NEW YORK: Oil prices fell over 2 percent on Monday as diplomatic efforts in the Middle East intensified in an attempt to contain the conflict between Israel and Hamas, easing investor concerns about potential supply disruptions. Brent crude futures were down $2.02, or 2.2 percent, at $90.14 a barrel as of 1655 GMT. U.S. West Texas Intermediate crude futures were…
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LAHORE: Pakistan is providing foreign investment facilities in various sectors through Special Investment Facilitation Council (SIFC) and the Dutch companies must bring more investment here, Governor Punjab Muhammad Balighur Rehman said. “Pakistan is offering favorable business opportunities to international companies in various sectors,” the governor said during a meeting with the Honorary Consul for Netherlands Asma Hamid in Lahore, who…
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KARACHI: President, SITE Association of Industry Muhammad Kamran Arbi has, in a press statement, drew attention of the government towards high industrial power tariff. He said that the high industrial power tariff is badly hampering industrial production and resulting in decline of exports. Quoting KE’s Annual Report 2023, he said that due to high power tariffs, economic slowdown and low…
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PESHAWAR: Khyber Pakhtunkhwa Caretaker Adviser for Planning & Development, Energy & Power and Minerals Development Dr Syed Sarfaraz Ali Shah has said Pakhtunkhwa Energy Development Organization (Pedo) is a major source of annual income worth billions of rupees. He said that under the supervision of Pedo, work is currently underway on 42 energy projects of transmission lines including hydro and…
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• Over 75 flights scheduled for Sunday cancelled as PSO cuts supply• Spokesperson claims operation ‘partially restored’ as four international flights depart late at night• Employees’ rep sees airline’s ‘destruction’ as part of ‘planned conspiracy’ RAWALPINDI: Once a profitable entity and the pride of a nation, the national flag carrier’s fortunes plummeted to an all-time low on Sunday, when its…
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• Fixed monthly fee to jump from Rs10 to Rs400, consumer rates by 194pc• Special ECC meeting scheduled today to clear unprecedented hikes ISLAMABAD: Before seeking final dates for the second review of the ongoing IMF loan programme, the government has convened a special meeting of the Economic Coordination Committee (ECC) on Monday (today) to discuss and clear an unprecedented…
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Pakistan produces 44,138 GWh in first three months of FY24 KARACHI: Pakistan’s power generation increased 7.4% to 44,138 gigawatt hours (GWh) in the first three months (Jul-Sept) of current fiscal year while the cost of fuel dropped 21.5% to Rs8.03 per unit. The cost fell in the wake of improvement in energy mix with higher production from low-cost sources and…
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ISLAMABAD: Nearly a dozen Development Finance Institutions (DFIs) are anxiously waiting for transition from USD London Interbank Offer Rate (Libor) to Secured Over Night Financing Rate (SOFR) in the Pakistani energy sector, as a consensus has already evolved between the DFIs and concerned Pakistani entities, sources in PPIB told Business Recorder. The ten DFI comprising Asian Development Bank (ADB), British International…
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Power Division seeks approval for halting facility, giving monetisation allowance ISLAMABAD: Though members of the cabinet have voiced concerns over supply of free electricity to the employees of Wapda and DISCOs, the ministries are divided over the proposal of discontinuing such services, which are blamed for the runaway circular debt. In a recent meeting of the cabinet, it was revealed…
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Ministry proposes debt reduction via subsidies, revision of policies and deals ISLAMABAD: The Ministry of Energy has proposed to the Special Investment Facilitation Council (SIFC) a plan for reduction in power-sector circular debt of Rs2.3 trillion through a combination of budget subsidies, revision of policies and agreements. The draft plan has been shared with a committee of the civil-military forum,…
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