ISLAMABAD: Pakistan and Barrick Gold Corporation on Tuesday agreed to pay the share of the government of Pakistan in Rupees for the investment in Reko Diq project, ARY News reported. The agreement came during a meeting between Prime Minister (PM) Shehbaz Sharif and a delegation of Barrick Gold Corporation, which called on him in Islamabad. The Barrick Gold Corporation’s delegation…
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Petroleum price hike shocks industry
KARACHI: Trade and industry leaders have said that almost Rs20 per litre increase in high-speed diesel (HSD) and petrol prices would put an additional burden on the industries and general public at a time when they are already hard-pressed with up to Rs7.5 per unit power tariff hike amid unprecedented inflation. They said the industrial and general consumers will be feeling the…
Read MorePakistan Mineral Summit: PM Calls for Putting Country On Path Of Development
Prime Minister Muhammad Shehbaz Sharif has stressed the need for making untiring efforts and hard work to realize the dream of our forefathers to put the country on path of development and prosperity. Addressing the inaugural session of “Pakistan Minerals Summit” in Islamabad today, he said today is the day to learn lesson from the past and move forward in…
Read MoreGovt hikes petrol, diesel prices by Rs19
Finance Minister Ishaq Dar on Tuesday announced a massive hike of Rs19 in petrol and diesel prices, taking them to Rs272.95 and 273.40 per litre, respectively. In televised remarks, the finance minister said that the price of high speed diesel (HSD) and petrol in the international market had increased over the last 15 days. He said that the government had…
Read MoreRussian oil imports face port, refinery, currency constraints
KARACHI: Pakistan is unlikely to meet a target for Russian crude to make up two-thirds of its oil imports, despite attractive prices, hampered by a shortage of foreign currency and limitations at its refineries and ports, officials and analysts say. The cash-strapped South Asian nation became Russia’s latest customer snapping up discounted crude that has been banned from European markets…
Read MoreSix MoUs inked with China
ISLAMABAD: Pakistan and China, on Monday, signed six memorandums of understanding (MoUs) to further enhance bilateral cooperation and promote economic relations between the two countries during the visit of Vice-Premier He Lifeng. Under the 10–year celebrations of China-Pakistan Economic Corridor (CPEC), Pakistan and China have signed MoUs during a ceremony held at the Prime Minister’s Office after a meeting between…
Read MoreGovt has settled KE dispute, reduced circular debt: minister
ISLAMABAD: The coalition government of Pakistan Muslim League-Nawaz (PML-N), on Monday, claimed that it settled Rs171 billion tariff differential claims of K-Electric (KE) besides reduction of Rs157billion in power circular debt in the last 15 months. Addressing a news conference here on Monday, Minister for Power Khurram Dastgir claimed that the government had added 5,063-MW electricity to the national grid…
Read MoreOgra hikes LPG prices by Rs24/kg
ISLAMABAD: The government announced on Monday a 13.45 per cent or Rs23.9/kg increase in liquefied petroleum gas (LPG) prices for domestic and commercial consumers for August 2023 compared to the previous month. According to a notification issued by the Oil and Gas Regulatory Authority (Ogra), the price per kilogram of LPG would be raised to Rs201 in August, up from…
Read MoreOMAP calls out OGRA chief for favouring big OMCs
ISLAMABAD: The Oil Marketing Association of Pakistan (OMAP) on Monday criticised the Oil and Gas Regulatory Authority (OGRA) OGRA chairman for extending all out support to Oil Companies’ Advisory Council (OCAC) – forum of the big oil marketing companies. In a strongly worded letter to OGRA Chairman Masroor Khan, OMAP Chairman Tariq Wazir Ali pinpointed the deplorable attitude of the…
Read MoreOGDCL registers ‘significant’ oil, gas production boost during July
KARACHI: The Oil and Gas Development Company Limited (OGDCL) on Monday notified a significant increase in oil and gas production from four of its wells located in Sindh. In a notice to the Pakistan Stock Exchange (PSX), the company shared its production boost during July 2023, attributing the enhancement to the use of “cutting-edge technologies”. OGDCL posted a total increase…
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