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Ogra suspends operation of 7 OMCs – Alfalah Securities Limited

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by September 7, 2011 Brokerage

Karachi: Oil and Gas Regulatory Authority (OGRA) has provisionally suspended the operations of 7 Oil and Marketing Companies (OMCs) and has also imposed a fine of PKR 21 mn on account of breach of license and conditions under which OMCs should maintain a fuel stock of 20 days.

According to Alfalah Securities Limited, ministry of Petroleum and Natural Resources had earlier directed these companies to improve their fuel storage capacity. However, the companies failed to follow the directives and were imposed a fine of PKR 3 mn each. These companies include Askar, Hascol, Admore, OOTCL, Bakri, Byco and Total.

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