Momentary closure
ISLAMABAD: Indus Motor Company Limited has decided to completely shut down its production plant from September 28 to October 09, 2023.
The care maker informed the Pakistan Stock Exchange on Wednesday about the momentary closure of its production.
The company took the decision on the basis of current level of inventory of manufactured vehicles.
At the time of writing, the share of Indus Motor is trading at Rs892.1, 1.94 rupees up as compared to its previous close.
Pakistan receives first shipment of Russian LPG
Meanwhile, Pakistan has received delivery of its inaugural consignment of 100,000 metric tons of Liquefied Petroleum Gas (LPG) from Russia.
The Russian Embassy in Islamabad announced the delivery of first LPG consignment to Pakistan.
Russian Embassy said, “Moscow had successfully transported the first shipment of LPG, 100,000 metric tons, to Pakistan.”
Furthermore, it mentioned that Pakistan and Russia are currently engaged in discussions regarding a subsequent shipment of LPG.
Earlier in August, Pakistan had temporarily ceased the import of Russian crude oil due to challenges in the refining process. It led to in an excess output of furnace oil over gasoline production.
Simultaneously, negotiations are underway for a long-term agreement with Russia to secure oil imports at discounted rates.
The Russian oil’s yield of jet fuel and diesel was comparatively lower, leading to less favorable outcomes for Pakistan. Pakistan government did not provide any relief to consumers even after receiving crude oil from Russia though the rulers drummed well the low cost of crude oil.
Meanwhile, Pakistani refineries had decreased their processing of Russian oil, resulting in a 20% decrease in gasoline production compared to the refining of Arab crude oil.
Energy sector experts believed that the experience with Russian crude oil has been promising. They anticipated resuming processing of Russian crude oil when more favorable trade terms become available.
