Author: Admin

Consortium withdraws bid to acquire majority stake in Engro Powergen Qadirpur

Admin
ENGRO-1

A consortium comprising textile companies has withdrawn its public announcement of intention (PAI) to acquire a majority stake i.e. 68.89% of Engro Powergen Qadirpur Limited (EPQL), a subsidiary of Engro Energy Limited. The development was shared by Arif Habib Limited (AHL), manager to the offer, in a notice to the Pakistan Stock Exchange (PSX) on Friday. “This is with reference to the PAI made by Liberty Mills Limited, Zain Ashraf Mukaty, Temoor Ashraf Mukaty, Ahmed Ashraf Mukaty, Soorty Enterprises (Pvt) Limited, Affinity Capital Pvt Limited, Najeeb Malik, Nadeem Malik, and Shahzad Malik…

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Global LNG: Asian spot LNG gains amid colder weather, stronger Europe gas prices

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gas prices

SINGAPORE: Asian spot liquefied natural gas (LNG) prices rose this week to their highest level of the year so far, tracking gains in European gas and amid colder temperatures in both regions. The average LNG price for January delivery into northeast Asia rose to $14.60 per million British thermal units (mmBtu), industry sources estimated. “This week’s further escalations between Russia and Ukraine have returned a steep risk premium to European gas and by default Asia’s JKM market, despite actual gas supplies being uninterrupted,” said Florence Schmit, energy strategist at Rabobank…

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Business fraternity appeals to Army Chief to assume Karachi’s ownership for six months

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Army-Chief-1

Karachi: The concerned Karachi-based businessmen and industrialists have earnestly appealed to the Chief of Army Staff to assume ownership of the provincial capital just for six months to resolve its basic civic issues, as the business fraternity in turn will help Pakistan retire its massive foreign debts.Noted businessman and former chairman of the Association of Builders and Developers, Hanif Gohar, disclosed this as he appeared on the ARY News talk show, hosted by Waseem Badami, to inform its viewers about the recent interaction between Karachi’s business fraternity and Army Chief…

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EU Carbon Taxes Threaten Pakistan’s Exports, Experts Advocate for Equitable Energy Transition

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Carbon market

KARACHI: Experts have warned that Pakistan’s reliance on fossil fuel-based electricity generation, particularly coal, could jeopardize its exports to European Union (EU) countries as new carbon taxation measures take effect. The warning came during an event co-hosted by the Policy Research Institute for Equitable Development (PRIED) and the Institute for Climate and Sustainable Cities (ICSC), which explored the socio-economic and environmental impacts of energy projects in Pakistan’s Tharparkar district and the Philippines’ eastern Visayas region. Dr. Khalid Waleed, an energy economist, highlighted that Pakistan’s coal dependency poses significant risks to…

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Refinery Upgrades at Risk as IMF Rejects POL Sales Tax Proposal

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Refinery-Upgrades

ISLAMABAD: The International Monetary Fund (IMF) has rejected the government’s proposal to impose a 1-2% sales tax on petroleum products, including petrol, high-speed diesel (HSD), kerosene oil, and light diesel oil (LDO), instead calling for an 18% sales tax. An 18% sales tax would increase petrol prices by Rs45 per litre, a politically sensitive move the government is hesitant to adopt. This stance has jeopardized the $5-6 billion upgrade projects of local refineries under the Brownfield Refinery Policy 2023, a senior official involved in IMF discussions revealed. Refineries argue that…

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