KARACHI: Troubled oil marketing company Hascol Petroleum Ltd said on Thursday the restructuring of its bank loans will conclude in the “next few months”. A statement attributed to the company’s chairman, Alan Duncan, said a corporate revival plan is “on track” and will likely lead to the injection of required fresh capital by a potential investor. Even though the statement…
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CAIRO: Saudi Arabia and Kuwait reaffirmed that they jointly own rights to natural resources in the Gulf’s Durra gas field, Saudi state news agency SPA, reported early on Thursday, citing a statement from the Saudi foreign ministry. The foreign ministry also said both countries are renewing calls for Iran to engage in negotiations on the demarcation of the eastern border…
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ISLAMABAD: Pakistan and Iran expressed the resolve to increase bilateral trade to $5 billion under a five-year [2023-2028] trade cooperation plan and emphasized the need for activating more formats of cooperation in areas of economy trade, combating terrorism, and creation of jobs under the existing mechanisms between China, Pakistan, Iran, and Turkey for joint cooperation and mutual interest. The understanding…
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ISLAMABAD: Power Division Secretary Rashid Mehmood Langrial has stated that the government has allocated Rs976 billion for the power sector. While briefing the National Assembly’s Standing Committee on Energy (Power Division), he said those consumers who are consuming up to 200 units are protected. The committee members expressed their serious concern over the increase in power tariff, adding that electricity…
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KARACHI: Pakistan might not import another cargo of Russian crude oil as neither country has made any moves for the purpose nor have the local refineries shown any interest, The News learnt on Wednesday. With the current government’s tenure expiring in less than a week, the government has not given any indication that it would be placing another order with…
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ISLAMABAD: The Cabinet Committee on Energy (CCE) is expected to greenlight a plan to upgrade the country’s aging oil refineries on August 7, a senior official at the Energy Ministry told The News on Wednesday. The Oil Refining Policy 2023, which has been delayed for months, aims to boost the efficiency and output of the local refineries, which mostly process…
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Karachi Irfan Iqbal Sheikh, President FPCCI, has informed that, in a landmark development, H. E. Mr. Rudiger Lotz, Consul General of Germany in Karachi, has apprised the apex body that German Chamber of Commerce & Industry (DIHK) is expected to establish its office in Pakistan – and, that reflects the importance Germany attaches to the trade, industrial and economic relations…
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ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Tuesday rejected the baseless assertions of being partisan and biased toward emerging oil marketing companies, as made in the letter of the Oil Marketing Association of Pakistan (OMAP). “As the regulator of the oil industry, OGRA is fully aware of its responsibilities and diligently regulates the midstream and downstream petroleum sectors…
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There are vast mining opportunities in our country which will be realised through joint efforts, says Gen Asim ISLAMABAD: Chief of Army Staff (COAS), General Syed Asim Munir on Tuesday said the Pakistan government, along with state institutions, had ensured the establishment of Special Investment Facilitation Council (SIFC), in order to bring all stakeholders to a single platform. Addressing the…
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SINGAPORE: Pakistan LNG Limited (PLL) did not award a tender to commodities trader Trafigura, which had offered bids to deliver two spot cargoes of liquefied natural gas (LNG) to the South Asian nation next year, an industry source said on Tuesday. Trafigura had offered bids of $23.47 per million British thermal units (mmBtu) for an LNG import tender to be…
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