The Auditor General of Pakistan (AGP) is said to have raised serious objections over what it said that no clause regarding international sanctions on Iran was incorporated in the Gas Sale Purchase Agreement (GSPA) under Iran-Pakistan Gas Pipeline Project (IPGP), which resulted in a risk of penalty at $3 million per day from January 2015 onwards. This has been revealed…
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On the one hand, he said UN Secretary General António Guterres issued a red alert on the Inter-governmental Panel on Climate Change’s report indicating a sharp rise in temperature in next ten years, while on the other, PM Imran Khan was personally leading tree plantation drive in the country to help control soaring temperatures. Farrukh said the prime minister inaugurated…
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The Sindh Cabinet on the request of Karachi Water and Sewerage Board has approved a levy of Re1 per litre on bottled water and beverage companies in line with the government of Punjab. The impact of this levy could not be known immediately as some big market players approached by Dawn showed their ignorance about the Sindh Cabinet decision. However, the prices…
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The state-owned Pakistan LNG Ltd (PLL) and private power utility K-Electric on Tuesday signed a formal agreement under which the former would supply 150 million cubic feet per day of regasified liquefied natural gas (RLNG) to the KE’s upcoming 900-megawatt power plant at Bin Qasim. The gas supply agreement (GSA) was signed by KE Chief Executive Officer Moonis Alvi and…
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International coal prices have soared to their highest level since 2008, making further hikes in cement and electricity rates likely in the domestic market. The price of Australian coal, which is used as a benchmark by large coal-burning Asian economies, stood at almost $152 per tonne at the end of last month, up almost 195 per cent from a year…
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Oil prices fell by almost 3 per cent on Monday, extending last week’s steep losses on the back of a rising US dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand. A United Nations panel’s dire warning on climate change also added to the gloomy mood after fires in Greece…
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Businesses in Pakistan operate with the same short-term mentally as the governments in the country do. They stop long-term investment at the first sign of crisis akin to governments curtailing development funds for public appeasement. The result is that most of the enterprises concentrating on short-term gains have failed to grow up to their potential. A few entrepreneurs who continued…
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On a consolidated basis, Lucky Cement Limited reported a profit after tax of Rs 28.23 billion of which Rs 5.37 billion is attributable to non-controlling interest for the year ended June 30, 2021. This translates into earnings per share (EPS) of Rs 70.69/ share as compared to Rs 18.96/ share reported last year. Further, on a consolidated basis, the Company…
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Natural gas prices were also falling in the United States as the week got underway. Henry Hub gained throughout last week, hitting some of its highest seasonal levels in years as a prolonged heat wave approached the eastern half of the country. The prompt month surged past $4 during the week. It closed lower on Monday after a cooler shift…
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Asia’s spot LNG prices soared to new summer highs this week supported by strong regional demand and surging gas prices in European gas hubs, with tight fundamentals meaning there is little prospect of prices easing from current levels. The past week saw spot LNG delivered to Northeast Asia crossing $16/MMBtu for the first time during the Northern Hemisphere summer in…
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