A 386,000-barrel-per-day (bpd) cut in Saudi Arabia’s crude oil shipments kept total seaborne exports of the OPEC+ group stable in October compared to September, although Russia boosted its seaborne exports by nearly 300,000 bpd, data from IHS Markit showed on Tuesday. Total OPEC+ crude oil exports by sea averaged 22.5 million bpd in October, slightly up from 22.37 million bpd…
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Islamabad Electric Supply Company (IESCO) on Tuesday issued a power suspension programme for Wednesday for various areas of its region due to necessary maintenance and routine development work. According to IESCO spokesman, the power supply of different feeders and grid stations would remain suspended for the period from 09:00 AM to 05:00 PM Padial, Gagan, Mahota Feeders, from 09:00 AM…
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LONDON: Oil prices extended their rally on US election day with a 3pc gain as financial markets staged a broad recovery, but concerns over surging coronavirus cases around the world capped further gains. Brent crude futures rose $1.13, or 2.9pc to $40.10 a barrel at 1138 GMT on Tuesday, while US West Texas Intermediate (WTI) crude futures were up $1.13, or…
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ISLAMABAD: Prime Minister Imran Khan on Tuesday unveiled a major power bill relief package for industries with extra incentives for small and medium businesses, doing away with peak-hours charging and slashing the tariff on additional electricity consumed. The premier announced the package accompanied by members of his economic team after a meeting of the federal cabinet. Under the package, all…
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KARACHI: Lockdown-hurt business community sees positive impact of electricity tariff discounts announced by the government for trade and industry on revving up the economy, their representatives said on Tuesday. Anjum Nisar, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said electricity cost will help in overcoming inflation and spurring economic growth. “FPCCI has long been striving…
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Ah, Big Oil. The term is technically used to describe the world’s seven largest publicly traded oil and gas companies, including BP, Shell, and ExxonMobil. But the term is also used pejoratively, to describe influential lobby groups, particularly in the US political system. These groups often have a blatant disregard for the environment, and for the laws that protect our planet. However,…
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KARACHI: Speakers at a media workshop held on Wednesday at a local hotel warned that growing population and continued discharge of industrial and domestic waste into the environment coupled with increased extraction of groundwater were worsening the freshwater crisis in Pakistan, urging the government to come up with water conservation strategies. The event was organised under a World Wide Fund…
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KARACHI: Rapid urbanization, over-population, industrial pollution and lack of storage facilities are aggravating freshwater availability in Pakistan. Mismanagement of rainwater mainly during the monsoon season along with other factors are also contributing to the water Scarcity This was stated by speakers during a media briefing workshop organized under WWF-Pakistan’s International Labour and Environmental Standards (ILES) Application in Pakistan’s Small and…
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ISLAMABAD: The Public Accounts Committee (PAC) on Monday was informed that that country’s circular debt of the power sector had reached at Rs2.3 trillion till now and the record increases witness in circular debt of Rs1.139 trillion, which is almost double in last two years of the PTI government. It was informed that an increase of Rs116 billion was witnessed…
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ISLAMABAD: While disregarding the directives of the prime minister for reducing the power tariff for industrial sector, especially for Small and Medium Enterprises (SMEs) by 50 percent, the ECC on Monday decided to partially reduce the power tariff in the range of 25 to 30 percent. The ECC left its final approval with the cabinet that is scheduled to meet…
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