The overall business confidence in Pakistan fell to minus four per cent, according to a survey of the Overseas Investors Chambers of Commerce and Industry (OICCI) conducted during September-October 2022. The business confidence score was low — 17pc — in the previous survey of March-April as well, but it was still positive. The OICCI says the decline in business confidence…
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December 17, 2022: Aiming to revolutionize the education system of Pakistan, the Oil and Gas Development Company Limited (OGDCL) has signed a Memorandum of Understanding (MoU) with Tehzibul Akhlaq Trust for sponsoring education with the concept of transforming societies.The seven-year program mainly focuses on providing free education to 25 students in the Baluchistan province’s OGDCL operational areas. These students will…
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For the end consumer in Pakistan, the current tariff structure is uniform throughout the country. Still, it distinguishes between residential, commercial, industrial, agriculture, and customer categories. It is further divided by consumption level (tariff slabs), load, or time of use. The main reason behind a uniform tariff arrangement is political, allowing all consumers across the country to pay the same…
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In order to materialise the $4.5 billion oil refinery project in Gwadar, five-member delegation of Chinese Company “East Sea Group Limited (ESGL)” is visiting Gwadar, Gwadar Pro reported on Tuesday. ESGL official Jason Zhou said that ESGL chief engineer Liu along with other officials will be in Gwadar from December 20. The delegation consisting of technical team with marine engineering,…
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Asia’s spot fuel oil market extended gains on Tuesday, although recovery remains capped as monthly supplies to Asia hit a year-to-date high. December fuel oil arrivals were at 5.5 to 6.0 million tonnes, the latest assessments by Refinitiv Oil Research showed on Tuesday, with strong arbitrage inflows from the West leading the climb. Asia is expected to be flooded with…
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Engineering firm Ados Pakistan Ltd is going to delist from the Pakistan Stock Exchange (PSX) on Jan 9 after the bourse accepted its request on Thursday for going private. Engaged in the supply of oil and gas field–related equipment, Ados grappled with “serious concerns” about its ability to continue its regular operations following low sales and “structural changes” in the…
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Global law firm White & Case LLP has advised the Federal Government of Pakistan, the Provincial Government of Balochistan, Government Holdings (Private) Limited (GHPL), Oil & Gas Development Company (OGDCL) and Pakistan Petroleum Limited (PPL) on the reconstitution of the Reko Diq project and the comprehensive resolution of a US$11 billion dispute. White & Case partner Kamran Ahmad, who co-led…
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Investors sold petroleum for a fifth consecutive week but the pace of selling slowed as the balance of risks began to shift to the upside and beaten down prices provided a more attractive re-entry point. Hedge funds and other money managers sold the equivalent of 15 million barrels in the six most important petroleum-related futures and options contracts over the…
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We know that historically, many economies around the world have collapsed. We also know that there is a physics reason why this happens. Growing economies require a growing supply of energy to keep up with a growing population. At some point, the energy supply and other resource needs cannot grow rapidly enough to keep up with population growth. When this happens, economies…
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Bold and unpredictable maneuvers are supposed to be the trademark political style of Russian President Vladimir Putin; last week, however, he surprised observers of various persuasions not with a proactive move but with an unusual act of avoidance. Putin’s annual marathon end-of-the-year press conference has been canceled, as has the traditional “direct line” with carefully trained audiences, and his constitutionally…
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