KARACHI: Ambassador of Denmark Jakob Linulf, while referring to economic crises suffered by Denmark in 70s and 80s when it was also on the verge of bankruptcy, said that Denmark came out of these crises by coming with a concept of transforming oil & coal-based economy to a renewable and green economy, which helped in attaining a unique position and…
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ISLAMABAD: After a gap of almost one year, Pakistan on Wednesday received three bids for two additional liquefied natural gas (LNG) cargoes needed for the peak winter demand at a significantly higher premium over the prevailing spot market. Petroleum Minister Muhammad Ali later announced in the evening that the government had accepted two lowest evaluated bids to minimise winter gas…
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LONDON: Oil prices settled down more than $5 on Wednesday as fuel demand destruction and a bleaker macroeconomic picture took centre stage in the day’s trade. Brent crude oil futures settled down 5.11, or 5.6 per cent, to $85.81 a barrel while US West Texas Intermediate crude (WTI) fell $5.01, or 5.6pc, to $84.22. At their session lows, both benchmarks…
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RAWALPINDI/ISLAMABAD: The task force of Sui Northern Gas Pipelines (SNGPL) on Wednesday imposed a fine of Rs500,000 on people involved in gas theft in different localities of the capital, Murree, Fatehjang, Attock and Wah Cantt. On the other hand, the Islamabad Electric Supply Company (Iesco), during the ongoing campaign against defaulters, was able to recover Rs316.3 million from 20,708 consumers.…
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ISLAMABAD: National Electric Power Regulatory Authority (Nepra) is facing a catch 22 situation with respect to approval of new tariff for 1600-MW of tri-fuel Kot Addu Power Plant (Kapco) after CPPA-G and Multan Electric Power Company (MEPCO) showed reluctance to take power from the plant at a tariff ranging from Rs 28 per unit to Rs 77 per unit for…
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ISLAMABAD: The Senate Standing Committee on Finance directed the Federal Board of Revenue (FBR), on Wednesday, to conduct a thorough inquiry into the money laundering by solar panel importers and submit it a report. On Wednesday, a meeting of the Senate Standing Committee on Finance presided over by Senator Saleem Mandviwala was informed that seven companies have been identified in…
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KARACHI: K-Electric (KE), Pakistan’s only private sector power utility, said on Wednesday it wants Shanghai Electric Power (SEP) to raise its offer to buy a majority stake in the company to $2 billion, citing improved performance and growth prospects. The SEP had previously offered to acquire 66.40 percent shares in KE for $1.77 billion, but the deal has been delayed…
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