In a major legal victory on an international front, Pakistan has won the terror-financing case against the National Bank of Pakistan (NBP) in a federal court in New York. The victory in the case has helped the NBP ward off the threat of billions of dollars penalty, which would have ultimately rendered the bank gone bankrupt. The bank had been…
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LNG carrier rates on the spot market hit a record amid strong demand and limited supply as many opt for a long-term commitment to using the vessels. According to a Reuters report citing industry insiders, the imbalance in the LNG carrier market was also exacerbated by sanctions on Russian energy cargo that have led to buyers seeking to avoid dealing with Russian…
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Federal Finance Minister Miftah Ismail on Tuesday hinted that if the power sector is not run properly, it could sink the country’s economy. Addressing a ceremony in Islamabad, he said that Pakistani people have appreciated the budget, adding that debt servicing and power sector subsidies are largest cause of excessive budget expenditure. The Finance Minister further said that circular debt…
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Federal minister for power Engr. Khurram Dastgir Khan held a meeting with Minister of energy Sindh Imtiaz Sheikh here today. It is decided to create a working group between federal and Sindh Government to determine modalities of provincialization of HESCO and SEPCO. It is very unfortunate that the inability of previous government to even add 1 Megawatt of electricity in…
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By the Grace of Almighty Allah, the Joint Venture of Guddu Block Comprising Oil & Gas Development Company Limited (OGDCL) as Operator (70 %), SEPL (13.5 %), IPRTOC (11.5 %) & GHPL (5 %) has discovered Gas from an Exploratory well namely Umair South East # 01, which is located in District Ghotki, Sindh Province. Umair South East # 01…
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On June 14, NEPRA conducted a public hearing over the petition submitted by K-Electric on Fuel Charges Adjustments (FCA) for April 2022 and Quarterly Adjustments for January to March 2022. KE had requested an increase of PKR 5.30 in power tariff on account of FCA for April. On the other hand, KE had requested an increase of PKR 3.89 rupees…
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Taxation to the public to pay back the loans consumed by the elite; has been the approach in preparing budgets since the ‘Debt Trap’ was laid in October 1958. Various terms like; ‘Awam Dost’, and ‘Tax-Free’ are used to bluff the public. Budgets are then followed by ‘Mini Budgets’ to further burden the masses and then the stampede to get…
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The Board of Directors at Lucky Cement has authorised the management of the company to undertake a feasibility study for a renewable energy project at its plant in Karachi, including wind and solar power, according to a notice to the Pakistan Stock Exchange (PSX) on Monday. The development occurred during Lucky Cement’s emergent meeting held on June 11, 2022, informed…
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With two major fuel suppliers in dire need of liquidity to the tune of Rs2 trillion in three months, the government has started passing on the increase in electricity tariff by an average Rs13 per unit in quick instalments to win over an urgently needed bailout package from the International Monetary Fund (IMF). Highly placed sources told Dawn that power…
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The Oil and Gas Regulatory Authority (OGRA) on Monday recommended to the Punjab Chief Secretary for taking action against the three illegal oil agencies, its team unearthed in different localities of the province. The authority’s Enforcement (North) team inspected petrol pumps in the southern region of the province to check accurate measurements of oil, quality and price besides ensuring safety standards at different outlets, OGRA spokesman Imran Ghaznavi said in a news release.…
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