August 11, 2020: VIS Credit Rating Company has suspended the entity ratings of ‘A-/A-2’ (A Minus/A-Two) assigned to Clover Pakistan Limited, with immediate effect, due to non-availability of current information for ratings analysis.
The ratings will be reassessed as and when the required information is available. The previous rating action was announced on June 19, 2019.
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Dec 04, 2020: Exploration and Production (E&P) companies have made around 90 oil and gas discoveries in different parts of the country during the last six years.
The companies found 12, 24, 17, 22, 12 and 3 hydrocarbon deposits in 2015, 2016, 2017, 2018, 2019 and 2020 respectively, out of which 10 were discovered in different parts of Punjab, 69 in Sindh, eight in Khyber Pakhtunkhwa and three in Balochistan, according to an official document available with APP.
The E&P companies, during first two years of the Pakistan Tehreek-i-Insaf (PTI) government, made 26 discoveries and added 9,444 BPD (Barrels per Day) oil and 218 MMCFD (Million Cubic Feet per Day) gas in the national pool against the depletion of 9611 BPD oil and 279 MMCFD gas from the operational wells.
While the companies have acquired around 5,110 2D Line-Kilometer and 2,693 Square-Kilometer seismic data to assess the potential of hydrocarbon deposits in different pockets during the two-year period.
Pakistan’s total sedimentary area is around 827,268 square kilometers, out of which 320, 741 KM or 39 per cent of the area was under exploration.
The country’s existing gas production stood at around 3.7 billion Cubic Feet per Day (BCFD) against the demand of 6 BCFD, adding the gas reserves were depleting at the ratio of 9.5 per cent per year.
Making a true calculation of the country’s existing and future energy needs, the Petroleum Division has aligned its strategy to achieve self-sufficiency in oil and gas sector by introducing ease-of-doing-business and radical measures to ensure a level-playing field for all competitors.
The Petroleum Division has identified as many as 40 new oil and gas exploration block, which would be awarded to potential E&P companies through a transparent bidding process in coming months.
APP
December 04, 2020 (MLN): Pakistan's trade deficit for 5 months (July-November) FY21 was USD 9.69 billion compared to a deficit of USD 9.64 billion from the corresponding period from FY20.
According to data released by the Pakistan Bureau of Statistics (PBS), the trade deficit for the month of November 2020 was recorded at USD 2.068 billion compared to a deficit of USD1.803 billion from October 2020 showing the deficit worsened by 14.7 percent.
Compared to November 2019 deficit of USD 1.917 billion, the trade numbers deteriorated by7.88 percent
Exports increased by 2.71 percent to USD 2.161 billion compared to USD 2.104 billion in October 2020.
Similarly compared to November 2019 exports increased by 7.67 percent.
Imports in November 2020 increased by 8.24 percent, clocking in at USD 4.229 billion compared to USD 3.907 billion in October 2020 and increased by 7.77 percent compared to November 2019.
Overall the 5 month exports stood at USD 9.737 billion compared to USD 9.536 from the corresponding period of last year, showing a decrease of 2.11 percent. Similarly Imports during the period increased by 1.29 percent to USD 19.422 billion compared to USD 19.175 from the same period of FY20.
Copyright Mettis Link News
December 04, 2020 (MLN): Pakistani rupee (PKR) closed today's trading session relatively unchanged against the USD with the rate remained stable at PKR 160.13.
The rupee traded within a very narrow range of 36 paisa per USD showing an intraday high bid of 160.21 and an intraday Low offer of 159.95.
During the week, the currency has lost 67 paisa against the greenback, as the previous week was concluded at PKR 159.46 per USD.
Within the Open Market, PKR was traded at 160.400/161.50 per USD.
Alternatively, the currency lost 29 paisa to the Pound Sterling as the day's closing quote stood at PKR 214.88 per GBP, while the previous session closed at PKR 214.59 per GBP.
Similarly, PKR's value weakened by 52 paisa against EUR which closed at PKR 194.72 at the interbank today.
On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.715.6 for 7 days at 7.03 percent.
The overnight repo rate towards close of the session was 7.00/7.10 percent, whereas the 1 week rate was 7.00/7.05 percent.
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December 4, 2020 (MLN): Attock Cement Pakistan Limited (ACPL) has signed a tripartite agreement with PROTECH, XINJIANG TBEA Automatic Equipment Co. Ltd, China and LONGI Solar Technology Co. Ltd China along with Attock Energy Limited as lead consultant for erection, procurement and commissioning of 20MW Solar Power Plant.
To recall, on August 26, 2020, the Board of Directors of ACPL gave approval for enhancing the capacity of its earlier announced Solar Power Plant from 7MW to 20MW.
Copyright Mettis Link News
December 04, 2020: Europe's leading stock markets opened mixed Friday, mirroring the performance in Asia.
London's benchmark FTSE 100 index gained 0.5 percent to 6,522.96 points.
In the eurozone, Frankfurt's DAX 30 index dipped 0.1 percent to 13,241.66 points and the Paris CAC 40 added 0.3 percent to 5,588.76.
AFP/APP
