Oil marketing companies (OMCs) and refineries already mired in deep financial constraints would face almost Rs15 billion losses in next fifteen days due to altered exchange rate formula implemented by the government from August 1. The government changed the exchange rate formula from the last day of a fortnight to an average of two weeks, something that has irked both…
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Gas & Oil Pakistan Ltd. (GO) today announced its plans to roll out its new and innovative fuel station concept “goLink” across Pakistan. The goLink Station is a mobile fuel station format that will enable for motorists easy access and convenient fueling services in their direct vicinity. It is designed to significantly reduce driving time for customers to find a…
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Ambassador of Austria to Pakistan H.E Nicolaus Keller, Ms. Esra Dere- deputy head of mission Turkish Embassy, Mr. Fatih Cevik- Assistant General Manager Limak Turkey, Mr. Ergun Koray ( Limak Turkey) and Mr. Sajid ur Rehman Assistant Manager Business Development ANDRITZ Hydro held a meeting with Federal minister for power Engr. khurram Dastgir Khan here today. Minister welcomed the delegation…
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A deepening dependency on U.S. diesel deliveries in many parts of the world could lead to problems in the coming months as domestic demand for the fuel increases while production fails to increase at the same rate. Bloomberg reports that the United States is exporting diesel fuel at record rates, reaching 1.4 million bpd in July, which was the highest in five…
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The world’s refining capacity is expected to increase by nearly 3 million barrels per day (bpd) by the end of next year when at least nine refinery projects are expected to start up in the Middle East and Asia, the EIA said on Tuesday. The expansion of refinery capacity would offset the losses in global refining capacity in 2020 and…
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The committee presided by Senator Saifullah Abro demanded details of official visits taken by the CEO of K-Electric and other officials in the last one year. During the proceedings, Senator Fida Muhammad said that Ali Zain Banatwala was illegally appointed as Deputy Managing Director (SO), NTDC. Abro directed the Power Division to terminate Banatwala as Deputy MD of NTDC and…
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The Economic Coordination Committee (ECC) of the Cabinet released on Sunday Rs30 billion funds to help the Pakistan State Oil (PSO) come out of financial constraints and prevent the state-run company from defaulting on international payments. The PSO was heading towards a default situation, as the receivables swelled an all-time high of Rs605 billion. The Petroleum Division had submitted a…
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Amid strong opposition from small retailers over the collection of taxes through electricity bills, Pakistan Finance Minister Miftah Ismail has decided to exempt the small traders with bills of less than 150 units from the tax as the community staged protests and refused to pay the taxes on energy bills. “We will charge Rs 3,000 even to those shopkeepers who are not…
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Pakistan Businesses Forum (PBF) Vice President Ahmad Jawad expressed grave concerns over environmental issues emerging as safety hazard for Pakistan, and called for taking comprehensive measures to overcome the effects of global warming and other problems related to fast-changing weather patterns. Talking to media here on Sunday, he added that glacial lakes outburst floods, heatwave, environmental degradation, water erosion and…
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According to the details, Pakistan contributes less than one percent of the world’s greenhouse gases blamed for causing global warming, yet its 220 million people are among the world’s most vulnerable victims of the growing consequences of climate change. Extreme weather events–from scorching heatwaves to now unusually heavy downpours–are causing widespread upheaval and flash floods with hundreds of people killed…
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