ISLAMABAD: The Petroleum Division has removed Director General Petroleum Concession (DGPC) Imran Ahmed from his post following the initiation of an inquiry against him by the National Accountability Bureau (NAB). According to sources, Ahmed is currently involved in a $50-million worth scam; he had allegedly caused a massive loss to the national exchequer by deliberately delaying the injection of 30 Million…
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The phone is constantly ringing in a small dark room furnished only with chairs and a desk with a register lying open on the top. On any other Saturday, the phone attendant would be jotting down the details received on the phone in the register. But today, he is just busy answering every call with — “The main grid station…
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ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 8th Apr, 2020 ) :Special Assistant to the Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan said that a delegation of China Machinery Engineering Corporation and Zonergy Company Limited China called on Prime Minister Imran Khan here on Wednesday. In a tweet, she said that the delegation handed over goods worth Rs 3 million and a donation of Rs 5 million cash for Prime Minister‘s Corona Releif…
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Economic growth in Pakistan is expected to slow to 2.6 percent this year due to ongoing stabilization efforts, slower growth in agriculture and the impact of the COVID-19 outbreak, before recovering to 3.2 percent in 2021 according to the Asian Development Bank’s (ADB) latest annual flagship economic publication, Asian Development Outlook (ADO) 2020. “Pakistan’s strong and decisive policy measures have started…
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Moscow: Ten oil producing nations from outside the OPEC+ alliance including the United States have been invited to a meeting aimed at reaching an agreement to reduce oversupply, Russian news agency TASS reported on Tuesday. During a meeting to be held via video conference on Thursday, OPEC and its allies will discuss oil production cuts. The meeting comes a week…
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ISLAMABAD: Karachi Electric (KE) is reportedly in a serious financial crisis due to non-payment of receivables by governments, well-informed sources in KE told Business Recorder. The company’s Chief Financial Officer (CFO), Aamir Ghaziani, has brought its financial position to the notice of the federal government, which resisted sales of its shares to China’s Shanghai Electric Power Company Limited subject to clearance of its receivables.…
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The Saudi G20 Presidency announced on Tuesday a G20 energy ministers’ virtual meeting will be held to discuss how to stabilise energy markets, the Saudi Press Agency reported. The meeting will be held on April 10 to foster global dialogue and cooperation to ensure stable energy markets and enable a stronger global economy, said the report. The energy ministers will…
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LAHORE: Electricity demand may go down by 25-30 percent if the economic downturn and corona impact continues, said Pakistan Electric Power Company (PEPCO) sources. Already, they said, winter is gone with traditional low demand as low as 50 percent of the summer demand. The current demand for electricity has reduced to 13,000 megawatt comparing with 17,500 megawatt of March-April 2019,…
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The government continues to be in search of a way out for reducing or arresting the projected increase in gas and electricity tariff. I have also been arguing the need for cheaper LPG rates, at least for the poor. In this space, we will discuss the prospects and impact of falling oil prices on Pakistan’s energy sector – on both…
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Saad al-Kaabi, who heads the energy portfolio of the world’s top liquefied natural gas (LNG) supplier, also said the company could seek to raise debt next year for its domestic North Field LNG expansion. Qatar, a tiny but wealthy country is one of the most influential LNG market players with annual production of 77 million tonnes. It plans to increase…
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