Business

PRL to submit report on Russian oil in July

Published

1 year ago

Farwa

PRL may take two months to refine 100,000 tonnes of Russian crude.
Refineries already facing a shortage of furnace oil; export it at 25% loss.
Arrival of remaining Russian crude readjusted due to storage constraints.

ISLAMABAD: In two weeks, the Pakistan Refinery Limited (PRL) is likely to submit to the government a report about the quality, yields, and commercial viability of the Russian crude oil URAL — which is heavier — The News reported, quoting a Petroleum Division senior official.

The PRL, which is in the process of refining Russian crude, will submit the report to the Petroleum Division about the yields (production of petrol, diesel, FO, and light diesel oil, in terms of percentages), quality, and — more importantly — its viability for Pakistan’s economy after refining cost and margins of the refinery have been worked out.

The report will help the government’s relevant functionaries decide whether to go for a GtG import deal with Russia.

The local refineries currently produce an average of motor spirit (petrol) at 25-30% and furnace oil at 45% by using the crude of Saudi Aramco and ADNOC.

However, the official said that half of the 100,000 tonnes of Russian crude would be exported as furnace oil at 75% of the crude cost with a 25% loss because URAL crude is heavier crude, and 50% of furnace oil will be produced.

“Pakistan refineries that use crude mostly from Saudi Aramco and ADNOC are already facing an ullage of furnace oil in their storages and they export the furnace oil with a 25% loss.”

The deep conversion refineries in Dubai make finished products out of the furnace oil that Pakistan refineries have exported at 25%.

The official said PRL — an old refinery — is processing the Russian crude.

Even though the heavy Russian crude is a discounted fuel, PRL will produce 50% furnace oil out of it, meaning that the ship containing 50,000 tonnes will be exported as furnace oil as its utility in Pakistan is not up to the mark.

Last Sunday, PRL just exported 25,000 furnace oil out of the crude that it normally uses from Saudi Aramco and ADNOC.

“However, because of the gas crisis in the country, and the increase in temperature, the demand of electricity has increased and the authorities concerned have started using the local furnace oil for power generation too.”

The official disclosed that PRL might take two months’ time to refine 100,000 tonnes of Russian crude as it first blends 25-30% of Russian URAL with 70-75% of the crude from Saudi Aramco, and then it refines the blended crude.

The Petroleum Division official said the first cargo carrying 45,000 tonnes of Russian crude arrived at Karachi Port Trust on June 11. Now, the same shipment with 55,000 tonnes would arrive again on June 29 — earlier scheduled to arrive on June 20.

The arrival of remaining Russian crude has been readjusted because of the storage constraints. And on top of it, the official said a vessel containing 70,000 tonnes crude oil from Saudi Aramco is due on June 25 for Pakistan Refinery Limited.

The main ship from Russia with 100,000 tonnes of URAL crude arrived in Oman on June 7. From there, a small ship had been arranged to transport the crude in two rounds.

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

Published

18 hours ago

Farwa

The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

19 hours ago

Farwa

The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

Business

The price of gold has drastically dropped in Pakistan.

Published

2 days ago

Farwa

As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.