Year: 2021

Rising price of LPG adds to woes of poor people

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The rising prices of the Liquefied Petroleum Gas (LPG) has added to woes for the people who have urged the authorities concerned to take effective measures for bringing down the commodity at an affordable level. “The prices of edibles are already high and the unbridled rising trend in LPG prices has aggravated the problems further for people especially living in remote areas where inhabitants are compelled to use firewood or LPG for cooking purposes,” Nasir Khan said. He was of the view that currently LPG was used with immense inconvenience…

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Biggest Saudi IPO Since Aramco Sees ACWA Plan $1.2 Billion Offer

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ACWA Power International, one of Saudi Arabia’s main vehicles for building renewable energy projects, is set to raise up to 4.55 billion riyals ($1.2 billion) in what would be the biggest offering in Riyadh since Saudi Aramco’s listing. The Riyadh-based utility, half-owned by the kingdom’s sovereign wealth fund, has set the price range for its offering between 51 riyals and 56 riyals per share, according to a statement on Tuesday. The company is selling 81.2 million shares, or an 11.1% stake, to raise financing for its transformation into a low-carbon…

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Iron, steel output swells to 4.7m tonnes

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The production of iron and steel, with billets/ingots mainly used in the construction industry, in the last 10 years swelled by 196 per cent to 4.777 million tonnes in FY21 from 1.616m tonnes in FY12. H/CR sheets/strips, coils/plates, also known as flat steel products for production of electronics, surged to 3.296m tonnes in FY21 from 1.850m tonnes in FY12, Pakistan Bureau of Statistics (PBS) data of Large-Scale Manufacturing (LSM) showed. Rising production of steel related products has led to higher imports of raw materials. For making steel bars, the country’s…

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Govt may amend 2nd schedule of petroleum levy ordinance

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he Federal Government is likely to amend Second Schedule of Petroleum Products (Petroleum Levy) Ordinance, 1961 aimed at including the name of PLL in it and allow Oil and Gas Regulatory Authority (Ogra) to determine RLNG price on behalf of the company for 900 MW RLNG-fired plant of Karachi Electric (KE), sources close to Secretary Petroleum told Business Recorder. Sharing the details, the sources said, the ECC on June 14, 2016 while considering the recommendations made by the constituted committee approved the revised policy guidelines to Ogra for determination of…

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Senate Body Directs OGDCL To Step Up Hydrocarbon Exploration Activities

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Senate Standing Committee on Petroleum Tuesday directed the state-owned Oil and Gas Development Company Limited (OGDCL) to expedite hydrocarbon exploration activities in potential areas aimed at meeting the country’s growing energy needs in a more effective manner. The committee meeting, chaired by Muhammad Abdul Qadir, was given a detailed briefing by the company’s top management about working, production and field operations of the OGDCL in different exploration blocks. The chairman expressed his firm resolve to start work in some Exploration and Production (E&P) blocks where no work could be carried…

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