a long-term LNG deal.
The country has already a long-term LNG deal with Qatar. Consumers are forced to consume expensive LNG due to the involvement of government entities in the entire chain.
The private sector has been struggling for several years to import LNG but it has been denied the opportunity due to monopoly of state-run companies despite the fact that the consumers had paid a tolling fee to the LNG terminal for idle capacity. Now, the Petroleum Division secretary informed a parliamentary panel on Monday that there should be a long-term LNG contract for smooth supply.