• Evaluation of mining project’s share price complete, says PC chief• Insists $70bn expected under SIFC based on ‘real offers’ from friendly countries• Defends military’s involvement in decision-making due to its ‘capabilities’ ISLAMABAD: Talks with Saudi Arabia on the sale of stakes in the multibillion-dollar Reko Diq gold and copper mine will begin soon, the head of the Planning Commission…
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ISLAMABAD: The International Monetary Fund (IMF) has advised Pakistan against creating a group of preferred investors or distortions in the country under the Special Investment Facilitation Council (SIFC) and to ensure transparency and accountability in its business deals. Deputy Chairman Planning Commission Dr Jehanzeb Khan told economists and journalists that the visiting fund mission had raised questions as to the need for…
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ISLAMABAD: The government has requested an increase of Rs1.25 per unit on account of quarterly adjustment for the first quarter of the ongoing fiscal year (July-September 2023) to recover Rs22.56 billion from the consumers. The National Electric Power Regulatory Authority (NEPRA) on Tuesday reserved its decision with regard to quarterly power adjustment. The power distribution companies (XWDISCOs) filed a request…
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PARIS: World oil demand will rise slightly more than expected this year as China’s appetite for the fossil fuel hit a record and the Israel-Hamas war did not hit supply flows, the International Energy Agency said Tuesday. The Paris-based organisation said global demand is forecast to hit an all-time high in 2024, although it will grow at a sharply slower…
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KARACHI (Nov 14): Caretaker Sindh Chief Minister Justice Maqbool Baqar has invited proposals for the establishment of an Archaeological Park at Chaukhandi Graveyard meanwhile he ordered the removal of encroachment around the graveyard and organization of from the would be removed from the graveyard to organise a fundraising musical evening at the site. He issued these orders during his visit…
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ISLAMABAD: The oil industry is pressing the government to change the way it calculates the exchange rate for petroleum imports, saying the current formula exposes the private sector to huge losses due to exchange rate fluctuations. The industry has asked for a revision based on the ground realities so that it is not exposed to perpetual suffering due to the…
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KARACHI: Mari Petroleum Company Limited has announced Extended Well Testing (EWT) production commencement from Well Ghazij-2 in Mari Development and Production Lease (D&PL) in Daharki, Sindh. Mari Petroleum Company Limited had earlier informed that the company has successfully drilled and tested the appraisal Well Ghazij-2 in Mari D&PL. It is further informed that Extended Well Testing (EWT) gas production from…
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ISLAMABAD: The wrangle between the Power Division and Chairman Senate Standing Committee on Power, Senator Saifullah Abro on ADB’s project of ACSR Bunting Conductor Lot II A over a reported suspicious contract has intensified and the latter has refused to withdraw recommendations of the Committee of October 17, 2023 including the letter written by Secretary Committee. “Letter has been written…
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ISLAMABAD: Water and Power Development Authority (Wapda) has challenged National Electric Power Regulatory AUTHOIRTY (NEPRA) decision on hydroelectric tariff determination for FY 2022-23, accusing the power sector regulator of denying justified costs. Wapda had sought increase of Rs 3.95 per unit on the basis of revenue requirement of Rs 123.315 billion for the FY 2022-23 whereas the regulator allowed an…
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ISLAMABAD: The federal government has reportedly scrapped the proposed Winter Package for industry across the country after its failure to secure nod from the International Monetary Fund (IMF), well informed sources told Business Recorder. Finance Division had also termed the “shelved” four-month electricity ‘winter package’ for industry on incremental consumption as “vague and in violation of international commitments.” Power Division had…
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