Saturday, March 25, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home Companies

Oil and gas sector’s circular debt reaches Rs 1.5 trillion mark, Senate panel told

10 months ago
in Companies
Oil and gas sector’s circular debt reaches Rs 1.5 trillion mark, Senate panel told
Share on FacebookShare on Twitter


ISLAMABAD: The Petroleum Division Secretary informed a parliamentary panel on Monday that the oil and gas sector’s circular debt reached to Rs1.5 trillion which needs to be controlled.

A meeting of the Senate Standing Committee on Petroleum was held here at the Parliament House on Monday with Senator Mohammad Abdul Qadir in the chair.

Senator Mohammad Abdul Qadir expressed his reservations on the mounting circular debt which currently stands at Rs1,500 billion. State Minister for Petroleum Division Dr Musadiq Malik said the assets of gas companies- the Sui Northern Gas Pipeline Limited (SNGPL) and the Sui Southern Gas Company Limited (SSGC) were declining because profitability of the companies were shrinking due to the circular debt and these companies were near bankruptcy.

State Minister for Energy (Petroleum Division) said the government had no money to [even to] “buy poison”.

FPCCI panel warns govt of worsening power sector circular debt

He further explained that the previous government of the PTI had written a letter to the Russian government and showed intent to buy oil but no formal bilateral agreement or MOU was signed between the two governments. An agreement to extend cooperation in the energy sector was available, he added.

The chairman Committee inquired as to what is the criterion for fixing the gas prices and its distribution. He was of the view that domestic consumers should be given top priority in that regard. Domestic users should be charged at affordable rates and industrial units as per the sector concerned. The CNG sector should be allowed to import gas on their own in order to reduce the burden on the government. Gas distribution should be prioritized sector-wise, he added. The chairman committee remarked that direct subsidy to the fertilizer industry was not sustainable.

Senator Mohammad Abdul Qadir stressed the need to find a permanent solution to that recurring problem. The Committee also deliberated on the problems faced by Karachi Chamber of Commerce and Industry (KCCI) regarding gas supply. The KCCI president briefed the Committee about the grievances of industrialists which included non-availability of gas for the industrial sector for the last four months. Chairman Committee, Senator Mohammad Abdul Qadir, opined that the major cause behind the current economic deterioration was a gap between import and export value and “to bring down this trade deficit, we need to give incentives and boost our local industries.” He further requested the Minister of State for Petroleum Division, Senator Musadik Masood Malik, to pay attention to the concerns of Karachi industrialists and come up with appropriate solutions.

Copyright Business Recorder, 2022



www.brecorder.com

Latest Oil News

New study shows huge variation in how different oil companies manage climate

New study shows huge variation in how different oil companies manage climate

February 1, 2023
Eni Boosts Gas Production In Libya With $8 Billion Investment

Eni Boosts Gas Production In Libya With $8 Billion Investment

January 31, 2023
Can Colombia Really Replace Oil And Gas Revenue?

Can Colombia Really Replace Oil And Gas Revenue?

January 30, 2023
Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

January 29, 2023
Tags: circularcircular debtdebtGasmarkMohammad Abdul QadiroilpanelreachessectorsSenateSNGPLSSGCtoldtrillion
Previous Post

Oklahoma Attorney General walks back threats of lawsuits against oil and gas

Next Post

China Starts Emissions Trading As It Aims For Net Zero By 2060

Related Posts

New study shows huge variation in how different oil companies manage climate

New study shows huge variation in how different oil companies manage climate

by Oil Market News
February 1, 2023
0

By Jon Goldstein and Ben HmielFor the last several years, researchers have been studying methane emissions in the Permian Basin...

Eni Boosts Gas Production In Libya With $8 Billion Investment

Eni Boosts Gas Production In Libya With $8 Billion Investment

by Oil Market News
January 31, 2023
0

Given that Libya has exhibited all the stability of a puff adder on benzedrine since the West removed its longstanding...

Can Colombia Really Replace Oil And Gas Revenue?

Can Colombia Really Replace Oil And Gas Revenue?

by Oil Market News
January 30, 2023
0

Colombia’s new President, Gustavo Petro, wants to move the South American country away from fossil fuels and replace oil revenues...

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

Oil And Gas In For Turbulent Year As Governments And Industry Butt Heads

by Oil Market News
January 29, 2023
0

Windfall taxes, price caps, and calls for more oil and gas production marked 2022 in oil and gas. It looks...

New tech could unleash NM’s clean geothermal energy potential

New tech could unleash NM’s clean geothermal energy potential

by Oil Market News
January 28, 2023
0

Canadian company Eavor Inc. has designed a new closed-loop system to tap geothermal energy in deep-underground hot-rock formations. Eavor applies...

Bob Simpson’s TXO Energy goes public, soars 10% on first trading day

Bob Simpson’s TXO Energy goes public, soars 10% on first trading day

by Oil Market News
January 27, 2023
0

Veteran oilman Bob Simpson ushered a new venture to the New York Stock Exchange Friday when Fort Worth-based TXO Energy...

Next Post
China Starts Emissions Trading As It Aims For Net Zero By 2060

China Starts Emissions Trading As It Aims For Net Zero By 2060

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Democrats, Republicans have sharply distinct priorities for 2023, AP-NORC poll finds

Democrats, Republicans have sharply distinct priorities for 2023, AP-NORC poll finds

3 months ago
India’s Largest Refiner To Invest $4.5 Billion To Boost Capacity

India’s Largest Refiner To Invest $4.5 Billion To Boost Capacity

11 months ago
Oil and gas industry has spent over $30 million in 2021-22 session lobbying CA

Oil and gas industry has spent over $30 million in 2021-22 session lobbying CA

4 months ago
Oil down on strong dollar, recession worries and hawkish Fed talk

Oil down on strong dollar, recession worries and hawkish Fed talk

5 months ago
Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

2 months ago
ADVERTISEMENT
UK government expected to offer energy companies windfall tax relief

UK government expected to offer energy companies windfall tax relief

March 24, 2023

Fears of an energy price surge percolate through sector

March 23, 2023

US regulator vows ‘aggressive’ crackdown on oil and gas methane leaks

March 22, 2023

Global commodity traders open to increasing Russian oil volumes

March 21, 2023

Commodity markets likely to escape banking crisis fallout, traders say

March 20, 2023

Saudi Aramco posts record $161bn profit on back of strong crude prices

March 19, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

UK government expected to offer energy companies windfall tax relief

UK government expected to offer energy companies windfall tax relief

March 24, 2023
Fears of an energy price surge percolate through sector

Fears of an energy price surge percolate through sector

March 23, 2023
US regulator vows ‘aggressive’ crackdown on oil and gas methane leaks

US regulator vows ‘aggressive’ crackdown on oil and gas methane leaks

March 22, 2023
Global commodity traders open to increasing Russian oil volumes

Global commodity traders open to increasing Russian oil volumes

March 21, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.