Prime Minister Shehbaz Sharif has stressed that the government will take all-out measures to save the oil refineries from the looming shutdown due to the difficulty in opening Letters of Credit (LCs) and assured the industry of payments for oil import. The Petroleum Division took up the matter with PM Sharif, pointing out that international banks were not endorsing the…
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June 2022
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Earlier this month, Tesla made headlines yet again, but this time the news wasn’t good: the company was raising the price of most of its cars, with CEO Elon Musk citing raw material inflation as one of the reasons for the hike. Tesla is not the only one. The prices of copper, cobalt, lithium, aluminum—pretty much everything that comes out…
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Prime Minister Shehbaz Sharif Monday urged Saudi investors to come forward and invest in the different sectors of Pakistan. Talking to a delegation of Saudi businessmen and investors here, the premier said that Pakistan has huge potential for investment in diverse fields, including agriculture and minerals. He said Saudi Arabia and Pakistan enjoy excellent brotherly relations and both the countries…
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Germany will rely more on electricity generation from coal in order to conserve gas and fill its gas storage by winter, German Economy Minister Robert Habeck said on Sunday, outlining measures to save gas after Russia last week reduced supply to some of its biggest customers in Europe. As a first measure, Germany will reduce the use of natural gas…
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Refineries once again shook up the government to resolve their lingering trade credit issues as in the absence of crude oil imports the industry was facing a shutdown next month, resulting in an acute shortage of petroleum products, The News learnt on Monday.https://ff5b1984769a4368d6250e084c793058.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html The foreign banks were still not confirming local refineries’ letters of credit (LCs) for crude oil imports.…
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The Oil and Gas Development Limited (OGDCL) on Wednesday announced the discovery of oil and gas reserves from its exploratory wells located in Sindh and Punjab. The discoveries were made in Rajanpur, a tribal area in Punjab,, as well as district Tando Allah Yar, Sindh, announced the company in its notices to the Pakistan Stock Exchange (PSX). The oil exploratory…
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As profit margins of refineries rise, they are looking at the signing of a loan revival deal between the government and the International Monetary Fund (IMF), which will push global banks to endorse the Letters of Credit (LCs) for oil import. At present, the international banks are reluctant to confirm the LCs as they see higher risks for Pakistan. “This…
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Pakistan in collaboration with the International Center for Integrated Mountain Development (ICIMOD) and Pakistan Council of Research on Water Resources (PCRWR), on Tuesday organized an event to formulate policies for climate-smart water and agriculture resource management in Gilgit-Baltistan. Different knowledge products were lunched, including fact sheets and issue briefs, co-developed by the partners considering learning of the pilot interventions related…
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Chairman of the Pakistan Atomic Energy Commission (PAEC) Dr Raja Ali Raza has emphasised the need for maximising international cooperation in all spheres of science and technology, saying building bridges to the world’s scientific community will help transform the country into a developed society. Speaking at the annual ‘International Nathiagali Summer College on Physics and Contemporary Needs’, which started on…
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