Business News

Right now the market is dangerous for traders But there is no problem for the investor .Market right now Standing under 200 DMA😁 And I think traders should enter the level above 38k😊Short sellers do not even need to be happy😉If the swings are in the market then the shot sellers will not get a chance to leave. 😂😊 Yes, if the government cut the interest rate, then 2 days of fun 😁

Alan Duncan has joined the Board of the Directors of the Company as nominee Director of Vitol Dubai Limited. Alan is a former UK government minister. After studying at Oxford and Harvard, he worked first for Shell and then spent 10 years as an oil trader with Marc Rich now Glencore-. From 1992-2020 he was a member of the Parliament of UK, and was an International Development Minister 2010-14, and Foreign Minister 2016-19. Earlier, the Board of Directors had appointed Waheed Ahmed Shaikh as CEO of the Company on 4th March 2020. Shaikh was previously Chief Operating Officer of Al-Dabbagh Group and played a pivotal role in the acquisition of the Petromin Corporation, Al-Dabbagh Group's wholly-owned entity. Prior to joining Al-Dabbagh Group, he spent 12 years working in Shell Pakistan Limited. Shaikh holds a Master's degree in Business Administration from the University of Hawaii in the US and a Bachelors in Mechanical Engineering from the University of Engineering & Technolo...

After a warning by Pakistan Refinery Limited (PRL) of possible plant closure, Attock Refinery Limited (ARL) has become a victim of slack oil demand as the company has been forced to shut down one of its plants due to the reluctance of oil marketing companies (OMCs) to lift locally produced petroleum products. ARL operates on locally produced crude oil and its plant shutdown may lead to a gas crisis as it will reduce crude oil purchases from oil and gas exploration and production companies. The refinery management has also warned of a gas crisis if it is closed. Oil traders are making money through higher imports at the cost of local refineries that are set to face inventory losses due to a sharp decline in global crude oil prices following the eruption of a price war between Russia and Saudi Arabia. Earlier, the PRL management warned the Petroleum Division that the refinery was surviving on an hour-to-hour basis and the refusal of OMCs, which were not buying local petroleum product...

The government is considering hiring international third party auditors to end an ongoing controversy between the Power Division and the regulator over the size of circular debt. Informed sources said the International Monetary Fund (IMF) is engaged with the Power Division on a regular basis to get clarity on questions raised by the National Electric Power Regulatory Authority over the power sector financials given the fact that power sector performance was at the centre of the $6 billion Extended Fund Facility. Therefore. the role of third-party examination of power sector financials had become imporant. The sources said that an independent validation had become necessary after some cabinet members recently raised concerns over the conflicting statistics and put up written questions for the satisfaction of federal cabinet. A team of power ministry officials had been assigned to prepare detailed responses to the questionnaire along with a report on questions being raised and the pr...