KARACHI: Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, Mian Zahid Hussain said that it is astounding that the circular debt of the power and gas sectors has reached almost Rs6 trillion. It also indicates that the strategy of reducing the amount of circular debt by increasing tariffs has yet to…
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SINGAPORE: Oil prices fell for a second day on Monday as economic headwinds pressured the global oil demand outlook and outweighed geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend. Brent crude fell 41 cents, or 0.5%, to $78.15 a barrel by 0105 GMT after settling down 54 cents on Friday.…
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Power production will remain sub-optimal due to low forex reserves along with outages LAHORE: Electricity load-shedding is back in the last couple of weeks. Urban areas are observing around four to five hours of load-shedding, while the situation is worse in rural areas. The demand for electricity is around 14,500 megawatts while the system is generating around 10,000MW of electricity.…
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KARACHI: Consul General of Turkiye Cemal Sangu has said although Turkiye and Pakistan have been cooperating in many fields of trade and economy but the existing trade volume was very low which requires very hard work from the business communities of both countries.“We say we are brotherly but it doesn’t reflect in our trade. Keeping in view Pakistan’s and Turkiye’s…
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Plant aims to meet energy deficit in the region, ensure uninterrupted supply of electricity to localsThe Special Investment Facilitation Council (SIFC) of the government, in partnership with solar firm Energy NPAK has installed a one-megawatt solar power plant in Hunza district of Gilgit-Baltistan. The solar plant aims to meet the energy deficit in the region and ensure uninterrupted supply of…
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KARACHI: The Sui Southern Gas Company Limited (SSGC) said the election process of its board of directors has been delayed several times due to various reasons at the Petroleum Division level. “Detailed correspondence has been shared between SSGC and Petroleum Division, seeking clarification and path forward in this regard. Response was also obtained from SECP, where needed and detailed exchanges…
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KARACHI: A group of oil marketing companies is opposing a government decision to give Pakistan State Oil (PSO), the country’s largest fuel supplier, the sole right to import high-speed diesel (HSD). The move would create a monopoly for the state-owned PSO and hurt the competitiveness and innovation of the oil sector, the Oil Marketing Association of Pakistan (OMAP), which represents…
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KARACHI: Mari Petroleum Company Limited (MPCL) has announced successful drilling of another appraisal well in Mari Ghazij formation in the Mari Development and Production Lease (D&PL), Sindh. As part of the appraisal plan for the Ghazij discovery in the Mari Development and Production Lease, MPCL has successfully drilled and tested the second appraisal well in the Ghazij formation, material information…
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ISLAMABAD: Caretaker Minister for Power and Petroleum, Muhammad Ali, has reportedly given his pledge to the Turkish company SA-RA Energy that he would conduct a transparent inquiry into contracts of 765 kV Dasu transmission line, while acknowledging that there was collusion as procedure was not followed in this regard, well informed sources told Business Recorder. The World Bank has also conducted…
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ISLAMABAD: The National Electric Regulatory Authority (Nepra) on Friday granted a non-exclusive distribution licence and a supplier-of-last-resort (SoLR) licence to K-Electric Ltd (KEL) both for 20 years, valid until Jan 18, 2044. The non-exclusive distribution licence to KEL means that smaller private power distribution companies with a licence from Nepra would be allowed into the power distribution and sale business,…
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