Oil prices edged up on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher. Brent crude settled 51 cents, or 1.22%, higher at $42.43 per barrel. West Texas Intermediate settled 35 cents, or 0.9%, higher at $40.60 per barrel. “There is…
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Oil prices on Tuesday fell more than 3%, although closed off their lowest levels of the day, on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections. Stock and commodities investors remained cautious ahead of the first U.S. presidential debate between Democrat Joe Biden and Republican Donald Trump…
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The share of hydropower in total energy mix will increase to 50% by 2050 to provide cheap energy that will boost business activities and accelerate economic growth, said Water and Power Development Authority Chairman Muzammil Hussain. Addressing the business community at the Islamabad Chamber of Commerce and Industry (ICCI) on Monday, he gave a detailed presentation on Diamer-Bhasha, Dasu, Mohmand…
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ISLAMABAD: The economic revival, which was observed in the first two months (July-August) of the current fiscal year 2020-21, may be hampered in September due to climatological events and inflation is also expected to rise, according to a monthly report released by the Ministry of Finance. The Economic Updates and Outlook Report for September also revealed that the foreign remittances…
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Power production increased over 4% to 14,630 gigawatt-hours (GWh) in August 2020 with economic activity back to pre-Covid-19 levels in Pakistan. Many industries, including the leading export earning sector of textile, cement and automobile manufacturing sectors, showed a notable recovery in their production in the month under review. The electricity generation had stood at 14,052 GWh in August last year,…
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ISLAMABAD: The cabinet has decided to scrutinise credentials of shortlisted candidates for the post of member oil of the Oil and Gas Regulatory Authority (Ogra). The decision came after the Cabinet Division tabled a summary for approval in a recent cabinet meeting to appoint a new member oil of Ogra. At present, seats of Ogra member oil and chairman are…
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ISLAMABAD: Prime Minister Imran Khan has said that his government is committed to the global efforts for biodiversity conservation and protection and has, therefore, undertaken many initiatives to protect green areas in the country. According to a press statement issued here on Monday by the Ministry of Climate Change, the prime minister said: “In fact today the global biodiversity is…
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ISLAMABAD: Amid increasing gas deficit, the government is reviving an underground gas storage project shelved almost a decade ago to plan higher imports in summers and bridge higher demand-supply gap in winters. The Asian Development Bank (ADB) has agreed to undertake a technical study through its $575,000 financing with the support of a consortium of European oil and gas equipment…
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ISLAMABAD: The Board of Directors of the Oil and Gas Development Company Limited (OGDCL) announced the financial results for the year ended 30th June, 2020. The company’s net sales revenue clocked at Rs244.856 billion, with profit after tax at Rs100.081 billion. This translated into earnings per share of Rs23.27. The Board of Directors announced final cash dividend of Rs2.50 per…
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The troubles faced by the China Pakistan Economic Corridor (CPEC)—the flagship of China’s Belt and Road Initiative (BRI)—are perhaps the most conclusive demonstration that the BRI model that has been in place for the last few years is no longer sustainable. Even before the coronavirus pandemic, CPEC had stalled. Not only are the figures commonly cited for the total package…
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