KARACHI: The Bin Qasim Association of Trade & Industry (BQATI) has asked the Sui Southern Gas Company (SSGC) to provide a stable and consistent supply of gas for the industrial sector, especially for the continuous industrial units that require uninterrupted operations. BQATI President Rasheed Janmohammed made the request during a meeting with SSGC Managing Director Imran Maniar at the BQATI…
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ISLAMABAD: A plan to reduce the gas sector circular debt by Rs543 billion through a dividends ploughing back scheme has drawn flak from major gas producer — OGDCL — who says it was not consulted by the previous PDM government. The proposal, which was shared with the International Monetary Fund (IMF), involves the government injecting funds into the state-owned gas…
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LONDON: The Grand Court of the Cayman Islands has granted partial relief to Infrastructure and Growth Capital Fund SPV21 (IGCF) but also allowed the Pakistan proceedings to continue with the government of Pakistan through the Privatization Commission and Power Division Secretaries, Nepra and SECP in the battle for the takeover of Karachi Electric (KE). Mr Justice Segal, Judge of the…
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ISLAMABAD: Minority shareholders in an offshore holding company that owns most of K-Electric have been ordered to withdraw their petition in the Sindh High Court (SHC) that blocked main shareholder IGCF from joining the board, IGCF said on Friday. Infrastructure and Growth Capital Fund SPV21 (IGCF) told Reuters it had filed a case against the petition in a court in the Cayman…
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Circular Debt Settlement: Several news articles have recently addressed the issue of circular debt settlement. We would like to clarify that, as of this date, we have not received any formal communication from the relevant authorities. Thus, any information in circulation about a settlement plan might be speculative. We encourage stakeholders and the public to rely exclusively on official communications…
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August 2023
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KARACHI: The Board of Directors of Shell Pakistan Limited (SPL) announced half year results for the company on August 16. The company posted a profit after tax of Rs 3.5 billion compared to the profit after tax of Rs 7.5 billion made in the same period last year. On June 14th, 2023, Shell Petroleum Company Limited, a subsidiary of Shell…
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Experts suggest taking measures to address impacts of rising temperatures LAHORE – Climate change-induced heat stress has negatively impacted Pakistan’s economy, especially the energy sector. As per the experts, the consequences of temperature increase on different factors like labour productivity, household consumption habits, and living standards were contingent on whether the temperature moves closer to or deviates further from the…
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KARACHI: A subsidiary of IT firm Supernet Ltd has acquired majority shares in Hallmark Company Ltd as part of a reverse merger to attain the listing status. The reverse merger allows a private entity — Super Infrastructure Solutions Ltd in this case — to become a publicly traded firm simply by purchasing controlling shares in a listed entity. In other…
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ISLAMABAD: The prices of petrol and diesel hit a record high on Tuesday, as the newly installed caretaker government raised fuel prices by up to Rs20 per litre, another second massive hike in a fortnight that is likely to further stoke inflation, which had cooled over the past two months. The new petrol price will be Rs290.45 per litre from…
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