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Express Tribune
17-05-2025
- Business
- Express Tribune
Refineries saved from further losses
Listen to article New Petroleum Minister Ali Pervaiz Malik has come to the rescue of oil refineries, which are facing losses of billions of rupees, in a move that will pave the way for investment of up to $6 billion in the refining sector. After becoming the petroleum minister, Malik also took measures to fully implement the facility of 35% allocation of locally explored gas to third parties. The issue had been pending for several years. The delay in implementing the Brownfield Refineries Policy 2023 had affected timelines for plant upgrade projects of the refineries, which sparked concerns among foreign investors and prevented them from making fresh investment. In the Finance Act 2024, petroleum products – motor gasoline (Mogas or petrol), high-speed diesel (HSD), kerosene oil and light diesel oil (LDO) – have been classified as "exempt". As a result, the refineries and oil marketing companies have to bear the cost of input sales tax (estimated at Rs34 billion for financial year 2024-25) and it cannot be recovered through product prices, which are regulated and fixed by the Oil and Gas Regulatory Authority. During the recent revision in oil prices, the government allowed refineries to charge Rs2.09 per litre on HSD and Rs1.09 per litre on petrol in order to recover Rs34 billion worth of losses over 12 months. The oil industry has hailed the decision and has given credit to the new petroleum minister and the petroleum secretary, who pleaded their case before the Economic Coordination Committee (ECC) and the prime minister for its resolution. Attock Refinery CEO and OCAC Chairman Adil Khattak told The Express Tribune that the petroleum minister had been very helpful in resolving the loss recovery issue with full support from the petroleum secretary. However, he said the sales tax exemption matter should be permanently resolved in the upcoming budget, adding that the current decision of the government to recover the losses of refineries and the resolution of GST issue would help secure investments of $6 billion in upgrading the refining sector. Pakistan Refinery Limited (PRL) was the first victim of the delay in implementation of the refinery policy because it failed to woo foreign investors for modernising its plants. It floated a tender to attract a contractor and financing for plant upgrade. The deadline for the tender was in December, but Chinese investors refused to participate until the government addressed the issues faced by the refineries. In the first tender, not a single investor participated in bidding. PRL has floated the tender for the second time, where the last date for submitting bids is May 30. However, industry officials say they are not hopeful that any investor will participate. Refineries are considered strategic national assets that play a vital role in energy security and economic development. Pakistan's refineries produce diesel in accordance with the specifications notified by the Ministry of Energy (Petroleum Division). The import of a single HSD cargo costs approximately $45 million, which is an unnecessary burden when adequate local supplies are available. The upgrading projects will help double diesel production in the country. Over the years, the refineries have been investing in modernisation, including capacity expansions and installation of Isomerisation and Diesel Hydro Desulphurization (DHDS) units, enabling them to improve fuel specifications. Currently, Pakistan's refineries produce HSD with sulphur content ranging from Euro I to Euro V. A refinery already produces the Euro V-compliant diesel, two refineries supply Euro III fuel and the remaining produce diesel with sulphur content of around 5,000 ppm, far lower than the reported figure of 10,000 ppm.
Mint
23-04-2025
- Entertainment
- Mint
Jaat Box Office Collection Day 14: Sunny Deol's film becomes his second highest earner after Gadar 2, mints THIS amount
Jaat Box Office Collection Day 14: Sunny Deol's film Jaat has become the actor's second-highest earner after Gadar 2. Jaat is close to hitting the ₹ 100 crore mark. According to industry tracker Sacnilk, Jaat minted Rs1.09 crore on its day 14. It is a slight dip in earnings from Tuesday to Wednesday. It is likely to recover after the night shows. The total business made by Jaat in cinema is ₹ 79.22 crore. While these are not the final figures, it is still the second-highest-grosser for Sunny Deol. The actor's highest-grossing film is Gadar 2, which minted ₹ 525.7 crore. Jaat is also the second most successful film in Randeep Hooda's career. He plays the antagonist in the film. The film now completed its second-week run at the ticket window. On Wednesday, Jaat had an overall 7.95% occupancy. Recently, the producers announced that the film collected ₹ 102.13 crore at the worldwide box office. Mythri Movie Makers shared the box office update on its X handle. "The celebration of mass commercial cinema. A feast for the Single Screens continues. #JAAT collects 102.13 CRORES GROSS WORLDWIDE," read the caption. Later, Sacnilk mentioned on the website, 'Jaat proves to be the second consecutive success for Sunny Deol after the mega blockbuster Gadar 2: The Katha Continues. Before G2, the actor's Gadar: Ek Prem Katha was the only 100 crores grosser at the worldwide box office with 132+ crores (without inflation).' Jaat is directed by Gopichand Malineni and produced by Mythri Movie Makers and People Media Factory. Besides Sunny and Randeep, the film also stars Vineet Kumar Singh, Regina Cassandra and Saiyami Kher. The film released on April 10. The film will have a sequel, confirmed by Sunny Deol. He posted a video of himself on Instagram, where he is seen strolling in a quaint and peaceful valley. "You have given me so much love for my film Jaat. I promise Jaat 2 will be even better," Sunny said in the video and added that he will soon resume film shoot for his upcoming movie Border 2. In the caption, he wrote, "Keep loving #Jaat and I feel overwhelmed and blessed seeing all the videos of you all celebrating #Jaat and Cinema! Keep 'em coming and share them with me, your love and emotions is what has made #Jaat a success." First Published: 23 Apr 2025, 10:58 PM IST
