ISLAMABAD: The privately-run K-Electric company has been getting the highest Rs169 billion in subsidy from the federal government as compared to the state-run Power Distribution Companies (Discos), as per the Ministry of Energy (Power Division) statistics. The net required subsidy of K-Electric is Rs169 billion and is being fulfilled by the federal government budget. Among the Discos, three are Islamabad…
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Minister of Energy Mr. Muhammad Ali attended the event of “40 Years of Friendship-Past, Present and Future between Republic of Korea and Pakistan” as chief guest today at Marriot Hotel Islamabad. Followed by the address of Korean Ambassador to Pakistan Mr. Suh Sangpyo and the introductory note, the minister delivered a keynote address at the event. He expressed his gratitude…
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ISLAMABAD-National Transmission and Despatch Company Limited (NTDC) has revised its three years investment plan, seeking NTDC NEPRA nod for investment of Rs 510 billion. Delay by the company in the execution of 42 projects has resulted in cost escalation of Rs 180 billion.In its revised investment plan for tariff control period from FY2022-23 to FY2024-25 National Transmission and Despatch Company…
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Recent deals a financial flex by US oil, gas firms that keep investing in fossil fuels HOUSTON: Chevron agreed to buy US rival Hess for $53 billion in stock in a deal that reflects top US energy companies drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns. The proposed deal amps…
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Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy right now but other risks are also at play, World Bank President Ajay Banga said on Tuesday. “The US 10-year Treasury (yield) just crossed 5 per cent briefly yesterday, these are areas we haven’t seen. So yes, that is right there lurking in the…
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Pakistan has made a formal request to the Kingdom of Saudi Arabia (KSA) for provision of $1 billion oil facility on deferred payment for the calendar year 2024. ISLAMABAD: Just ahead of the IMF’s review talks, Pakistan has made a formal request to the Kingdom of Saudi Arabia (KSA) for provision of $1 billion oil facility on deferred payment for…
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PIA’s fuel supply could not be restored despite payment to PSO KARACHI: The Pakistan International Airlines (PIA) paid Rs70 million to the Pakistan State Oil (PSO) on Tuesday but the fuel supply could not be restored due to which more than 50 more flights were canceled for Wednesday. According to PIA sources, Karachi to Lahore flights PK302, PK303, PK304, PK305…
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The central bank has forecast Pakistan’s real GDP growth to fall in the range of 2-3 per cent in the current fiscal year, it said in its annual economic report released on Monday. In June, the previous government approved an estimated 3.5pc GDP growth target for its 2023-24 financial year budget. However, in its report, the State Bank of Pakistan (SBP) said…
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KARACHI: Pakistan’s oil regulator has convened a series of meetings with local refineries this week to finalize the upgrade agreement and the escrow account agreement under the new refining policy, sources told The News on Monday. The Oil & Gas Regulatory Authority (OGRA) has been slow in finalizing these agreements, which are required to be completed within three months of…
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PARIS: Governments should open a new front in the international clampdown on tax evasion with a global minimum tax on billionaires, which could raise $250 billion annually, the EU Tax Observatory said on Monday. If levied, the sum would be equivalent to only 2 percent of the nearly $13 trillion in wealth owned by the 2,700 billionaires globally, the research…
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