il prices fell overnight as the debacle of the Russian Oil Price Cap scheme continues in Europe. The biggest news is that the EU ambassadors are considering setting the Russian oil price cap at between $65 and $70 (which is around the level Russian crude currently trades at). “A $65-$70 price cap on Russian oil would not mean that much…
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The Federal Board of Revenue (FBR) has conceded before a parliamentary panel of collecting a significant amount of revenue through electricity bills as effective tax rate is 58 percent per unit on commercial consumer and 29 percent on domestic consumers. Senate Standing Committee on Finance and Revenue presided over by Senator Saleem Mandviwalla Wednesday inquired from the officials of the…
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Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy (Private) Limited (HSR) has approached Power Division for timely approval of foreign exchange payments for coal purchase. In a letter to Secretary Power, HSR’s CEO has referred to his previous correspondence wherein the company sought permission/ approval of the SBP for payment for ship 324 amounting to $ 15,624,400 in respect of…
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The Economic Coordination Committee (ECC) of the Cabinet has directed the Petroleum Division to develop a mechanism for certifying the premium of OMCs on imported HSD, official sources told Business Recorder. On November 18, 2022, the Petroleum Division informed the forum that the ECC while considering its summary titled, ‘High Speed Diesel (HSD)/gas oil premium” in its meeting held on November…
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Gas load shedding during winters is not a new phenomenon in Pakistan anymore. So much is worked around the winter season in terms of industrial and power sector usage to keep the stoves and geysers at homes running – that it has now almost become acceptable. These winters may not necessarily be significantly worse in terms of gas load shedding,…
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Sindh Governor, Kamran Khan Tessori, has said that every owner of a residential and workplace building has to fulfill the civic responsibility of ensuring fire safety measures at the premises where people live or work. The Sindh Governor gave the suggestion to this effect while addressing as the chief guest at the 12th Fire Security & Safety Convention-2022 organized jointly…
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At the invitation of His Excellency President Recep Tayyip Erdogan, Prime Minister Muhammad Shehbaz Sharif will pay a two-day official visit to Türkiye, from 25-26 November 2022. Alongside President Erdogan, the Prime Minister will jointly inaugurate the third of the four MILGEM Corvette Ships for the Pakistan Navy, PNS Khaibar, at the Istanbul Shipyard. The two leaders will also hold…
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During the meeting, the minister highlighted the initiatives of his government to enhance the share of renewable energy in the energy mix of Pakistan .The minister has said that the government has completed the repair work of electricity infrastructure in flood affected areas in record time.He informed that all the future energy projects would be renewable energy based.The minister reiterated…
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Like the first cuckoo of spring, the annual autumn refrain from senior Iraqi oil officials of new production targets has that pleasant ring of the familiar about it to seasoned oil industry watchers. Sometimes it is 6 million barrels per day (bpd), sometimes 7, and sometimes 8, but it always prompts an analysis of the facts and figures that invariably…
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Refinery workers at BP’s biggest refinery in Europe are on a partial strike over demands for higher wages and will not cooperate in efforts to restart the Rotterdam refinery, which is currently offline. Employees at the 400,000-bpd refinery, a major supplier of diesel to northern Europe, threatened earlier this month to go on a strike if their pay rise demands…
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