The Pakistan International Airlines while actively contributing in the Clean and Green Pakistan initiative of the government is planting 50,000 trees in the current year alone across its different stations in the country. This was disclosed by Muhammad Shoaib, company secretary PIA, while speaking at a tree plantation ceremony at PIA Township to mark the 74 Independence Day of Pakistan.…
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Tankers carrying Iranian fuel cargoes covered by a U.S. warrant for seizure are sailing to the United States after talks between U.S. authorities and ship owners, a U.S. government source and a shipping source said on Thursday. Iran had planned to transport the gasoline to Venezuela, a supply line that both Tehran and Caracas have flaunted in defiance of U.S.…
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The Indian government has directed state-controlled oil companies to register the use of any vessels belonging to bordering countries, in its latest move to curb trade relations with China. All such vessel charters must be registered with India’s Department for Promotion of Industry and Internal Trade (DPIIT). The directive applies equally to shipping firms owned by Pakistan and Nepal —…
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ISLAMABAD: The government has collected about 43 per cent higher petroleum levy on oil products during the fiscal year ending on June 30, 2020 as compared to the previous year despite 13pc to 20pc reduction in local production and 25pc drop in import of major products. The data released by the finance ministry has reported Rs294 billion collection through petroleum…
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A team comprising officers from the Pakistan Army whose efforts made the country proud internationally and saved the nation from a penalty of $1.2 billion has been awarded Sitara-i-Imtiaz. The cabinet secretariat on Friday released the names of 184 Pakistani and foreign nationals who will be conferred civil awards for showing excellence and courage in their respective fields. According to…
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The Pakhtunkhwa Energy Development Organization (PEDO) and the Peshawar Electric Supply Company (PESCO) have yet to reach an agreement on the sale of electricity for the Machai Hydro Project, owing to which the province was not being able to earn revenue despite spending billions on the project’s construction. According to sources, there was a question mark on the seriousness of…
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ISLAMABAD: The government and wind power producers (WPPs) on Friday formally signed a memorandum of understanding (MOU) to increase term of plants by five years against certain relief in key items of the tariff. The MOU was signed by Babar Yaqoob Fateh Muhammad, who leads the government’s negotiation committee and Rumman Arshad Dar, chairman Pakistan Wind Energy Association — representing…
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ISLAMABAD-The Oil and Gas Regulatory Authority has failed to enforce the maintenance of prescribed storage of petroleum products by the oil marketing companies (OMCs), said petroleum division. While briefing the Economic Coordination Committee (ECC) of the Cabinet, secretary petroleum informed OGRA was responsible to enforce maintenance of prescribed storage capacity of petroleum products by the OMCs, however, it has failed…
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The Committee for negotiations with Independent Private Power Producers (IPPs), had several rounds of discussions and the IPPs have agreed to alter their existing contractual arrangements to the extent of, and strictly with respect to, the matters listed under a Memorandum of Understanding (“MoU”) signed. The MoU had the following key highlights: • The MoU states that IPPs and government…
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The government recently announced successful negotiations with Independent Power Producers (IPP) which can be heralded as a victory for the economy at large. Among other technical points agreed between the Government, and the IPPs, the most crucial point pertains to fixing Return on Equity (RoE) at certain fixed rates. We try to unbundle, and explain in simpler terms, what it…
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