KARACHI: Mari Petroleum Company Ltd (MPCL) has reported its highest-ever earnings, posting a record profit of Rs77 billion for FY24, marking a 38% increase from Rs56 billion in FY23. The company declared a final cash dividend along with an interim dividend of Rs232 per share for FY24, reflecting a payout ratio of 40%, up from 35% in the previous year.…
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ISLAMABAD: The World Bank has recommended that Balochistan capitalize on its vast renewable energy resources to generate surplus electricity, which could be exported to other provinces or internationally, thereby reducing its reliance on power imports. This proposal is outlined in the World Bank’s recently released “Balochistan Renewable Energy Development Study.” The study highlights that Balochistan possesses significant untapped potential for…
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Fast conversion of farmlands near cities into housing societies gravely endangers Pakistan’s food security: Sindh Environment Minister Karachi: Sindh Environment Minister, Dost Muhammad Rahimoon, has said the fast diminishing farmlands near urban centres due to their conversion into gated housing societies has posed serious threats to Pakistan’s food security.The environment minister stated this while speaking as the chief guest at…
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ISLAMABAD: Pakistan’s oil refineries have informed government officials that their lenders will not provide loans for plant upgrades unless issues, including the sales tax exemption on petrol (MS), High-Speed Diesel (HSD), and light diesel oil (LDO), are resolved. Managing directors from Pak-Arab Refinery Company, Pakistan Refinery Limited, National Refinery Limited, Attock Refinery Limited, and Cenergyico Pk Limited conveyed this during…
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KARACHI: The sale of legally sourced petrol in Balochistan, particularly in Quetta, has surged dramatically over the past 10 days following widespread road blockades in the province. Oil marketing companies have reported a tenfold increase in the sale of petroleum products in Quetta, Balochistan’s provincial capital. “We have recorded the sale of 600,000 litres of petrol over the past several…
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KARACHI: Kot Addu Power Company Limited (KAPCO) announced on Wednesday that it has not received any “capacity payments” from the government since its power purchase agreement (PPA) expired in October 2022. Addressing recent reports, KAPCO clarified that it has not been paid for generating electricity in the past 22 months. The company has only received overdue receivables related to the…
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ISLAMABAD: Energy Minister Awais Leghari announced on Wednesday that the energy ministry has embarked on major reforms aimed at reducing reliance on Independent Power Producers (IPPs) and addressing critical issues in Pakistan’s energy sector. Speaking to the Senate Standing Committee on Energy, Leghari highlighted several challenges, including power outages, high transmission losses, elevated tariffs, limited renewable energy sources, and a…
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ZURICH: Swiss commodities giant Glencore has decided to retain its coal business after consulting shareholders who see the fossil fuel as a significant cash generator. Glencore recently completed the acquisition of Teck Resources’ steelmaking coal unit, Elk Valley Resources, in July following a protracted negotiation with the Canadian company. The commodities trading and mining group had considered merging Elk Valley…
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ISLAMABAD: Prime Minister Shehbaz Sharif has appointed Rashid Mahmood Langrial, a BS-21 officer of the Pakistan Administrative Services, as the new chairman of the Federal Board of Revenue (FBR). This move aims to quell speculations and address the need for end-to-end digitization of the tax process. The FBR chief position became vacant last month after Zubair Tiwana sought early retirement.…
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