In a recent report by Bloomberg economist Ankur Shukla, Pakistan’s economic landscape is poised for recovery, projecting a growth of 2.1 percent in the fiscal year and a significant acceleration to 4.8 percent in fiscal 2025. Several factors contribute to this optimistic outlook, including the approval of a $700 million loan tranche from the International Monetary Fund (IMF) in November,…
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ISLAMABAD, December 07, 2023: In a significant stride towards sustainable energy practices, Pakistan’s leading Exploration and Production (E&P) companies, OGDCL, PPL, and GHPL, joined forces for environmental responsibility. At the United Nations Climate Change Conference (COP28) held in Dubai, these E&P companies participated actively in the conference and exhibition, engaging with global stakeholders at the Pakistan Pavilion.During the conference, OGDCL,…
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Engro Polymer and Chemicals Limited (EPCL), a subsidiary of Engro Corporation, said on Wednesday it has entered into an interim agreement with Sui Southern Gas Company Limited (SSGC) for the supply of gas till February 29, 2024. The company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday. The company said that the gas will…
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ISLAMABAD: The Finance Division has reportedly opposed a proposal of the Power Division regarding establishment of Performance Management Units (PMUs) in loss-making power Distribution Companies (Discos) under senior army officers (brigadiers), arguing it will further deteriorate governance within Discos, sources close to Secretary Finance told Business Recorder. The Power Division prepared a secret proposal for the federal cabinet to hand over…
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Investor will inject $1.5b into refinery to double its production capacity ISLAMABAD: State-run oil marketing company Pakistan State Oil (PSO) has agreed to sell its over 30% shareholding in Pakistan Refinery Limited (PRL) to a Chinese firm in a bid to attract an investment of $1.5 billion to double the refining capacity. PRL, in which PSO is a major shareholder…
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KARACHI: Sui Southern Gas Company Ltd (SSGC) said on Wednesday it’s going to convert SSGC LPG Ltd, a wholly owned subsidiary, into a public limited firm by offering its shares to the general public. The government-owned gas distribution company said it’ll initiate the process for the “issuance of 33.3 million shares” of the converted company by means of an initial…
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KARACHI: Federal Secretary Industries and Production Asad Rehman Gilani has said that while embarking on this journey with locally manufactured hybrid electric vehicles (HEVs) on our roads, let’s keep in mind, that the country must expedite exports to reduce the trade deficit. “I see no better partner to support this goal, than our long-term standing partner, Toyota,” he said while…
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ISLAMABAD: Perturbed over the power regulator’s inquiry indicting distribution companies (Discos) of malpractices and over-billing in the provision of electricity, the Power Division on Wednesday constituted another ‘independent and impartial committee’ to probe the findings and legalities of the Nepra report. The inquiry committee, constituted by the Power Division secretary to probe the Nepra’s inquiry report, will be led by…
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