KARACHI: The bottom line of Pakistan State Oil (PSO) turned negative in the last quarter of 2022-23 as its unconsolidated loss amounted to Rs4.6 billion versus a three-month profit of Rs21.4bn a year ago. In the preceding quarter of January-March, the state-owned oil marketing company recorded a net profit of Rs13.6bn. As a result, PSO’s earnings totaled Rs5.6bn in 2022-23,…
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Many countries interested in becoming part of emerging economies’ bloc JOHANNESBURG: The 15th BRICS Summit kicked off on August 22 in Johannesburg, South Africa. The theme of this year’s event is “BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism.” “The meetings being held from August 22 to 24 are very important where some key decisions…
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ISLAMABAD: The CEPC firms in the power sector here on Wednesday urged the government to ensure their timely payments against sale of electricity to the Central Power Purchase Agency (CPPA) as they have started injecting their equities to make the powerhouses operational. This issue was agitated by Chinese enterprises during a media interaction arranged by Infodor Salon on the CPEC…
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ISLAMABAD: Pakistan and the International Monetary Fund (IMF) on Wednesday held virtual talks on the overall losses of energy sector, especially in the context of reducing the circular debt during the current fiscal year. The government demonstrated its commitment to adjust fuel price and quarterly tariff with the objectives to erase accumulation of circular debt. The circular debt continues to…
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ISLAMABAD: The much-trumpeted Special Investment Facilitation Council (SIFC) has so far identified and approved 20 projects for attracting multibillion-dollar investments from the Gulf states and others, out of which nine have been converted to the required template. It has also been considered to hold a study to explore the availability of lithium in Pakistan and joint investment in Afghanistan. The…
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August 23, 2023: Pakistan Water and Power Development Authority (WAPDA) and Kot Addu Power Company (KAPCO), majority shares of which are owned by WAPDA, have announced to re-habilitate the houses of Christian community burnt by the miscreants few days ago in a tragic incident that took place at Jaranwala, district Faisalabad. This measure of corporate social responsibility is being taken…
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Construction pace to further accelerate on Dasu Project: Chairman WAPDA August 22, 2023: Chairman WAPDA Engr Lt Gen Sajjad Ghani (Retd) has said that the pace of construction work will be further accelerated on Dasu Hydropower Project, as long-delayed process of land acquisition has substantially been completed. The Chairman expressed these views during his visit to Dasu Hydropower Project today.…
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ISLAMABAD-The caretaker government has no mandate to transfer the ownership and control of power distribution companies (Discos) to the provinces, which will burden the provinces with the losses of hundreds of billions of rupees.Neither the caretakers in centre nor in the provinces are mandated to give or take the burden of hundreds of billions of rupees loses to the provinces,…
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ISLAMABAD: Despite a 26pc increase in base uniform national tariff with effect from July 1, there appears to be no respite in sight for power consumers as ex-Wapda distribution companies (Discos) have sought permission to extract almost Rs30 billion more from their subscribers next month. Through their commercial agent — the Central Power Purchasing Agency (CPPA) — the discos have…
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LAHORE: Sui Northern Gas Pipelines Company (SNGPL) Managing Director Amir Tufail on Tuesday said that up to 100 million cubic feet per day (mmcfd) of natural gas would be added to the company system by the end of this year. Speaking to the company’s shareholders, analysts and investors at a corporate briefing held at the Lahore Stock Exchange, Mr Tufail…
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