A Pakistan delegation led by Secretary Commerce, Sualeh Ahmad Faruqui will visit Afghanistan on July 17-18, 2022 for talks on import of coal for power generation, well informed sources told Business Recorder. The delegation visit is scheduled amid threats by Chinese company generating electricity on imported coal that they will revert to South African coal if NEPRA fails to resolve its…
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A consortium of Pakistan’s companies comprising Oil and Gas Development Company Limited (OGDCL), Mari Petroleum Company Limited (MPCL), Government Holdings (Private) Limited (GHPL), and Pakistan Petroleum Limited (PPL) (Operator) has established Pakistan International Oil Limited (PIOL) in Abu Dhabi as an independent joint-venture company. The consortium, which has been awarded Offshore Block 5 in Abu Dhabi’s second competitive exploration bid…
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As mentioned in the last post, the huge break in energy prices between the US and the rest of the world could explain the extreme dollar strength we have seen this year. Part of the problem I have with that is that the corollary of that trade is energy exporters should see a boost from the improved terms of trade.…
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Big Oil majors in the United States have found themselves the target of much pressure to boost production lately, as prices go wild amid a tight—and tightening—market. At the same time, the U.S. government, as well as the EU, have been looking all over the world for more supply. Wood Mackenzie just had some bad news for them. According to new research from…
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President, Employers’ Federation of Pakistan(EFP), Ismail Suttar, has said that the Government of Pakistan should increase the price of gas for domestic consumption. As a country undergoing an economic crisis, the government must seriously take steps to curb wastage of precious gas resources. In a statement, EFP president said that Pakistan already has a deteriorating Balance of Payments (BOP) position…
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On July 14, 2022, we, the Heads of Government of India, Israel, the United Arab Emirates (UAE), and the United States, convened for the first leaders’ meeting of the “I2U2” Group. This unique grouping of countries aims to harness the vibrancy of our societies and entrepreneurial spirit to tackle some of the greatest challenges confronting our world, with a particular…
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National Electric Power Regulatory Authority (Nepra) and National Transmission and Despatch Company (NTDC) are said to be on the warpath with respect to implementation of the Competitive Trading Bilateral Contract Market (CTBCM), sources close to Chairman Nepra told Business Recorder. Sharing the details, sources said, the Authority, in a letter to Managing Director NTDC, expressed serious annoyance at the latter’s letter…
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Chinese company Yutong Bus accepted the offer to set up a public transport plant in Sindh following a meeting between provincial minister for transport Sharjeel Inam Memon and Yutong Bus Country Manager Paul Zhang, on Thursday. The plant would either be set up in Karachi or Hyderabad. The parties agreed to create a ‘concrete’ proposal regarding the matter by next…
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With the government set to burden consumers with Rs893 billion electricity tariff rebasing during the current fiscal year, on top of fuel adjustments in tens of billions of rupees per month, one of the most crucial elements untouched by policymakers remains the high system losses and low recoveries. Both elements put together entail a revenue shortfall of about Rs750bn. This…
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Prime Minister Shehbaz Sharif, in his address to the nation on Thursday, announced that the price of petrol was being cut by Rs18.50 and diesel by Rs40.54. The price cut, which takes place after four rounds of massive hikes under the current government, will go into effect at midnight tonight. The prime minister began his speech by explaining that he…
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