KARACHI: Pakistan’s furnace oil export has gradually gained pace, confirmed industrial stakeholders earlier this week, with record number of shipments carrying fuel oil leaving the country in recent months as refineries sought to sell their stocks to offset drastic domestic demand cuts.
The country, which has traditionally remained dependent on furnace oil imports has shipped about 150,000 tons during March and April, while shipments containing around 100,000 tons of it are processed for export deliveries within the ongoing month, according to people familiar with the situation.
Pakistani refineries that produce around 5,000 to 6,000 tons of furnace oil per day have currently 200,000 tons of it in excess.
The major domestic consumers of furnace oil are power plants, though the current economic crisis, soaring inflation, and massive currency devaluation against the US dollar have pushed the electricity demand toward the lower side, causing local demand for furnace oil to fall below 10 percent.
Currently, out of five oil refineries, the Pak-Arab Refinery (PARCO) and Pakistan Refinery (PRL) are two major exporters of the oil from Pakistan, while others convert it into bitumen or lube.
PARCO has shipped two cargoes of 50,000 tons each and they are preparing to ship another cargo of 50,000 tons within the next couple of days, an official of the petroleum sector said on Wednesday declining to be identified. PRL officials said they were also facing a similar situation.
“We have already exported 50,000 tons of furnace oil and are planning to export another 40,000 tons in May,” the CEO of PRL Zahid Mir told Arab News. “Out of the total furnace oil production, about five to ten percent is domestically consumed while 90 percent remains unsold which is being exported.”
The PRL chief said there was hardly any requirement from the country’s power producers after November 2022, leaving refineries to look for export markets.
“We are exporting or planning to export almost 90 percent of our production,” Mir said. “The exports of furnace oil are being made at discounted prices. At present, it is being exported at around $25 below the import price of crude oil.”
He said the exports of furnace oil were being made at losses to clear the excess stock which risked the operations of the refineries if the situation continued to persist for an extended period.
“When we are exporting oil, we are doing it at a substantial loss and if we continue to make losses for an extended period of time, the operations of the refinery will not be commercially viable,” he added.
However, the PRL chief said the exports have squeezed the profit margins of the refineries as compared to domestic sales.
“Overall, the [profit] margin of the refineries becomes negative after exports and if we sell it in the local market, we do it at import parity, which minimizes our losses to a large extent,” he said.
He warned if the refineries continued to incur losses, the risk of a shutdown would increase, leading to the import of gasoline and diesel.
“Recent price cuts of petrol and diesel have also put a dent in refineries’ profit margins and has distorted our economics, so we try to produce minimum, and by doing this, the throughput also reduces and the diesel and petrol production declines.”
Keeping in view the subdued demand since November 2022, Pakistani oil refiners feared that the demand for furnace oil will completely fade out in the next one or two years.
Pakistan makes record furnace oil export as domestic demand hits rock bottom
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Pakistan makes record furnace oil export as domestic demand hits rock bottom
- Pakistan has shipped around 150,000 tons of the oil in the last two months, plans to export more
- Pakistani oil refineries say they are disposing of excess furnace oil stocks at a loss, risking shutdown
Elephant Madhubala set to reunite with kin on Tuesday after 15-year separation
- Madhubala has languished in Karachi Zoo’s solitary confinement since April 2023 after elephant Noor Jehan died
- Animal rights activists have campaigned for elephants to be shifted to species-appropriate sanctuaries
KARACHI: Elephant Madhubala is set to be reunited with her cousins at Karachi’s Safari Park sanctuary on Tuesday after being separated from them for 15 years and spending a year in solitary confinement, an animal welfare organization said.
Madhubala, one of only three captive elephants in Pakistan, was brought to the country in 2009 along with three other elephants from Tanzania. She and her companion, Noor Jehan, were separated from their kin about 15 years ago and brought to the Karachi Zoo.
Noor Jehan passed away in April 2023, leaving Madhubala in solitary confinement at the zoo since then. Animal rights organizations have vigorously campaigned for Madhubala to be shifted to the Safari Park, saying the solitary confinement has taken a toll on her health.
A team from FOUR PAWS International, a Vienna-based animal welfare organization, has arrived in Karachi to oversee Madhubala’s transfer to the sanctuary.
“I’m excited to see how Madhubala will react when she meets her cousins,” Dr. Amir Khalil, director of reveal and rescue at FOUR PAWS, told Arab News.
“Imagine someone who hasn’t seen their siblings in fifteen years— how will she feel when they finally reunite?“
Animal rights activists have long campaigned against the plight of animals in Pakistan, especially elephants, and demanded they be shifted to “species-appropriate” locations such as the Safari Park.
FOUR PAWS has said the elephant enclosures at Safari Park would have water elements for bathing, skincare and thermoregulation. Enrichments such as hay nets, varying substrates like soil, sand, clay, and sawdust will be provided for Madhubala to dust bathe while the area is secured by elephant-proof fencing.
Four Paws said in a statement last month that the adaptation work at Karachi’s Safari Park had reached its final stage. Madhubala will be carried from the Karachi Zoo to the Safari Park in a huge transport crate.
The elephant was trained to enter and exit the crate by herself and sit inside it earlier this year.
“As part of the final preparations, the focus now lies on completing the landscaping of the elephant enclosure at Safari Park, finalizing enrichment features, and continuing the necessary training of the three elephants, including resuming crate training for Madhubala,” FOUR PAWS said last month.
The relocation, among others, will be witnessed by Karachi Mayor Murtaza Wahab, the consul general of the United Arab Emirates and the ambassador of Austria.
Pakistan Senate chairman leaves for Saudi Arabia to strengthen bilateral ties
- Yousuf Raza Gillani to meet Saudi Shoura Council chairman, governors of Riyadh and Madinah during visit
- Pakistan and Saudi Arabia closely cooperate in defense, military, economy, trade and other vital sectors
ISLAMABAD: Pakistan’s Senate Chairman Yousuf Raza Gillani left for a five-day trip to Saudi Arabia on Monday with his visit aimed at strengthening bilateral ties and promoting institutional cooperation between Islamabad and Riyadh, the Senate Secretariat said.
The invitation to Gillani and his delegation was extended by Saudi Arabia’s Shoura Council, the secretariat said. The Majlis Al-Shoura, or Consultative Council, is a legislative body that advises the Saudi king on issues that are important to Saudi Arabia.
“Chairman Senate Syed Yousuf Raza Gillani has left for a five-day trip to Saudi Arabia with a delegation,” the Senate Secretariat said in a statement.
“The aim of the visit is to further promote bilateral relations and institutional cooperation.”
The Pakistani delegation will hold high-level meetings with the Shoura Council chairman, governors of Madinah and Riyadh, and conduct other high-level meetings, it said.
Pakistan and Saudi Arabia enjoy cordial relations that have resulted in close cooperation in defense, military, economic and other sectors.
Last month, Pakistan and Saudi Arabia signed investment agreements worth $2.8 billion while Crown Prince Mohammed bin Salman has pledged to expedite a $5 billion investment portfolio for Islamabad.
Saudi Arabia has frequently bailed Pakistan out of its economic crisis over the years, coming to its aid with loan rollovers and providing oil on deferred payments to Islamabad.
Sri Lankan artist immortalizes Pakistan’s Olympic hero Arshad Nadeem with special painting
- Arshad Nadeem won Pakistan its first Olympic gold medal since 1992 in August with record-breaking javelin throw
- Titled “The Throw,” Mueen Saheed’s painting features an abstract portrayal of Nadeem and his mother
ISLAMABAD: Sri Lankan artist Mueen Saheed has paid tribute to Pakistani Olympian Arshad Nadeem by dedicating a “special painting” to the sportsman, state-run media recently reported, as a mark of respect for bagging the gold medal for his country earlier this year.
Nadeem made history at the Paris Olympics in August by setting a new record for the longest javelin throw in the global competition, winning Pakistan its first gold medal since 1992 with a record-breaking 92.97m javelin throw.
Saheed last week concluded an art cultural tour in Pakistan where he showcased his artwork at three major exhibitions in Lahore and Islamabad.
“Renowned Sri Lankan artist, Mueen Saheed made a memorable addition to his tour of Pakistan by presenting a special painting dedicated to Arshad Nadeem, Pakistan’s celebrated Olympic gold medalist, to the Pakistan National Council of the Arts (PNCA),” the state-run Associated Press of Pakistan (APP) reported on Sunday.
The painting, now a part of the PNCA’s prestigious permanent collection, pays homage to Nadeem’s remarkable achievements and his role in uniting fans across borders.
Titled “The Throw,” the painting features an abstract portrayal of Nadeem and his mother, veiled behind Saheed’s distinctive brushstrokes and use of small squares, the APP said.
The presentation ceremony at the PNCA in Islamabad, part of the artist’s “Passages of Light” exhibition, was attended by key figures in the arts and culture sector, including PNCA Director General Muhammad Ayoub Jamali and Information Minister Attaullah Tarar.
“Arshad Nadeem’s story is one of resilience and humility,” Saheed explained. “His victory at the Olympics and the moments of sportsmanship with his Indian counterpart, Neeraj Chopra, were powerful examples of unity in competition.”
Tarar praised Saheed’s gesture, noting the significance of honoring a national hero whose journey resonates beyond sports, inspiring audiences from Pakistan, India, and around the world, the state-run media said.
Belarus President Lukashenko to arrive in Pakistan today amid Islamabad protest
- Thousands of ex-PM Khan supporters expected to arrive in Pakistan’s capital for anti-government protest
- Pakistan, Belarus expected to sign several agreements during Aleksandr Lukashenko’s three-day visit to Pakistan
ISLAMABAD: Belarus President Aleksandr Lukashenko is scheduled to arrive in Pakistan on a three-day visit today, Monday, as thousands of supporters of former prime minister Imran Khan march toward the capital for an anti-government march.
Pakistan’s state media said last week that Lukashenko was expected to hold talks with Prime Minister Shehbaz Sharif on bilateral cooperation while several agreements would be signed between the two countries.
His visit comes at a time when thousands of supporters of jailed ex-PM Khan’s Pakistan Tehreek-e-Insaf (PTI) party are headed toward Islamabad for a protest “long march.” Khan’s party is demanding his release from prison, independence of the judiciary and protesting against alleged rigging in the February national elections.
“President of the Republic of Belarus Aleksandr Lukashenko will undertake three-day visit to Pakistan from today,” state broadcaster Radio Pakistan reported.
As a 68-member delegation from Belarus arrived in Pakistan’s capital on Sunday ahead of Lukashenko’s visit, Pakistan’s government described the PTI’s protest as a “deliberate conspiracy” against the country’s “honor,” vowing stern action against any persons found violating the law.
The government last week took measures to enhance security in Islamabad, sealing off key highways and motorways leading to the capital from surrounding areas with shipping containers.
Security in the capital has also been beefed up with the deployment of paramilitary forces and police while the government has suspended Internet services in areas deemed sensitive for security.
PTI CARAVAN
Meanwhile, the PTI convoy led by Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur left Peshawar around 1:30 p.m. on Sunday and reached Swabi in the evening, where it was joined by protesters from across the province.
The caravan then proceeded to Ghazi Barotha near Punjab, where it encountered blockades and barriers.
Hajji Fazal Elahi, a PTI provincial lawmaker, told Arab News the party supporters were determined to reach D-Chowk, the protest venue in Islamabad.
“We will go to D-Chowk and cross all the barriers, even if it takes a day or two,” he said.
As per the latest updates, the PTI’s caravan has crossed Ghazi Barotha and reached at the Hazara Interchange.
Meanwhile, sporadic clashes erupted between law enforcers and Khan supporters near Islamabad on Sunday night after they tried to enter the capital from the nearby Rawalpindi city.
Speaking to Arab News, Sayed Zulfikar Bukhari, a senior PTI leader and close aide to Khan, expressed dismay at the government’s response, saying his party only wanted to hold a peaceful protest.
“There is a heavy crackdown in Rawalpindi, as they [the law enforcement officials] have shot rubber bullets, teargas and also picked up people,” he said on Sunday.
Pakistan says protests cost $684 million daily as Imran Khan’s supporters march on Islamabad
- Finance Ministry’s estimates exclude losses from IT, telecom sectors and provincial economies
- Imran Khan has called for protests demanding his release, with demonstrations also held abroad
ISLAMABAD: Pakistan’s Ministry of Finance has prepared a report estimating economic losses of Rs190 billion ($684 million) per day due to political protests, Federal Finance Minister Muhammad Aurangzeb said on Sunday, as supporters of jailed former prime minister Imran Khan march toward Islamabad to demand his release.
The protest, led by Khan’s Pakistan Tehreek-e-Insaf (PTI) party, has effectively cut off the federal capital from other cities, with authorities using shipping containers to seal all entry and exit points and announcing the closure of all educational institutions in Islamabad.
The disruption has also impacted small businesses, with slow Internet and telecom services further compounding the economic losses.
“Protests result in a daily loss of Rs190 billion,” the finance minister said in a statement circulated by his office, warning of repercussions for the national economy.
According to the ministry’s report, the GDP suffers a daily loss of Rs144 billion, accounting for the largest share of the economic impact. Additionally, a decline in exports results in a daily loss of Rs26 billion, while disruptions in foreign direct investment contribute Rs3 billion to the daily losses.
Losses in the IT and telecom sectors are significant but separate from these figures.
“The federal government’s daily loss is Rs190 billion, while provincial losses are even higher,” Aurangzeb noted, without providing detailed provincial breakdowns.
Khan, who has been incarcerated for over a year on charges he claims are politically motivated, has urged his followers to rally both in Pakistan and abroad.
PTI supporters in countries such as the United Kingdom, France, Sweden, Spain and Japan have also organized demonstrations, calling for the former prime minister’s release.
As tensions persist, the government remains firm in its resolve to maintain public order, with Finance Minister Aurangzeb stressing that the ongoing unrest is severely undermining the country’s economic recovery efforts.
