The world’s largest oil company, Saudi Aramco, cannot increase its oil production capacity any faster than it has already promised, the head of Saudi Aramco told Reuters on Tuesday on the sidelines of the WEF in Davos. Aramco is still planning on increasing its oil production capacity to 13 million barrels per day (bpd)—but that won’t be complete for another…
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Germany plans to bring back coal- and oil-fired power plants should Russia cut off natural gas shipments to Europe’s largest economy. Economy Minister Robert Habeck will on Tuesday present an emergency decree enabling the government to bring back the facilities in case of gas shortages, according to the proposed legislation seen by Bloomberg. Germany is resorting to desperate measures to…
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Finance Division has earmarked Rs 374 million for Power Division as provisional Indicative Budget Ceilings (IBCs) for FY 2022-23 for civil expenditure, and directed that IBCs may be prepared in accordance with budgetary allocations. Finance Division has conveyed that IBCs for grants and subsidies and development projects (if any) will be communicated separately. IBCs for the FY 2023-24 and FY…
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Pakistan’s economic team is negotiating with the IMF for a bailout package. One of the conditions is to remove all fossil fuel subsidies which cost Pakistan almost $12 million per day. It is argued that this would help plug the widening current account deficit and also help take the climate change agenda forward. The new coalition government fears that the…
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oliticians and bureaucrats have shown mixed view over the fate of the National Accountability Bureau (NAB), as some suggest its abolition while other recommend necessary amendments to the law to ensure transparency in the accountability process. Some senior government functionaries and a number of federal ministers have closed ranks for the abolition of NAB over its alleged use to intimidate…
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Azad Jammu and Kashmir (AJK) has the potential to generate 9,000MW of hydroelectric power that will end load-shedding in Pakistan and benefit its businesses and industries, said AJK President Barrister Sultan Mehmood Chaudhry. Addressing the business community at Islamabad Chamber of Commerce and Industry (ICCI) on Monday, he said that the region has huge potential for joint ventures and investment…
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Committed to making Karachi’s future more clean and green, K-Electric has renovated yet another park in the city. Located in the densely populated area of Nazimabad, Tanveer Shaheed Park had remained in an unusable condition for years, which will now provide a recreational facility toaround1,000 households in the vicinity. This development initiative was carried out under Project Sarbulandi and as…
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Saudi Arabia is close to finalizing the extension of its $3 billion deposit in the State Bank of Pakistan (SBP), Reuters has reported. “We are currently finalizing extending the $3 billion deposit to Pakistan,” the news agency quoted the Saudi Minister of Finance Mohammed al-Jadaan as saying. The minister, however, offered no further details. Govt Likely to Set Economic Growth…
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