Latest news with #PakistanPetroleumLimited
Business Recorder
3 days ago
- Business
- Business Recorder
PPL contains ransomware attack; core operations remain unaffected
KARACHI: Pakistan Petroleum Limited (PPL) has confirmed it successfully contained a ransomware intrusion targeting parts of its IT infrastructure earlier this week, with no impact on core operational systems or sensitive business data. According to a company statement to PSX, the incident was detected on August 6, prompting the immediate activation of PPL's internal cybersecurity protocols. The company's IT and cybersecurity teams, working alongside external experts, swiftly implemented containment measures — including the temporary suspension of certain non-critical IT services — to protect system integrity and limit any potential impact. PPL stated that its multi-layered cybersecurity framework allowed the threat to be rapidly isolated. 'There is no indication of business-critical or sensitive data being compromised,' the company said, adding that all core operations continued uninterrupted. The clarification comes amid inaccurate reports circulating on social media. PPL confirmed it had received a ransomware note from an external actor but stressed that no direct contact was made with the hackers. In compliance with legal requirements, the incident was reported to relevant law enforcement and regulatory authorities, with investigations currently under way in coordination with these agencies. Copyright Business Recorder, 2025
Express Tribune
4 days ago
- Business
- Express Tribune
PPL data safe after cybersecurity incident
As per Accenture's report in 2023, cyber-resilient CEOs are already seeing healthier financials with security investments – 16% on incremental revenue growth and 21% on cost control measures. photo: file The Pakistan Petroleum Limited (PPL) recently identified a cybersecurity incident, involving a ransomware intrusion targeting parts of its IT infrastructure, but the threat was rapidly isolated with the help of a multi-layered cybersecurity framework, it said in a press release. According to a press release, the event was detected on August 6, 2025, and its internal cybersecurity protocols were immediately activated and the IT and cybersecurity teams, in collaboration with external experts, took prompt and effective containment measures. "At this point, there is no indication of compromise to business-critical or sensitive data. Core operational systems remain unaffected, and our Joint Venture (JV) partners and external stakeholders continue to operate without disruption," the press release stated. It said that the matter has been reported to relevant law-enforcement and regulatory authorities. "Investigations are ongoing in coordination with these agencies."
Business Recorder
4 days ago
- Business
- Business Recorder
PSX: new records galore
KARACHI: The Pakistan Stock Exchange (PSX) extended its record-breaking rally on Wednesday, as bullish sentiment persisted across the board amid strong buying from local mutual funds. The benchmark KSE-100 Index propelled to another record making an all-time closing high of 145,647.14 points which was 558.64 points or 0.39 percent higher than the previous close at 145,088.50 points. During the intra-day trading, the index touched a peak of 146,081 points while its low during the session was 145,250 points. On Thursday, BRIndex100 closed at 14,922.06 points which was 65.89 points or 0.44 percent higher than previous close and the total volume remained 544.037 shares. Meanwhile, BRIndex30 closed at 42,579.54 points which was 236 points or 0.56 percent higher than previous close with 256.164 million shares changed hands. According to market observers, the upward momentum was largely driven by renewed institutional interest—particularly strong inflows from local mutual funds. Analysts at Topline Securities remarked that the positive trajectory from earlier sessions continued as confidence remained intact among investors, helping sustain the buying spree across key sectors. Index-heavyweights played a central role in powering the index higher, with major contributions from Pakistan Petroleum Limited (PPL), Habib Bank Limited (HBL), Engro Fertilizers (EFERT), Systems Limited (SYS), and Oil and Gas Development Company (OGDC). These five scrips alone added approximately 738 points to the benchmark's gain. Volume activity remained robust, with the ready market recording a turnover of 712.5 million shares—slightly lower than the previous session's 788.46 million shares. However, the traded value increased to Rs 55.7 billion from Rs 52.7 billion a day earlier. Meanwhile, overall market capitalization rose to Rs 17.376 trillion, up from Rs 17.343 trillion, reflecting an addition of over Rs 32 billion in investor wealth. The broader market, however, displayed a mixed breadth. Out of 483 companies traded in the ready market, 221 posted gains, 235 closed lower, and 27 remained unchanged. Similarly, in the futures segment, 165 advanced while 154 declined. Among the volume leaders Pakistan Petroleum Limited (PPL) topped the chart with a robust turnover of over 33 million shares, closing the day at Rs 189.74. It was followed by WorldCall Telecom, which saw 25.3 million shares traded and settled at Rs 1.43. Fauji Foods Limited also featured prominently among the most active stocks, recording a turnover of nearly 24 million shares and closing at Rs 16.04. Notable gainers in the ready market included Rafhan Maize Products, up Rs 81.85 to Rs 9,679.12, and Al-Abbas Sugar, which climbed Rs 39.47 to Rs 1,119.37. On the losing side, PIA Holdings-B tumbled by a massive Rs 1,078.10 to close at Rs 29,857.80, while Nestle Pakistan fell Rs 530.57 to Rs 9,037.58. Sector-wise, oil & gas exploration, fertilizers, banking, and technology shares led the charge, benefiting from positive earnings expectations and sustained macroeconomic optimism. The BR Automobile Assembler Index declined by 122.54 points, or 0.52 percent, to settle at 23,543.71 points, with a total traded volume of 4 million shares. The BR Cement Index also ended in the red, shedding 43.55 points, or 0.38 percent, to close at 11,387.56 points on a turnover of 25.76 million shares. In contrast, the BR Commercial Banks Index posted a modest gain of 103.87 points, rising by 0.24 percent to finish at 42,548.34, with a hefty volume of 98.28 million shares. The BR Power Generation and Distribution Index remained largely flat, dipping slightly by 8.51 points, or 0.04 percent, to end the session at 22,866.24 points, on a turnover of 35.17 million shares. Meanwhile, the BR Oil and Gas Index surged 229.5 points, marking a 1.78 percent increase to reach 13,147.39, with 95.05 million shares traded. Similarly, the BR Technology and Communication Index advanced by 57.5 points, or 1.75 percent, to close at 3,346.55, supported by a strong turnover of 77.47 million shares. According to Ahsan Mehanti of Arif Habib Corporation, stocks closed at a new record high as investors responded positively to a 17 percent year-on-year surge in export data for July 2025. He noted that rupee stability, rising global crude oil prices, a rally in international equity markets, and expectations of a favorable outcome in the US-Pakistan tariff deal also served as key catalysts behind the bullish close at the PSX. Copyright Business Recorder, 2025
Business Insider
23-06-2025
- Business
- Business Insider
Russia eyes three-way energy pact with Pakistan, Nigeria in major oil and gas deal
In a significant move that could reshape cross-continental energy partnerships, Russia has offered Pakistan stakes in its oil and gas fields located in Nigeria. Russia has proposed offering Pakistan stakes in its oil and gas fields located in Nigeria. Pakistan aims to strengthen bilateral ties and secure long-term energy supplies through this partnership. If finalized, the deal could form a tri-continental energy alliance involving Russian, Pakistani, and Nigerian resources. The proposal, aimed at strengthening bilateral ties and securing long-term energy supplies for Pakistan, highlights Moscow's growing interest in expanding its presence in Africa's resource-rich energy sector. Pakistan, which previously attempted oil and gas exploration in Iraq through Pakistan Petroleum Limited (PPL) with little success, is now shifting strategy. According to The Express Tribune, Islamabad is looking to invest in oil and gas fields already under development to reduce risk and enhance returns. During an ongoing visit to Moscow, a Pakistani delegation led by Petroleum Minister Ali Pervaiz Malik conveyed Pakistan's interest in acquiring stakes in such projects, particularly those in Nigeria involving Russian firms. Russian energy giant Gazprom, led by Sergey Tumanov, General Director of Gazprom International, is spearheading the initiative and has invited Pakistan's largest oil and gas explorer, the Oil and Gas Development Company Limited (OGDCL), to join overseas ventures. Ahmed Hayat Lak, Managing Director and CEO of OGDCL, also participated in the meeting, highlighting the seriousness of Pakistan's bid. For Islamabad, the potential deal represents an opportunity to ease pressure on its foreign exchange reserves while diversifying its energy sources in a volatile global market. Gazprom's footprint in Nigeria's oil industry Gazprom, Russia's state-owned energy giant, has steadily expanded its presence in Nigeria's oil and gas sector through strategic partnerships, joint ventures, and bilateral agreements. Traditionally focused on natural gas exports to Europe and Asia, Gazprom is increasingly turning to Africa as part of Moscow's broader strategy to diversify its global energy reach. In countries like Algeria, Libya, and Nigeria, Gazprom has engaged in exploration, infrastructure development, and production-sharing arrangements. Nigeria, in particular, has become a focal point of the company's African ambitions, following a $2.5 billion deal signed with the Nigerian National Petroleum Corporation over a decade ago. Its latest move, inviting Pakistan to co-invest in Nigerian oil and gas fields signals a multi-layered strategy that ties together diplomatic, commercial, and logistical interests. If finalized, the partnership would represent a significant geopolitical and economic alignment, linking Russian assets, Pakistani capital, and Nigerian resources in a tri-continental energy alliance. gas reserves and plays a major role in global crude exports.
Express Tribune
22-06-2025
- Business
- Express Tribune
Russia offers stakes in its Nigeria oil, gas fields
Listen to article Russia has offered Pakistan stakes in its oil and gas fields in Nigeria, a move that will help secure energy supplies and ease pressure on foreign exchange. Russian energy giant Gazprom wants Pakistan's largest oil and gas explorer – Oil and Gas Development Company Limited (OGDCL) – to enter into joint ventures in its overseas oil and gas exploration projects. At present, Pakistan produces 15% of crude oil locally whereas remaining needs are met through expensive imports that build pressure on foreign exchange reserves. Earlier, Pakistan Petroleum Limited (PPL) tried to explore oil and gas in Iraq but that venture did not yield any result. Now, a Pakistani delegation, led by Petroleum Minister Ali Pervaiz Malik, which is on a visit to Russia, has informed Moscow that Pakistan is interested in getting stakes in the fields that are already being developed to avoid risks. Ali Pervaiz Malik, who had replaced former petroleum minister Musadik Malik, was keen to address issues of oil and gas sectors. OGDCL Managing Director Ahmed Hayat Lak is also part of the delegation. Sources told The Express Tribune that the petroleum minister held a meeting with the chief executive officer of Gazprom, a Russian company responsible for overseas investment in oil and gas fields. During the meeting, the CEO of Gazprom offered Pakistan's petroleum minister to form joint ventures between OGDCL and Gazprom in those fields which were being operated by the Russian company outside Pakistan and Russia. At present, Gazprom is operating in different countries such as Bangladesh, Vietnam and Nigeria. He informed the Pakistani side that OGDCL could enter into a joint venture with Gazprom in any field. Pakistani companies including OGDCL, Mari Petroleum, Pakistan Petroleum Limited (PPL) and Government Holdings Private Limited (GHPL) had also formed a joint venture with a state-owned firm of the UAE in Dubai in an offshoring block. The UAE had offered a field to Pakistani companies, which had already been developed to avoid risks and was not a new block. Sources said that the Pakistani side informed the CEO of Gazprom that it was not interested in those blocks which had not been developed so far and wanted to follow the Dubai project model. Pakistan wants to get stakes in those fields which have already been developed by Gazprom. According to sources, Gazprom offered the petroleum minister to buy stakes in a developed hydrocarbon block in Nigeria, where no risk was involved. It proposed that Gazprom, a Nigerian state-owned company and OGDCL could become partners in that field. Sources said that the Russian company would now send a proposal to OGDCL for evaluation as it would be a pure commercial deal. The Pakistani side had already offered Russia to become part of OGDCL's bid for offshore drilling in Pakistan. Officials say a joint venture with Gazprom in Nigeria will also become a base for engaging the Russian company in offshore drilling in Pakistan. OGDCL and other Pakistani companies have already reached an understanding with a Turkish firm to offer a joint bid for an offshore exploration field in Pakistan. Officials say Pakistan is also looking towards the Russian firm to become its partner in this venture. Russia has been struggling to establish a firm footing in Pakistan's energy sector for the last one decade but it has not been able to achieve success. It was also working with Pakistan to build an LNG pipeline from Karachi to Lahore for transporting imported gas. However, US sanctions on Russian firms were a key hurdle, which could not allow implementation of the project. The structure of Pakistan Gas Stream Project was changed almost six times to avoid US sanctions but nothing could provide successful. Now, Gazprom has offered Pakistan to become a partner in oil and gas fields in Nigeria. Pakistan is hopeful that this joint venture could become successful.
