The talks on some issues remained inconclusive, but the legal teams of both sides will finalize the draft of the shareholding agreement later, top officials who remained part of the talks told The News. During the negotiations, Moscow was represented by Vladimir Shcherbatykh, Evgeniya Neimerovets, and Anisat Bairkhanova with more officials on video from Russia while Nadeem Bajwa, MD ISGS,…
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The government has decided to further increase electricity prices by Rs2.8 per unit to collect an additional Rs292 billion from consumers aimed at bringing the vicious circular debt down that remains high despite massively increasing the prices. A cabinet body on Thursday approved the revised Circular Debt Management Plan (July 2021-June 2023), which disclosed that from February to July this…
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Finance Minister Shaukat Tarin informed the Senate on Friday that Pakistan will start using the Saudi oil facility on deferred payments from next month. Last week, Pakistan and Saudi Arabia agreed to operationalise the kingdom’s oil facility at the earliest for which an agreement worth $1.2 billion for the import of petroleum products was signed on November 29, 2021, between…
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The Federal Board of Revenue has notified a lower rate of general sales tax on petroleum products to keep its prices competitive for consumers. A sales tax SRO 183(I) of 2022 released on Thursday said the lowest GST rates were notified to pass minimum increase to consumers. The standard GST rate is 17pc. “In exercise of the powers conferred by…
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The Metro-BII Renewables joint venture aims to add 500 megawatts (MW) low-cost renewable power to Pakistan in the medium term, increasing jobs and expanding economic opportunities • The joint venture will mitigate Pakistan’s carbon emissions, cutting 728,000 tonnes of carbon dioxide per year for the planet • Investment aligns with CDC’s ambition to invest over £3 billion of climate finance…
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The Pakistan Engineering Council (PEC) has decided to play its due role to increase the liaison between the industries and the academia in the area of research being conducted in the universities in Pakistan. The decision to this effect was reached as the Pakistan Development Committee of PEC held its inaugural session at the council’s headquarters. Convener of the committee,…
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India is fast moving towards achieving the capacity to manipulate the water flows of Pakistani rivers as in a new development, it has finished not only the civil works but also almost completed the diversion tunnel for the Kiru hydropower project of 624MW the new one being erected on the Chenab River, but the sorry state of affairs is that…
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Ministry of Energy has refused to extend farmers any relief over high power bills, inflated primarily by exorbitant fuel price adjustment charge, saying it was NEPRA issue, The News learnt on Tuesday. “As far as fuel price adjustment is concerned, farmers will have to pay it as ministry of Energy has no control on fuel prices,” sources quoted Hammad Azhar,…
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Karachi Electric (KE) has claimed that it is still restricted to take 900 MW BQPS-III into commissioning phase due to non-availability of RLNG by Pakistan LNG Limited (PLL). In a letter to Secretary Petroleum, Ali Raza Bhutta, CEO KE, Syed Moonis Abdullah Alvi has said that RLNG supply has not yet started to the power utility despite a letter from…
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The Board of Public Procurement Regulatory Authority (PPRA) has exempted procurement of 27 LNG spot cargoes from applicability of PPRA Rules for six months (January 2022 to June, 2022) to be procured by Pakistan LNG Ltd (PPL), official sources told Business Recorder. This decision was taken at a meeting of the PPRA Board held on January 24, 2022, under the chairmanship…
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