ISLAMABAD (September 02, 2010): Turkmenistan, which failed to submit third-party certification of Dauletabad gas field reserves, has now offered a new supply source, Osman/ Yolatan gas field, which has raised serious concerns in Pakistan, sources exclusively told Business Recorder. Turkmenistan gas reserves are estimated to be around 14 trillion cubic metres (TCMs).

KARACHI (September 02, 2010): Oil Marketing Companies (OMCs) on Wednesday announced to cut furnace oil price by Rs 2,340 per ton at the domestic market because of the declining trend in the global oil prices, dealers said. "All leading oil marketing companies including Pakistan State Oil (PSO) and Shell Pakistan on behalf of oil refineries have reduced the price of furnace oil," they said.

ISLAMABAD (September 02, 2010): The Attock Refinery has disputed the PSO claim in relation to a news report "Army relief operations: PSO shows inability to supply fuel" carried by Business Recorder on September 1, 2010. "The allegation that ARL has declined to allocate additional fuel supply to PSO because of its export to Afghanistan and preference to allocate to its associated company Attock Petroleum Limited (APL) is baseless and misleading."

ISLAMABAD (September 02, 2010): The Defence Purchase Department (DPD) may scrap fuel supply deal with Attock Petroleum Limited (APL) which has reportedly failed to provide sufficient fuel supply to armed forces, for rescue operations in Northern Areas, due to lack of supply infrastructure, Business Recorder have learnt.

LAHORE (September 02, 2010): Jamshoro Joint Venture Limited (JJVL) shall be maintaining its price from August for the current month despite the $60 per metric ton increase in the Saudi Aramco Contract Price (CP), which is the basis for calculating LPG producer prices in Pakistan.

ISLAMABAD (September 01, 2010): The Pakistan State Oil (PSO) has claimed that some refineries have refused to release products without advance payments.

KARACHI (September 01, 2010): The oil marketing companies (OMCs) have turned down the offer of the Federal Board of Revenue (FBR) to avail 'turnover tax exemption' on the sale of diesel (HSD). Sources told Business Recorder on Tuesday that the top brass of the board had proposed granting turnover tax exemption on HSD, which would be subject to the approval of finance ministry.

ISLAMABAD (September 01, 2010): The government has raised HSD, kerosene prices while prices of petrol and HOBC have been slashed in line with revision in global oil prices effective September 1, 2010. Price of High Speed Diesel (HSD) has been raised by Rs 1.57 per liter, Light Diesel Oil (LDO) Rs 1.32 per liter, kerosene oil Rs 0.72 per liter, JP-1 (local) Rs 0.69 per liter, JP-4 Rs 1.34 per liter and JP-8 Rs 0.69 per liter.

ASHGABAT (September 01, 2010): Turkmenistan and Afghanistan have signed a framework agreement on moving forward a stalled project to build a gas pipeline from the energy-rich ex-Soviet state to the east, official media said Tuesday. The countries agreed in 2002 to build a 1,700 kilometre (1,060 mile) pipeline to deliver Turkmen gas to Pakistan and India via Afghanistan but progress on the project has lagged because of the conflict with the Taliban.

ISLAMABAD (September 01, 2010): The Pakistan State Oil (PSO) has expressed inability to allocate petroleum and products necessary to enable the army to continue rescue and relief operations for the flood victims, sources exclusively told Business Recorder.