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OGDCL, KUFPEC partner to explore joint business opportunities and expertise sharing

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KUFPEC

A senior level delegation from Kuwait Foreign Petroleum Exploration Company (KUFPEC), Kuwait, led by Mr. Tareq M. Ebrahim (EVP – Operations) and including Mr. Ali Taha Al-Temimi (Country Head – KUFPEC, Pakistan), Mr. Bader Al-Matar (Manager Asia Region), Mr. Nawwaf AlSalem (Manager Exploration), Mr. Khaled Al-Athainah (Manager Exploration, Pakistan) and Mr. Abdul Ghafoor (Sr. Specialist Geologist, Pakistan), visited OGDCL Head office…

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THE FUTURE SUMMIT 7th Edition-Discussing Challenges, Exploring Opportunities

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future-summit

Karachi, November 15, 2023: The 7th Edition of THE FUTURE SUMMIT (TFS) commenced with a full house at a local hotel in Karachi.THE FUTURE SUMMIT is co-hosted by Nutshell Group and HBL, and powered by Unity Foods Limited, in strategic partnership with the Overseas Investors Chamber of Commerce and Industry (OICCI) and CORPORATE PAKISTAN GROUP.The inaugural session showcased an impressive…

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Younus Dagha for providing gas at cost to industries, ending cross-subsidization

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younus-dagha

KARACHI: Provincial Minister for Revenue, Industries and Commerce Muhammad Younus Dagha has said that worldwide gas tariff for industries is subsidized while the residential consumers are subjected to higher cost but unfortunately, in Pakistan, the industries are subsidizing all other sectors which is purely against international best practices.“Structural changes in consultation with business community are needed to rectify all issues…

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Talks with Saudis on Reko Diq stake soon

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Pakistan-Reko-Diq-mine

• Evaluation of mining project’s share price complete, says PC chief• Insists $70bn expected under SIFC based on ‘real offers’ from friendly countries• Defends military’s involvement in decision-making due to its ‘capabilities’ ISLAMABAD: Talks with Saudi Arabia on the sale of stakes in the multibillion-dollar Reko Diq gold and copper mine will begin soon, the head of the Planning Commission…

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IMF raises questions on SIFC creation

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IMF-board

ISLAMABAD: The International Monetary Fund (IMF) has advised Pakistan against creating a group of preferred investors or distortions in the country under the Special Investment Facilitation Council (SIFC) and to ensure transparency and accountability in its business deals. Deputy Chairman Planning Commission Dr Jehanzeb Khan told economists and journalists that the visiting fund mission had raised questions as to the need for…

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Power adjustment: Govt seeks Rs1.25 per unit hike for Q1

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power-sector

ISLAMABAD: The government has requested an increase of Rs1.25 per unit on account of quarterly adjustment for the first quarter of the ongoing fiscal year (July-September 2023) to recover Rs22.56 billion from the consumers. The National Electric Power Regulatory Authority (NEPRA) on Tuesday reserved its decision with regard to quarterly power adjustment. The power distribution companies (XWDISCOs) filed a request…

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China fuels increase in global oil demand: IEA

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Atomic-energy

PARIS: World oil demand will rise slightly more than expected this year as China’s appetite for the fossil fuel hit a record and the Israel-Hamas war did not hit supply flows, the International Energy Agency said Tuesday. The Paris-based organisation said global demand is forecast to hit an all-time high in 2024, although it will grow at a sharply slower…

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CM directs development of Chaukhandi Graveyard as Archaeological ParkEncroachments around the graveyard to be removed.

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Maqbool-Baqar

KARACHI (Nov 14): Caretaker Sindh Chief Minister Justice Maqbool Baqar has invited proposals for the establishment of an Archaeological Park at Chaukhandi Graveyard meanwhile he ordered the removal of encroachment around the graveyard and organization of from the would be removed from the graveyard to organise a fundraising musical evening at the site. He issued these orders during his visit…

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Oil industry seeks revision of exchange rate formula for imports

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oil-gas.

ISLAMABAD: The oil industry is pressing the government to change the way it calculates the exchange rate for petroleum imports, saying the current formula exposes the private sector to huge losses due to exchange rate fluctuations. The industry has asked for a revision based on the ground realities so that it is not exposed to perpetual suffering due to the…

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Mari says EWT production from Ghazij-2 Well has commenced

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MPCL-Project

KARACHI: Mari Petroleum Company Limited has announced Extended Well Testing (EWT) production commencement from Well Ghazij-2 in Mari Development and Production Lease (D&PL) in Daharki, Sindh. Mari Petroleum Company Limited had earlier informed that the company has successfully drilled and tested the appraisal Well Ghazij-2 in Mari D&PL. It is further informed that Extended Well Testing (EWT) gas production from…

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