Oil prices extended gains to their highest levels in over seven years on Friday as ongoing global political turmoil fanned concerns over tight supply. The benchmark contracts are on track for their sixth straight weekly rise, the longest run of gains since October. Brent futures rose $1.25, or 1.4%, to $90.59 a barrel by 11:09 am ET (1609 GMT), having…
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Due to delay in execution, slow progress on projects, and cost overrun, the Planning Commission has recommended barring the National Highway Authority (NHA) from submitting new projects and has directed it to bring its business plan as its throw forward has reached Rs. 907 billion. The current pace of approving new projects of the National Highway Authority is not sustainable,…
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The National Command and Operation Center (NCOC) met earlier today with the Federal Planning Minister, Asad Umar, in the chair. The meeting assessed the overall Coronavirus situation in the country and expressed serious concerns over it. In a bid to contain the spread of the virus, the NCOC has decided to extend the restrictions on the educational sector. Now, these…
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NEW YORK: Oil touched $90 a barrel for the first time in seven years on Wednesday, supported by tight supply and rising political tensions in Europe and the Middle East that raised concerns about further disruption in an already-tight market, Reuters reported. Brent crude rose $1.67, or 1.9 percent, to $89.87, after hitting $90.02, the first time the global benchmark…
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The Head Office of the National Transmission and Despatch Company (NTDC) will be shifted to Islamabad from Lahore in phases. According to a decision taken by the public sector power transmission utility, the Liaison Office of Managing Director, NTDC, will be shifted to Islamabad by April 30, 2022. In the second phase, the offices of Deputy Managing Director, Asset Development…
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Ministry of Industries and Production (MoI&P) is to seek supplementary grant of Rs 5 billion to ensure supply of RLNG to two urea fertilizer plants on SNGPL system till March 2022. This decision was taken at a recent meeting of the ECC, which was ratified by the Federal Cabinet on January 25, 2022. Sharing the details, sources said, a Fertilizer…
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Pakistan Ministry of Finance showed that the federal government’s burden was Rs 11.8 trillion higher than legally allowed limit set by parliament and that some targets fixed under the debt management strategy were also breached. The cost of interest payments also reduced from USD 2 billion to USD 1.5 billion due to debt suspension initiative by the G20 countries. The…
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According to PVInfolink, the top 10 solar manufacturers accounted for over 160GW of shipments or a global market share of 90% in 2021.JANUARY 25, 2022 According to Taiwanese market research company PVInfolink, Chinese PV module manufacturer Longi was the world’s largest panel provider in 2021. The company was followed by Trina Solar, JA Solar, and JinkoSolar, with the latter losing…
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Senate Standing Committee on Power has decided to issue summons to Chairman, National Electric Power Regulatory Authority (NEPRA) in case he fails to appear in the forthcoming meeting of the Committee. According to official documents, Chairman Standing Committee, Senator Saifullah Abro reminded Power Division officials that it was decided in the last Committee meeting that a fresh correspondence will be…
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The Petroleum Division has so far failed to wriggle the country’s refineries out of the ullage crisis that prompted them to operate with lower throughput because of increasing stock of the furnace oil in their storages, a senior official at the Energy Ministry told The News. Hammad Azhar, Federal Minister for Energy, on January 6, 2022 asked the refineries to…
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