PESHAWAR: Khyber Pakhtunkhwa’s (KP) Energy and Power Department could hardly spend 6.9 per cent from the allocated Rs9 billion for various projects to increase the province’s electricity production in this year’s annual development programme. According to the documents, the KP Finance Department had released Rs3.8 billion out of Rs9 billion in which the department could spend only Rs623 million on various…
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Last year, the petroleum industry was left in a buzz with fresh oil and gas blocks on the market for exploration, located in Abu Dhabi. These were under the hat of Abu Dhabi National Oil Company (ADNOC), the emirate’s crown jewel. To take full advantage of this opportunity, several E&P companies worldwide partook in the bidding process. Representing Pakistan, major…
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Pakistan Oilfields Limited (POL), the country’s leading oil and gas exploration and production company discovered oil and gas in upper Punjab, it was learned on Thursday. “Pakistan Oilfields Limited (POL), Operator of Pindori D&P Lease has tested hydrocarbons from its Development Well Pindori-10, located in district Rawalpindi, Punjab,” stated the company in a notification to the Pakistan Stock Exchange (PSX).…
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LONDON: Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak. Brent crude was up by $0.62, or 1.2%, at $52.48 a barrel at 1144 GMT. US West Texas Intermediate (WTI) was up by $0.57, or 1.2%,…
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ISLAMABAD (Dunya News) – Economic coordination committee (ECC) has postponed the proposed hike in tariffs put forth by National Electric Power Regulatory Authority (NEPRA) for consumers of K-Electric in a session here on Wednesday. The ECC also approved supplementary technical grant of Rs 5 billion for HEC in the same session. Moreover, an internal security duty allowance for the Air…
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PetroChina, one of the largest buyers of liquefied natural gas (LNG) in the key LNG demand growth market, has offered the lowest bid in an LNG tender in Pakistan, in a sign that the Asian market continues to be oversupplied even after the winter heating season began. According to the documents from the latest Pakistan LNG tender, PetroChina International Singapore…
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The Board of Directors of Shell Pakistan Limited announced financial results for the year ended December 31, 2019. The company posted a loss after tax of Rs 1,485 million for 2019 compared to the loss of Rs 1,102 million in 2018. The oil industry felt the impact of some of the continued macro-economic challenges faced by the country, primarily owing…
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The shifting of coal handling from Karachi Port Trust to Port Qasim under the order of Supreme Court has greatly benefited the national economy. It has been learnt that Port Qasim Authority (PQA) received US 19.4 million dollars equivalent to PKR 2,644 million in terms of royalty payments (on coal handling at PIBT) during FY 2018-19 whereas during the first…
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The Khyber Pakhtunkhwa government has completed construction of 290 Mini Hydel Power Stations (MHPSs) while 66 more mini-power stations will be completed in June this year. This was told in a meeting held here to review the overall performance of Energy and Power Department with Chief Minister Mahmood Khan in the chair. The chief minister was given detailed briefing on…
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