Karachi (PR): Mr. Irfan Iqbal Sheikh, President FPCCI, has demanded that the federal government should announce a reduction of 18 – 20 rupees per liter in the prices of petroleum products as international oil prices are showing a declining trend despite the harrowing ongoing conflict and supply cuts announced by Saudi Arabia and Russia till December 2023. I can project…
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World Bank declares more than half of $6.7b project portfolio unsatisfactory or problematic ISLAMABAD: More than half of the World Bank-funded portfolio of federal projects worth $6.7 billion has been declared unsatisfactory or problematic by the lender, highlighting deep-rooted problems that have remained unaddressed for years due to serious governance issues. The Ministry of Economic Affairs and the World Bank,…
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ISLAMABAD: The prices of petrol and high-speed diesel (HSD) are expected to decline by Rs8 to Rs10 per litre each on Nov 15 for the next fortnight, mainly due to lower prices in the international market. Informed officials said that the international prices of both HSD and petrol had fallen over the past two weeks. However, the rupee depreciated against…
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Makes move to tackle risk of mounting debt crisis, default ISLAMABAD: Pakistan State Oil (PSO), grappling with severe financial challenges, is exploring a strategic path to acquire shares in state-owned oil and gas exploration companies and power firms. This move is aimed at addressing the pressing issue of the company’s burgeoning circular debt, which threatens to push it into default.…
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Caretaker Minister for Information and Broadcasting Murtaza Solangi has said that the government is focusing on alternate renewable energy resources to reduce dependence on imported expensive fuel, state-run Radio Pakistan reported on Sunday. Talking to newsmen in Lahore, he said the country produces 60 percent of electricity through thermal sources while one-fourth through hydel. “Generation of electricity from expensive imported fuel has…
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ISLAMABAD: The government has recovered Rs46 billion in just 53 days during its anti-electricity theft drive, tweeted Secretary Power Division Rashid Langrial. “We are working on the remaining problem space of Rs390 billion of which we are able to recover Rs46 billion in 53 days i.e. Rs867 million per day. We started our anti-power theft campaign on the 7th of…
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ISLAMABAD: The gas crisis in the country is likely to deepen in the peak winter month as a distressed LNG cargo from SOCAR, a state-owned company of Azerbaijan, may not land in January 2024, senior officials of the Energy Ministry told The News. Before the impending non-provision of LNG cargo, the country was estimated to brave the gas shortfall of…
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ISLAMABAD: The caretaker Minister for Petroleum and Power, Muhammad Ali, is likely to visit Tehran next week to attend 23rd International exhibition of electricity industry of Iran on November 14-16, 2023, well informed sources in Ministry of Foreign Affairs told Business Recorder. On November 6, 2023, the Ambassador of Iran to Pakistan Dr Reza Amiri Moghaddam called on caretaker Federal Minister…
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LONDON: Karachi Electric’s Saudi investors have filed a writ petition with the Islamabad High Court (IHC) requesting action against the perceived inaction of the Federal Investigation Agency (FIA) in response to a critical complaint they had previously submitted around the potential misappropriation of Rs10.5 billion of foreign investors’ funds, specifically, the sale proceeds from an investment firm in Pakistan. Represented…
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ISLAMABAD: The caretaker government, which is in loan review talks with the IMF, has decided to finalise a climate financing policy at the earliest and place three more crucial state-owned enterprises (SOEs) under the financial surveillance of the Ministry of Finance’s Central Monitoring Unit (CMU), which is yet to become operational. The entities slated for enhanced oversight include the Pakistan…
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