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Year: 2024

ECC Approves Key Circular Debt and Financial Measures for Fiscal Year 2024-25

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circular-debt

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Senator Muhammad Aurangzeb, approved the Circular Debt Management Plan for FY 2024-25 on Monday, aiming to reduce power sector liabilities and improve financial stability. The ECC discussed various significant agenda items, including: Circular Debt Management: The Power Division presented the debt management plan for approval to tackle…

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Stalemate Persists in Talks with 18 IPPs as Dispute Over Figures Impedes Progress

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Power-IPP

ISLAMABAD: Despite the Task Force on Energy’s success in terminating or amending contracts with 13 Independent Power Producers (IPPs), negotiations with the remaining 18 IPPs from the 1994 and 2002 policies remain deadlocked, as both sides contest each other’s financial figures, sources revealed. The Task Force, chaired by Minister for Power Sardar Awais Khan Leghari and comprising key officials from…

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Traders Urge SSGC for Reliable Winter Gas Supply, Call for Official Distribution Points in Hyderabad

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Gas-Project

KARACHI: The Hyderabad Chamber of Small Traders and Small Industry (HCST&SI) President, Muhammad Saleem Memon, has appealed to Sui Southern Gas Company (SSGC) to guarantee a reliable and safe gas supply during the winter months. In a letter addressed to the SSGC managing director, Memon highlighted the seasonal rise in gas demand, which often results in a surge of unlicensed…

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SIFC Sets November Deadlines to Address Refinery Challenges, Boost Compliance

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Power project

ISLAMABAD: The Special Investment Facilitation Council (SIFC) has set a November 10 deadline for the Petroleum Division to resolve critical issues facing Pakistan’s oil refineries, hindering agreements on plant upgrades under the Brownfield Refinery Policy 2023. According to sources, a recent meeting at the Prime Minister’s Office, led by a working group on downstream policy issues under SIFC, emphasized adherence…

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Qatar, Azerbaijan Pledge $5bn Investment in Pakistan: PM Shehbaz

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PM-Shehbaz

ISLAMABAD: Prime Minister Shehbaz Sharif announced on Monday that Qatar and Azerbaijan have committed $5 billion in investments across Pakistan’s various sectors, with Qatar alone pledging $3 billion. Speaking at a federal cabinet meeting, PM Shehbaz shared insights from recent productive discussions with Saudi and Qatari leaders, covering key areas like solar energy, mining, minerals, and information technology. A delegation…

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Israel declares emergency for next 48 hrs amid rising tensions with Lebanon

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israel

Israel has declared an emergency for the next 48 hours amid the country’s escalating tensions with Lebanon, according to The Times of Israel. Israel’s Defence Minister, Yoav Gallant, declared an emergency. This comes as a “special situation in the home front,” which enables the IDF Home Front Command to issue restrictions. In emergencies, the legal term “special situation” is used…

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Oil gains over 2% after OPEC+ delays output hike, US election in focus

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Oil-gains

Oil prices rose more than 2% on Monday on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the U.S. presidential election. U.S. Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s Election Day, and the winner might not…

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FPCCI Proposes Amendments in Petroleum Act 1934Atif Ikram Sheikh, President FPCCI

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FPCCI-Project

Karachi: Atif Ikram Sheikh, President FPCCI, has appreciated Senator Musadik Malik, Federal Petroleum Minister and the Director General of Explosives at Ministry of Petroleum for responding to the concerns of trade and industry vis-à-vis the definition, handling, storage and licensing requirements of liquid hydrocarbon, mixed hydrocarbons and any other material or mixture containing hydrocarbons. Atif Ikram Sheikh apprised that FPCCI…

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SIFC Sets Deadlines for Resolving Petroleum Sales Tax Exemption and Illegal Outlet Issues

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Refinery-Limited

ISLAMABAD: The Special Investment Facilitation Council (SIFC) has directed the Petroleum Division (PD) to work with the Finance Division and Federal Board of Revenue (FBR) to address the sales tax exemption issue on petroleum products (POL) by November 10, 2024. This exemption is critical for advancing the $6 billion Brownfield Refineries Upgradation project. The SIFC has also tasked the Petroleum…

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PM Shehbaz Sharif to Attend COP29 Summit in Baku Next Week

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Shehbaz-Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif is set to visit Baku, Azerbaijan, in mid-November to participate in the COP29 summit at the invitation of Azerbaijan’s President. The summit, scheduled for November 13-15, will feature the Innovation Zone for Climate Action, a platform designed to accelerate impactful climate solutions. The Innovation Zone, a significant initiative from prior COPs, fosters collaboration across sectors…

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