Oil industry assures govt of support amid tensions
Listen to article
ISLAMABAD
The oil industry has assured the government that it will provide oil supply during this critical period of tension with India.
Oil industry officials said that the country has diesel stocks for 35 days, petrol 25 days and furnace oil 152 days.
They said that Pakistan had sufficient stocks of jet fuel to meet demand of Pakistan air force to counter offensive launched by India.
Oil companies Advisory Council (OCAC) in a letter to DG Oil Petroleum Division offered an expression of support and continued availability of services during critical times.
Given the current security situation and its potential impact on energy infrastructure and the oil supply chain, we recognise the immense pressure facing the oil and gas sector, secretary OCAC said in a letter adding that at this critical juncture, when national energy security is paramount, we reaffirm our full commitment to supporting the Government of Pakistan.
Our teams are prepared to provide round-the-clock support and are ready to deploy capabilities wherever needed to help ensure the uninterrupted functioning of the oil sector, OCAC said, adding that they remain fully aligned with the Ministry's directives and stand ready to assist whenever called upon.
Additionally, we are open to undertaking any special assignments, consultations, or collaborative initiatives that your office may deem necessary, OCAC said, adding, "Please do not hesitate to contact us should you require our assistance."
Ali Pervaiz Malik meets Canadian envoy to discuss energy cooperation
Federal Minister for Petroleum Ali Pervaiz Malik was called on by Daniel Arsenault, Political and Trade Counsellor at the Canadian High Commission on Wednesday. The discussions focused on opportunities for enhanced bilateral cooperation in clean energy, minerals and geological survey. Federal Minister Ali Pervaiz Malik congratulated Canadian Prime Minister Mark Carney on assuming office.
The meeting explored avenues for collaboration in sustainable energy development. Both sides acknowledged the potential for joint initiatives in clean energy technologies, minerals, enhancing trade between Canada and Pakistan.
Minister Malik invited Canadian companies to Pakistan's exploration sector given the huge potential in both onshore and offshore exploration. Canadian Counsellor highlighted the opportunities of cooperation between the Geological Survey of Pakistan and Canada under the Technical Assistance Partnership (TAP) project. He also extended invitation for the Global Energy Show that happens annually in Canada.
Expressing concern over recent escalations between India and Pakistan, Arsenault emphasised the need for restraint to prevent further instability in the region. He underscored Canada's apprehension regarding attacks in densely populated areas and called for calm and better sense to prevail. He expressed hope that the situation will calm down soon.
Federal Minister welcomed the Canadian interest in enhancing cooperation with Pakistan. He remarked that Pakistan has made great progress in a short time, and undertook bold steps to strengthen its economy. Pakistan has keen interest in leveraging Canadian expertise and investment to advance its economic transformation goals.
The meeting concluded on a positive note, with both parties agreeing to maintain regular communication to foster mutual understanding and economic cooperation.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
20 hours ago
- Business Recorder
TSX edges higher amid US-China trade talks and upcoming jobs data
Canada's main stock index rose on Thursday amid choppy trading, as investors assessed news of U.S.-China tariff negotiations and awaited key jobs data from both home and the United States. The Toronto Stock Exchange's S&P/TSX composite index was up 0.1% at 26,358.00 points. Chinese President Xi Jinping held talks with U.S. President Donald Trump by phone, the official Xinhua news agency reported on Thursday. It mentioned the phone talks were at Trump's request but didn't provide further details. 'The largest trading partner for the U.S. is China and the fact that Trump and President Xi are holding a call to discuss trade is a positive development, especially given the setbacks that we've seen recently', said Ian Chong, portfolio manager at First Avenue Investment Counsel. 'While the focus looks positive, we still don't know what's going to happen because there could be a moment where people are more concerned about non-farm payroll and they might start taking some risk off the table.' Employment figures from Canada and non-farm payrolls data from the U.S. are scheduled for Friday, which can help assess the impact of Trump's trade policies on the labour market. TSX flat as tariff uncertainty lingers; BoC holds key rate steady Meanwhile data showed on Thursday, Canada's trade deficit in April widened to an all-time high of a whopping C$7.1 billion ($5.2 billion), as tariffs imposed by Trump sucked out demand for Canadian goods from the United States. The U.S. tariff hikes on steel and aluminum took effect on Wednesday, prompting concerns from Canadian companies and a major union of more job losses and lost sales. On TSX, metal miners' subindex gained nearly 2% as gold prices rose. Energy sector was up 0.5% after oil extended gains. Conversely, information and technology stocks fell 1%, led by a 9% drop in Descartes after the parametric insurance specialist missed first-quarter result estimates.
Business Recorder
a day ago
- Business Recorder
Oil steady after US stockpile build, Saudi Arabia price cuts
LONDON: Oil prices steadied on Thursday after falling more than 1% the previous day because of a build in U.S. gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asia. Brent crude futures were up 23 cents, or 0.35%, at $65.09 a barrel by 1148 GMT. U.S. West Texas Intermediate crude gained 16 cents, or 0.25%, to $63.01 a barrel. Oil prices closed around 1% lower on Wednesday after official data showed that U.S. gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world's largest economy. Geopolitics and the Canadian wildfires, which can reduce oil roduction, provide price support despite a potentially over-supplied market in the second half of the year with expected OPEC+ production hikes, PVM analyst Tamas Varga said. Adding to the weakness, Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to nearly the lowest in two months. The price cut by Saudi Arabia followed the OPEC+ move over the weekend to increase output by 411,000 barrels per day (bpd) for July. Oil eases after US data shows large builds in fuel stocks The strategy of OPEC's de facto leader Saudi Arabia is partly to punish over-producers by potentially unwinding 2.2 million bpd between June and the end of October, in a bid to wrestle back market share, Reuters previously reported. 'Oil demand will be shaped by trade negotiations between the US and its trading partners,' PVM's Varga said. Data on Wednesday showed that the U.S. services sector contracted in May for the first time in nearly a year. On the trade front, U.S. President Donald Trump said on Wednesday that China's Xi Jinping was tough and 'extremely hard to make a deal with', exposing friction between Beijing and Washington. Investors will watch U.S. economic data such as payrolls, which may influence the U.S. Federal Reserve's interest rate policy, while focus will be also on geopolitical tensions in the Middle East, UBS analyst Giovanni Staunovo said.
Business Recorder
a day ago
- Business Recorder
Palm oil rebounds on anticipation of strong demand
JAKARTA: Malaysian palm oil futures reversed losses and closed higher on Wednesday after the prospect of stocks rising for the third consecutive month in May pressured the market earlier in the day. The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange gained 16 ringgit, or 0.41%, to 3,950 ringgit ($930.73) a metric ton at the close. 'Palm oil prices seen rebounding in anticipation of a strong demand from India after the import duty reduction last week,' said Anilkumar Bagani, head of research at Mumbai-based vegetable oil broker Sunvin Group. India's palm oil imports in May surged to a six-month high, as lower inventories and the tropical oil's discount to rival soyoil and sunflower oil prompted refiners to increase purchases. Dalian's most-active soyoil contract rose 0.13%, while its palm oil contract declined 0.73%. Soyoil prices on the Chicago Board of Trade gained 0.51%. Palm oil tracks the price movements of rival edible oils as it competes for a share of the global vegetable oils market. Malaysia's palm oil inventories are projected to climb for the third consecutive month in May, driven by a modest recovery in production despite robust export demand, a Reuters survey showed on Wednesday. Independent inspector AmSpec Agri Malaysia estimated exports of Malaysian palm oil products to have risen 13.2% in May, while cargo surveyor Intertek Testing Services projected a 17.9% jump. Oil prices held steady on Wednesday as concerns around the OPEC+ groups' next output increase were offset by Canadian supply pressures due to wildfires there, while global trade tensions continue to linger.
