ISLAMABAD: Pakistan’s elites are engaged in a battle for the capture of resources and power as part of a clientelist patronage state, said British economist Stefan Dercon, on Friday. He emphasised that their motivation does not prioritise economic growth and development in the country. Dercon argued that there is an underlying elite bargain for the status quo among powerful elite…
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LAHORE: The Ambassador of Iran, Dr Reza Amiri Moghaddam, on Friday, expressed optimism about two transformative initiatives being undertaken by Pakistan’s government, highlighting their potential for robust economic growth. These initiatives, namely the Special Investment Facilitation Council (SIFC) and the Barter Trade Mechanism (BTM), are beginning to yield promising results. Speaking at the Lahore Chamber of Commerce & Industry (LCCI),…
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ISLAMABAD: Shocking revelations emerged during a public hearing on coal pricing mechanisms, indicating that coal power plants in Pakistan are manipulating coal prices by importing lower-quality coal for their operations. In a significant disclosure, it was revealed that the Sahiwal coal power plant had procured coal at a time when coal prices were high and maintained an inventory that was…
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ISLAMABAD: Pakistan is in its tipping point crisis where it should decide to remain a laggard with 40 per cent population living below the poverty line under elite capture and policy decisions driven by strong vested interests of military, political and business leaders or change course to take off for a brighter future. This candid warning came from the World…
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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Friday allowed the federal government to increase electricity rates by Rs3.28 per unit for all consumers across the country for six months — October 2023 to March 2024 — with additional revenue impact going beyond Rs200bn. The increase has been allowed under quarterly tariff adjustment (QTA) mechanism to finance the additional…
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Caretaker Minister for Energy Muhammad Ali on Thursday said gas prices in the country had consistently been a matter of concern, underlining that forthcoming announcements would detail the impending changes in the price of the commodity. The minister made these remarks during a visit to the Lahore Chamber of Commerce and Industry (LCCI). Caretaker Federal Minister for Commerce, Industries, and…
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TORONTO: Barrick Gold’s top executive says it’s not just Saudi Arabia interested in his company’s massive copper project in Pakistan — some major mining companies are, too, Bloomberg News reported. The Canadian miner’s $7-billion Reko Diq project in Balochistan — a region bordering Afghanistan and Iran — boasts one of the world’s largest copper deposits and could become a major…
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ISLAMABAD: Pakistan is seeking to revive a stalled $200 million Qatari investment in a liquefied natural gas (LNG) terminal project that has faced bureaucratic hurdles for five years over the allocation of pipeline capacity, officials said on Thursday. The Energas terminal, which is to be operated on a business-to-business (BtB) model with no government guarantee on RLNG takeoff, will have…
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ISLAMABAD: Coal power plants and coal suppliers on Thursday raised questions on NEPRA’s proposed revision in coal pricing mechanism without taking them on board, making irrational deductions, and the exchange rate that is hitting them as their invoices are not being cleared by the concerned agency. The NEPRA Authority, comprising Chairman Waseem Mukhtar, Member (Tariff and Finance), Mathar Niaz Rana,…
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ISLAMABAD: In a landmark development to address critical exploration and production (E&P) issues, the Oil & Gas Development Company Limited (OGDCL) and the National University of Sciences and Technology (NUST) have forged a strategic partnership to drive innovation, research, and educational excellence in Pakistan’s energy sector. OGDCL and NUST have signed a Document of Understanding (DoU), ushering in new opportunities…
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