Petroleum products: Import rises, export sluggish
By Muhammad Yasir
KARACHI: The import of petroleum products have registered a significant increase during the fiscal year 2006-07 while the export could not increase more than one percent.
The import of petroleum products clinched the top slot of the import bill. Import in July-May 2006-07 increased by 11.15 percent to $6.63 billion as against $5.97 billion in the corresponding period of the last year.
Latest figures released by the Federal Bureau of Statistics show that import of products manufactured from petroleum increased by 33.76 percent to $3.430 billion during the said period as against $2.564 billion in the same period of last year. The import bill of petroleum crude, however declined by 5.87 percent to $3.207 billion during the first 11 months of this fiscal year as against $3.407 billion over the same period last year. The overall export of petroleum products could not surge to one percent. The country has exported various petroleum products worth $746.817 million as against $740.924 million during the outgoing fiscal year.
Petroleum top Naphta registered 10 percent growth as it reached $473,189 million during 11 months of fiscal year 2006-07. But the other two export products such as Petroleum (Excl top Naphta) and Solid Fuels (Coal) dropped by 9 and 77 percent to $273.206 million and $422 million respectively.
However, the sale of petroleum products has surged by 15 percent in the last 11 months of fiscal 2006-07. During the period around 14,134,678 metric tonnes of different petroleum products was sold out in the country as against 12,282,110 metric tonnes in the same period of the fiscal year 2005-06, posting 15 percent surge. The sale of fuel oil remained on top as it increased sharply by 21,488,842 metric tonnes in the said period, while Light Diesel Oil (LDO) has surged by 17,522 metric tonnes in same period. The oil and gas discoveries and drilling has registered tremendous growth during 2006-07.
Oil and gas exploration and production (E&P) companies have drilled around 66 new wells as against the target of 90 wells in various parts of the country during the fiscal year 2006-07. According to details, around 32 oil and gas wells were drilled subsequently for successful exploration in various energy-rich sectors of the country and 34 other oil and gas wells were developed through up-gradation during the financial year.