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The oil prices were seen rising to hit $71.38 per barrel in March 2021, marking the highest since the beginning of the pandemic in January 2020. [116] The oil price rise followed a missile drone attack on Saudi Arabia's Aramco oil facility by Yemen’s Houthi rebels. [117] The United States said it was committed to defending Saudi Arabia. [118]
After the partition of British India in August 1947, the newly formed Government of Pakistan required oil exploration to be conducted by companies incorporated in Pakistan and using the local currency. [4] In response to this requirement, Attock Oil Company incorporated Pakistan Oilfields Limited, in which it held a shareholding of 70 percent. [4]
Treet Battery was founded in 2018 as a part of the First Treet Manufacturing Modaraba which was managed by Treet Holdings Limited. [7] It sells Daewoo -branded batteries. Later, in April 2023, the Modaraba demerged the battery segment, resulting in the separate listing of company as Treet Battery.
There are five main oil refineries in Pakistan with a combined capacity of approximately 450,000 barrels of crude oil per day (bpd), equivalent to 20 million tonnes per annum. [8] Cnergyico PK Limited is the largest oil refiner, with its oil refining complex in the Balochistan province able to refine up to 156,000 barrels per day of crude oil. [9]
The gas price prior to reform was $0.10 US per liter with the quota of 100 liters per month per passenger car. The reform raised the price to $0.40 US per liter and later reduced the ration to 60 liters per month. The price for over-quota consumption and the imported cars were $0.70 US per liter.
In 1964 the first well was drilled and commercial production started in 1967. There are about 60 million barrels of oil in place of which 12%-15% is recoverable. At its peak during 1986, the field was producing approximately 2,400 barrel of oil per day. It has grown steadily since then, producing both oil and, to a lesser degree, natural gas. [3]
In October 2002, the Government of Pakistan sold its 34.76 percent stake in Pakistan Oilfields to general public for PKR 180 per share. [ 6 ] [ 7 ] In 2005, Paksitan Oilfields acquired a 25 percent share in National Refinery Limited, which is the only refining complex in the country producing fuel products as well as lube base oils.
Pakistan State Oil Company Limited is a Pakistani petroleum public company involved in procurement, storage, marketing and distribution of petroleum and related products. [ 3 ] [ 4 ] It has a network of 3,689 petroleum filling stations , out of which 3500 outlets serve the public retail sector and 189 outlets serve wholesale bulk customers.