U.S. energy firms this week added oil and natural gas rigs for an eighth week in a row for the first time since June 2018 as producers keep returning to the wellpad after crude prices held around $40 a barrel from mid June-late October. The oil and gas rig count, an early indicator of future output, rose four to 300…
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JEDDAH: Saudi Arabia is planning to accept new mining license applications in December 2020, said Khalid S. Al-Mudaifer, vice minister for mining affairs and president of Saudi Geological Survey. He also said the new mineral data of the Kingdom will be publicly available in the coming months. Speaking at a Mines and Money 5@5 webinar titled “The regional geological survey program —…
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Corporate profitability in the third quarter (July-September) was Rs210 billion, signifying a jump of 39 per cent from a year ago. It was the highest quarterly increase in corporate profits in any year. Quarter-on-quarter profitability also recorded stellar growth of 52pc. For the nine-month period (January-September), aggregate earnings of the companies that make up the KSE-100 index stood at Rs479bn,…
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KARACHI: Pakistan’s economy is now ready to take off. With the current account in surplus and the rupee appreciating, two things have become clear. First, imported inflation will now start receding. And second, the decline in the cost of external debt repayments will help the government to keep fiscal imbalance in check. That, in turn, will also reduce the need…
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Like other developing countries, Pakistan has been a consistent recipient of foreign loans and assistance in the form of project and programme loans and grants for social and economic development objectives through budgetary and balance-of-payments support. Programme loans are generally sought for achieving broad development and economic objectives like reforms while project loans are secured for specific projects and services…
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The Pakistan Tehreek-e-Insaf (PTI) government is making its mind to scale down the prices of liquefied petroleum gas (LPG) by doing away with the withholding tax (WHT) of 5.5 percent on its import, and slashing general sales tax (GST) of 17pc to 10pc on domestic production. And more importantly, 3 percent sales tax (ST) on LPG production will also be…
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urkmenistan Ambassador to Pakistan Atadjan Movlamov on Sunday announced that the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline is at the stage of practical implementation, adding that the project is certain to be a game changer for Pakistan’s economic prosperity. He stated this while meeting with representatives of the (EJAF) Economic Journalist Association Forum in Islamabad. Movlamov said that a 1,840km long pipeline…
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Exploration and Production (E&P) companies have made around 90 oil and gas discoveries in different parts of the country during the last six years. The companies found 12, 24, 17, 22, 12 and 3 hydrocarbon deposits in 2015, 2016, 2017, 2018, 2019 and 2020 respectively, out of which 10 were discovered in different parts of Punjab, 69 in Sindh, eight…
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ISLAMABAD: Amid opposition from consultants, experts and key stakeholders, the Cabinet Committee on Energy (CCoE) will take up on Tuesday a proposal for unbundling of two gas utilities into five smaller companies — one transmission and four provincial distribution firms — on the pattern of ex-Wapda’s 13 generation, transmission and distribution companies. In a summary to the CCoE, the Ministry…
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Joe Biden has won the race to become the next US president, defeating Donald Trump following a cliff-hanger vote count after Tuesday’s election. The BBC projects that Mr Biden has won the key battleground of Pennsylvania, propelling him over the 270 electoral college vote threshold required to clinch the White House. The Trump campaign has indicated their candidate does not…
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