Last week, the media was abuzz about SAPM on power and petroleum Tabish Gauhar’s letter that he addressed to his minister Hammad Azhar. The gist of the ‘leaked’ letter and any spirit of debate were lost in the media hype created around the differences within energy ministry or largely within the government. But we often forget that difference of opinion…
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What would it take to maximize returns from the ongoing deregulation and run the overall gas sector on a sustainable basis? In order to maximize returns from private sector involvement and ensure sustainability of the overall natural gas sector, it is important to first adopt a holistic approach to resolve the deep-rooted structural and operational challenges. Underpricing of the fuel…
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As the petroleum sector circular debt stands at a whopping Rs1.6 trillion or 3.35 percent of GDP, the government has another plan to create fiscal breathing space for the entities gasping for cash, according to official documents. With petroleum sector circular debt hovering over Rs1.6 trillion including Rs1.1 trillion principal plus Rs500 billion late payment surcharge, Ministry of Energy has…
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The government has finalised the Pakistan Oil Refinery Policy 2021 with huge package of tax incentives, including 20-year income tax holiday for all taxes under the Income Tax Ordinance 2001 and upgradation of existing and new deep conversion refineries from the date of commissioning of the project. However, there will be no product off-take and rate of return guarantee for…
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Representatives from 195 countries on Friday approved a critical UN science report that will provide the most comprehensive and up-to-date assessment yet of the state of Earth’s climate. “Today, #IPCC’s latest #ClimateReport — #ClimateChange 2021: the Physical Science Basis — was approved and accepted in a historical first virtual approval session,” the Intergovernmental Panel on Climate Change tweeted on Friday.…
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The National Electric Power Regulatory Authority (Nepra) has allowed K-Electric to charge its consumers an additional cumulative cost of Rs3.64 per unit in three months (Aug-Oct) to add almost Rs5 billion to its revenue. On the other hand, it has asked ex-Wapda distribution companies (Discos) to refund about 19 paisa per unit to their consumers through negative adjustment in current…
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The Oil and Gas Regulatory Authority (Ogra) on Friday set the average sale price of re-gasified liquefied natural gas (RLNG) at about $13.22 per million British thermal unit for the current month, an increase of 2.33 per cent from last month’s $12.91 per unit. The regulator had last week notified the RLNG sale price at $13.61 for August, about 5.5pc…
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Pakistan has decided to terminate 23 bilateral investment treaties (BITs) with different countries in order to avoid international arbitration with foreign firms on commercial contracts. To date, as many as 10 cases had been lodged by foreign investors in different international arbitral forums, thus exposing the state of Pakistan to billions of dollars in compensation. There are nine other bilateral…
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Prime Minister Imran Khan has directed the concerned to finalise the tight gas policy by the end of next month after reviewing it. On Thursday, the prime minister chaired a meeting on gas reserves in the country as the country has recently been struggling to maintain gas supply to various sectors, especially power sector and fertiliser. The meeting was attended…
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Pakistan and Oman should cooperate in diverse sectors to enhance the bilateral economic and trade relations, said Oman Chamber of Commerce and Industry Chairman Redha bin Juma Al Saleh. At a webinar organised by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday, he stressed the need for collaboration in the fields of chemicals, plastics, metals, minerals…
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