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May 25, 2023 ISLAMABAD: Pakistan is set to introduce an oil refining policy for existing refineries, referred to as brownfield sites, within the next week or two, minister for state on petroleum Musadik Malik said on Wednesday. Malik told a group of journalists that the policy is in the final stage and will be offering incentives to encourage them t …

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ISLAMABAD: Pakistan is set to introduce an oil refining policy for existing refineries, referred to as brownfield sites, within the next week or two, minister for state on petroleum Musadik Malik said on Wednesday. Malik told a group of journalists that the policy is in the final stage and will be offering incentives to encourage them to upgrade th …

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ISLAMABAD:  Prime Minister Office has demanded clarification from the petroleum division regarding non-cancellation of license, unauthorized show cause notice withdrawal against M/s Heritage Oil & Gas Limited (HOGL) without government approval and resolution of unsettling issues plaguing the Zamzama North Block. In a letter, the PMO raised c …

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ISLAMABAD: The vessels carrying 100,000 tons of discounted Russian oil will arrive at Pakistan ports in the first week of June which is part of the energy security plan of the government. State Minister for Energy, Musadik Malik announced this during an off-camera meeting with mediapersons on new refinery policy, which aims at incentivising the gree …

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ISLAMABAD-Minister of state for petroleum Musadiq Malik has said that investors planning to install a new refinery with a capacity of over 300,000 barrels per day will receive a 20-year tax holiday. Additionally, a deemed duty of 7.5 percent will be offered on the import of petrol and high-speed diesel for 25 years. For new refineries with a capaci …

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KARACHI: Collectorate of Customs Enforcement in Karachi has successfully seized Iranian smuggled petroleum products and other foreign goods worth around Rs 792 million over the past 20 days. The significant seizure was announced by Collector Enforcement Aamir Thaem during a press conference held at the Customs House in Karachi. During the operation, …

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The resurgence in residue fuel demand at power plants underscores the energy crisis faced by the South Asian country and slows its efforts to switch to cleaner fuel.Read more

"A significant rise in the price of oil and gas, among other things as a result of the war in Ukraine, explains much of the increase," the ministry said." OSLO: The value of the Norwegian government's direct investments in oil and natural gas fields is now estimated at 1,584 billion Norwegian crowns ($162 billion), an increase of 540 billion since 2020, the country's industry ministry said on Monday. The estimated value of the assets known as SDFI , was based on a study by consultancy Rystad Energy "A significant rise in the price of oil and gas, among other things as a result of the war in Ukraine , explains much of the increase," the ministry said. Still, the long-term forecasts for gas prices were largely unchanged since 2020, it added. While Norway's petroleum production is operated by commercial oil firms, the state maximises its own revenue by holding minority stakes in dozens of fields, known as SDFI. The government thus earns revenue from the oil and gas in three different ways: taxes on companies' profits, dividend payments from state-controlled Equinor and direct profits from the SDFI stakes.Read more