Islamabad, Pakistan – February 20, 2024: Pakistan Mineral Development Corporation (PMDC) and Miracle Saltworks Collective Inc. (MSCI) Cement Historic Joint Venture for Pink Rock Salt Crushing and Packaging Facility in Pakistan under the facilitation of SIFC. The official signing ceremony took place at Marriott Hotel, Islamabad on February 20, 2024, with the honorable presence of His Excellency Anwaar-ul-Haq Kakar, The…
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OGDCL Announces Major Gas and Condensate Discovery at Kharo Well-1 in Khairpur, Sindh
ISLAMABAD, February 19, 2024: The Oil and Gas Development Company Limited (OGDCL) has announced a significant breakthrough in its exploration efforts with the discovery of gas and condensate at the Kharo-1, a well drilled in the Khewari exploration license area, located in Khairpur district of Sindh province.Following rigorous drilling and testing operations conducted with OGDCL’s proprietary expertise, the Kharo-1 well…
Read MoreCompetition Commission of Pakistan Approves Merger of Korean Firm with Mira Power Limited
The Competition Commission of Pakistan (CCP) has granted approval for the merger of a Korean firm with Mira Power Limited (MPL), as reported by Business Recorder on Monday. The merger involves Korea-based DL E&C Co. Ltd acquiring shares in MPL, the operator of the 102 MW Gulpur hydropower plant, from DL Holdings Co. Ltd. CCP conducted a competition assessment and…
Read MorePakistan Accelerates IP Pipeline Project to Avoid $18 Billion Penalty Despite US Sanctions
Islamabad: Pakistan has committed to completing the first phase of the Iran-Pakistan (IP) gas pipeline project within its territory to avoid a potential $18 billion penalty, despite facing sanctions from the United States. Iran has granted an extension of 180 days until September 2024 to complete the project, aiming to prevent litigation in international courts and maintain diplomatic relations. To…
Read MoreEscalating Energy Costs Pose Threat to Industries, Job Market, and Inflation
Karachi: Industrialists express concerns over the rising gas and electricity tariffs, warning of potential closures of industries, unemployment surge, and inflationary pressures. President of the Federal B Area Association of Trade and Industry (FBATI), Syed Raza Hussain, highlighted the adverse effects of gas tariff hikes on small and medium-sized enterprises, emphasizing potential job losses and inflationary impacts. Industry leaders, including…
Read MoreMayor Karachi Announces Solar Power Transition for KMC Buildings, Establishes 100 Million Endowment Fund for Green Energy Initiatives
Karachi – Mayor Karachi Barrister Murtaza Wahab has announced the Karachi Metropolitan Corporation’s (KMC) plans to transition its buildings to solar power, fulfilling a promise outlined in the party manifesto. A 100 million rupee endowment fund has been established for global warming and green energy initiatives, with a focus on clean and green energy throughout the city. Despite efforts to…
Read MoreCaretaker Energy Minister Advocates for Reduced Government Involvement in Businesses at Karachi Literature Festival
Caretaker Energy Minister Mohammed Ali advocated for a reduction of government involvement in businesses during his address at the Karachi Literature Festival (KLF) 2024. He emphasized that Pakistan stands out as a multi-party democracy where the government holds significant control over various industries, a situation he deemed incompatible with achieving self-reliance. Speaking on the panel titled ‘The Big Picture: Future…
Read MoreSIFC Approves Revised Gas Allocation Priority List
The government has decided to overhaul the gas allocation merit order, giving top priority to domestic, commercial (including roti tandoor), and industrial sectors for processing purposes. This decision, approved by the Special Investment Facilitation Council (SIFC), is aimed at stimulating economic activity and ensuring sustained momentum throughout the year. According to a senior official from the Energy Ministry, the revised…
Read MorePakistan Plans to Lay 81-Kilometer Gas Pipeline from Gwadar to Iranian Border
In a significant development, Pakistan has announced plans to proceed with the long-pending gas line project within its territory in two phases. The initial phase involves laying an 81-kilometer segment of the pipeline from Gwadar, where Iran has already established its part of the pipeline originating from the gas field. The decision received approval from the Special Investment Facilitation Council…
Read MoreWapda Proposes Sales Tax Deposit for Mangla Power Station to AJ&K
The Water and Power Development Authority (Wapda) has recommended a formal agreement among stakeholders to direct the sales tax revenue from the Mangla Power Station to the exchequer of Azad Jammu and Kashmir (AJ&K), according to informed sources. In response to a recent notification establishing a Technical Committee, following a decision made during a Combined Sub-Committee meeting on January 30,…
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