Islamabad, March 8, 2024: Pakistan Petroleum Limited (PPL) has embarked on a significant milestone by signing a Memorandum of Understanding (MoU) with the Frontier Works Organization (FWO) to foster strategic cooperation and collaboration for the EL 207 Project situated in Eastern Chagai, Balochistan. This endeavor marks PPL’s proactive diversification into the mining sector, aimed at expanding and fortifying its presence…
Read MoreDay: March 7, 2024
Oil prices hold gains on upbeat China trade data
SINGAPORE: Oil prices held steady on Thursday, holding onto overnight gains after upbeat Chinese trade data and after U.S. data showed a smaller-than-expected rise in crude inventories and large draws in fuel stocks. However, expectations that U.S. interest rate cuts could be delayed capped gains. Brent crude futures slipped 8 cents to $82.88 a barrel by 0736 GMT, while U.S.…
Read MoreFebruary Economic Update and Outlook
The February 2024 Economic Update and Outlook uploaded on the Finance Division website on the last day of the month presented the customary dichotomy between the analysis and the statistical data. Examples abound, so to speak: (i) the analysis referred to the caretaker government taking steps to reduce unproductive expenditure. This claim is easily disproved by the data at the…
Read MoreEnergy Summit Highlights Insurance’s Impact on Sustainable Energy Investment
At the Energy Summit held in Karachi, industry leaders underscored the pivotal role of insurance in driving investment and innovation within Pakistan’s energy sector. Addressing critical challenges and exploring opportunities for sustainable development, experts emphasized the importance of insurance coverage in mitigating risks and promoting long-term confidence among investors. Chairman of Lockton MENA, Ata Khatib, highlighted the indispensable nature of…
Read MoreShell Pakistan Reveals PAT Rs 5.8 billion, Eyes Growth Amidst Strategic Changes
Pakistan Limited (SPL) revealed its financial results for the fiscal year ending December 31st, 2023, showcasing a remarkable turnaround with a profit after tax of Rs 5.8 billion. This marks a notable shift from the previous year’s loss of Rs 72 million. The positive financial trajectory comes amidst strategic changes, including the pending sale of Shell Petroleum Company Limited’s majority…
Read MoreMurad, World Bank forge partnership for water management reforms
Sindh Chief Minister Syed Murad Ali Shah convened with a high-powered delegation from the World Bank to deliberate on crucial reforms aimed at bolstering the Karachi Water Board and enhancing the province’s irrigation system. Led by Water Global Director Saroj Kumar Jha and World Bank Country Director Najy Binhassine, the discussion underscored the pressing need for sustainable water management in…
Read MoreEconomy on a knife-edge after election
With ballot-box rigging, arbitrary arrests, politicization of the judiciary, media censorship, and endless internet blackouts, democracy has become a distant memory in Pakistan. The elections held on February 8, after two extremely turbulent political years, were a sad illustration of this. A lacklustre campaign didn’t discourage people from showing up at the ballot box in greater numbers than predicted. This…
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