Libya declared force majeure on exports from the port of Hariga and said it could extend the measure to other facilities, citing a budget dispute. Hariga is scheduled to load about 180,000 barrels per day (bpd) in April. Brent crude was up 35 cents, or 0.5%, at $67.40 a barrel by 1335 GMT after hitting its highest since March 18…
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The World Bank in its recent report states that Pakistan’s potential annual exports are $88.1 billion, about four times the current level. The opportunity cost of these missing exports is estimated at “893,000 jobs and $ 1.74 billion in foregone taxes alone, of which 152,000 jobs could have been created in the agriculture export sector, and 741,000 jobs could have…
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Federal Minister for Energy, Hammad Azhar has formally taken over charge of Ministry of Energy. Secretary Power Division, Ali Raza Bhutta and senior officers of the Ministry welcomed the newly appointed minister on his arrival to the Ministry. Secretary Power Division briefed the Minister about the power sector related affairs, different sections of Power Division and attached departments and organisations.…
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The government on Tuesday sought more time from the World Bank to implement its conditions for qualifying for $1.5 billion loans to meet the burgeoning external financing needs, sources told The Express Tribune. Pakistan is seeking three budget support loans, totalling $1.5 billion, from the World Bank before the end of June, they said, adding that the World Bank had…
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ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 21st Apr, 2021 ) :Chairman National Electronic Power Regulatory Authority (NEPRA) along with member NEPRA Balochistan Wednesday called on Chairman Senate Muhammad Sadiq Sanjarani here at Parliament House to brief him on power supply in the province. While exchanging views on the overall energy situation in the province the Chairman Senate…
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The Cabinet has constituted a 10-member inter-ministerial committee to rationalize processes and develop cross-cutting strategies to reduce time and costs across the entire logistics chain, official sources told Business Recorder. Secretary, Maritime Affairs Division, in his presentation to the Cabinet on rationalization of port charges said that in order to appreciate the issue of the charges at the port in…
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As oil marketing companies (OMCs) have refused to bear operational losses in the transportation of petrol through a pipeline, the government is likely to pass on these losses to the oil consumers. High-speed diesel and petrol are among the widely used fuels in the country, with diesel being utilised by the transport and agriculture sectors. The main source of transportation…
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Karachi: The National Forum for Environment and Health (NFEH) has demanded the federal and provincial governments to adopt the tree plantation drive in the country as an integral part of the national agenda while setting aside all their mutual political differences.The NFEH President, Naeem Qureshi, stated this in a press statement issued on Wednesday on the eve of Earth Day…
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Independent Power Producer (IPP) PakGen Power Limited and the Central Power Purchasing Agency (Guarantee) Limited have signed the “PPA Amendment Agreement”. The government and around two-dozen IPPs are said to have initialled the agreements. PakGen Power Limited, a public listed company, informed this to Pakistan Stock Exchange (PSX) on Tuesday. Different arbitration disputes have been resolved through the signing of…
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Pakistan on Tuesday shared with the World Bank a revised outline of the Circular Debt Management Plan that seeks rationalisation of taxes, negotiated takeover of old independent power plants (IPPs) and closure of all old public sector plants to increase electricity tariffs, but slightly lower than that committed with the lenders under the IMF programme. This was the takeaway of…
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