Summary sent to cabinet for formal approval of MD’s appointment ISLAMABAD: Caretaker Prime Minister Anwaarul Haq Kakar has given the green light to appoint Irteza Qureshi as the new regular managing director of Pak Arab Refinery Limited (Parco). He is currently working as the deputy managing director (DMD). According to sources, eight potential candidates had been shortlisted during the first…
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Nepra seeks Discos’ overhaul to tackle electricity challenges
• Releases damning State of Industry Report, asks govt to end cross-subsidy, taxes within tariff• Criticises revenue-based loadshedding ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has asked the government to abolish cross-subsidies and multiple taxes within electricity tariffs. It also urged the government to start breaking up distribution companies and introduce private sector competition down to the feeder level…
Read MorePakistan Refinery Posts Highest Ever Half-Year Profit
Pakistan Refinery Limited (PRL) has announced its financial results for the half-year ended December 31, 2023, showcasing the highest-ever profit and production milestones in the first half of the fiscal year in the company’s history. During the first half of the financial year 2023, PRL achieved an exceptional profit after tax of Rs. 6.51 billion, a substantial increase from Rs.…
Read MoreFaysal Bank and Total Parco Sign Agreement for Digital Payments Acceptance
Karachi, 2 February 2024 – Faysal Bank Limited and Total Parco, signed an agreement for the provision of cashless transactions across Total Parco’s extensive retail network.Through this alliance Faysal Bank’s state-of-the-art point-of-sale card acceptance solution will provide Total Parco’s customers the ability to make payments via cards as well as NFC solutions. Commenting on the partnership, Mr. Yousaf Hussain, President…
Read MoreTrina Solar Heralded as an ESG Champion by Bloomberg Green
Trina Solar has been recognized for its exceptional performance in promoting sustainable development by gaining a Bloomberg Green ESG-Enterprises award as part of the Bloomberg Green ESG 50 list. This achievement once again underscores Trina Solar’s leadership in the photovoltaic industry. Drawing on data from the Bloomberg ESG Index and the advice of global experts, Bloomberg Green conducted a six-month…
Read MoreMPCL successfully drills well in Mari Deep Goru-B formation
KARACHI: Mari Petroleum Company Limited (MPCL) has successfully drilled another development well in Mari Deep Goru-B formation in the Mari Development and Production Lease (D&PL), Sindh. “As part of the field development activities in the Mari D&PL area, MPCL has successfully drilled and tested Mari Deep-20 well in the Goru-B formation”, material information sent to Pakistan Stock Exchange on Thursday…
Read MoreManiar continues to serve as SSGC MD/CEO
KARACHI: The Board of Directors of Sui Southern Gas Company (SSGC) has decided that Imran Maniar will continue to serve as MD/CEO until his reappointment or the appointment of his successor by the Company Board. The SSGC board took this decision in terms of Section 187/3 of the Companies Act, 2017, the Companies sources said.
Read MoreEngagement with IPPs: CCoE directs PD to initiate separate case
ISLAMABAD: The Cabinet Committee on Energy (CCoE) has directed the Power Division to initiate separate case for engaging with remaining Independent Power Producers (IPPs), including those dealing with hydel power that did not sign the MoUs, official sources told Business Recorder. On January 26, 2024, the CCoE was informed that the Power Division moved a summary titled Implementation of Master Agreements…
Read MoreKarot hydropower project: Chinese firm concerned at curbs on its staff’s movement
ISLAMABAD: Chinese company M/s China Three Gorges South Asia Investment Ltd (CSAIL) has reportedly expressed serious concern over restrictions on movement of its employees working on 720 MW Karot hydropower project due to security threat, well-informed sources told Business Recorder. SCAIL, is an investment holding company formed by China Three Gorges Corporation, which is the world’s largest clean energy company with…
Read MoreOil gains after OPEC+ maintains output cuts, but heads for weekly losses
SINGAPORE: Oil prices rose in early trade on Friday following a decision by OPEC+ to keep its oil output policy unchanged, though benchmarks were headed for weekly losses amid unsubstantiated reports of a ceasefire between Israel and Hamas. Brent crude futures climbed 37 cents, or 0.5%, to $79.07 a barrel at 0415 GMT, while U.S. West Texas Intermediate crude futures…
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