ISLAMABAD (September 10, 2010): The country's oil sector's largest giants, Pak Arab Refinery Limited (Parco) and Pakistan State Oil (PSO), have warned the government of an imminent massive oil crisis due to the unresolved circular debt problem and have urged it to arrange funds for import of petroleum products, Business Recorder has learnt reliably.

ISLAMABAD (September 09, 2010): Pakistan State Oil (PSO) is fearing default on account of Letter of Credit (L/Cs) to import petroleum products as the company's receivables against different clients have swelled to Rs 144.69 billion. The power sector is the major defaulter of PSO and non-payment of dues will negatively impact the fuel supply. PSO has to pay dues to the refineries on account of fuel supply.

KARACHI (September 09, 2010): The oil sales in local market have declined by 24 percent to 1.418 million tons during the month of August 2010. The decrease in sales of Furnace Oil (FO) and High Speed Diesel (HSD) were amongst the major causes for the overall decline, analysts said. The sales of HSD have declined by 34 percent followed by FO sales, which were down 21 percent, Arif Zafar, an analyst at JS Global Capital said.

ISLAMABAD (September 09, 2010): The government has appointed Adnan Khwaja as new Managing Director (MD) of the Oil and Gas Development Company Limited (OGDC), and Imtiaz Qazi as new Secretary, Petroleum. Qazi was earlier working as Secretary, Education. Earlier, Adnan Khwaja had worked as Chairman of National Vocational and Technical Education Commission (NAVTEC), since June 2008.

ISLAMABAD (September 09, 2010): The Oil and Gas Regulatory Authority (Ogra) has increased the price of Liquefied Petroleum Gas (LPG) by Rs 6 per kg, domestic cylinder by Rs 71 and commercial by Rs 273, Irfan Khokhar, Chairman LPG Distributors Association of Pakistan said in a statement on Wednesday.

LAHORE (September 09, 2010): Power shortfall registered a steep fall of 1,000MW with decreasing mercury and downward trend in usage of electronic appliances, particularly the air conditioners in the city Muhammad Asif, Director Load Management Pepco said rising outflow of consumers from Lahore to their native areas has also brought down the demand pressure on system. He said the electricity usage reduces with the start of Eid festivity, as outsiders moving to their native areas.

ISLAMABAD (September 08, 2010): The Islamic Development Bank (IDB) has reportedly agreed to extend $220 million for 969 MW Neelum Jhelum Hydroelectric Project (NJHEP) in addition to $138 million which has already been leased, official sources told Business Recorder. Sources said that IDB is leasing $138 million for some of the civil work components of the Neelum Jhelum Hydroelectric Project (NJHEP).

ISLAMABAD (September 08, 2010): Oil and Gas Regulatory Authority (Ogra) noted Rs 16.4 billion savings in transmission and distribution for 2010 in Sui Southern Gas Company Limited (SSGCL) and Sui Northern Gas Company Limited (SNGPL); whereas forecasts for 2011 indicate savings of Rs 14.842 billion.

KARACHI (September 08, 2010): Sui Southern Gas Company (SSGC) has implemented gas load management plan in the wake of fresh floods. Due to an unprecedented flood situation in Sindh, the nearby Zamzama Gas Field substantially decreased SSGC's share of production from 240 mmcfd on to 70 mmcfd on September 6, 2010, the company in a press release issued here on Tuesday said.

LAHORE (September 08, 2010): As a consequence of floods, supply from Zamzama gas field has reduced. Presently, this shortfall is being met by curtailing gas supply to the power sector. Since water level is still increasing, gas supply may totally be discontinued, resulting in further worsening of the demand/supply situation.