The timeline of the initiation of work on gold and copper mines in Reko Diq in Balochistan’s Chagi district has yet to be announced. But with the Supreme Court clearance and adoption of the relevant resolutions in Sindh and Balochistan and the ratification of the deal by the federal cabinet and Senate, all roadblocks in making the deal operational have been removed. Both…
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In the absence of any systemic or meticulous approach to tackling deep-seated woes, the overall economic outlook appears to be blurred or bleak. But the firefighting mode is helping to superficially ease pressures on the external sector, possibly for a brief spell, while curbing domestic demand of imported goods/services amidst sliding GDP growth. However, the risk of foreign debt default…
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DUBAI, Qatar posted a budget surplus of 30 billion riyals ($8.19 billion) for the third quarter of 2022, boosted by rocketing oil and gas revenues, the state news agency said on Tuesday, citing data from the finance ministry. The surplus in the same period in 2021 stood at 900 million riyals. Government figures showed that spending in the third quarter…
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On Wednesday, Airbus revealed in a press release that it was developing a hydrogen-powered fuel cell engine as one of the potential solutions to equip its zero-emission aircraft that will enter service by 2035. The next steps will be for Airbus to start ground and flight testing this fuel cell engine architecture onboard its ZEROe demonstrator aircraft. The A380 MSN1…
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Turkish Petroleum (TPAO) has discovered 150 million barrels of oil in the Mount Gabar Area, southeast Turkey. Turkish President Recep Tayyip Erdoğan announced the find during a cabinet meeting on Monday. He said: “It is one of the top 10 onshore discoveries in 2022. The reserve value is approximately $12 billion. “We produce 5,000 barrels per day in four wells in…
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Last week, we published one of the more bearish articles on the oil price outlook as reviewed by commodity analysts at Standard Chartered. According to the analysts, their proprietary crude oil money-manager positioning index that compares net longs across the four main New York and London-based crude contracts relative to open interest and historical norms is currently more negative than those for all…
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Fauji Fertilizer Company Limited has been awarded as “Largest National Tax Payer” from Manufacturing Sector” for year 2022 in the “Second Taxpayer Recognition Awards 2022” organized by Rawalpindi Chamber of Commerce & Industry. Representatives from the various multinationals and corporate blue chip companies participated in the event. The award was presented by President Arif Alvi at a ceremony arranged at…
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National Electric Power Regulatory Authority (NEPRA) Chairman Tauseef H Farooqi told Senate Sub-committee on Cabinet Secretariat that he has proposed the government to establish an independent Coal Procurement Authority to import and determine tariff for electricity generation from coal power projects. The Senate Sub-committee on Cabinet Secretariat met on Thursday at the Parliament house under the convener ship of Senator…
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The Governments of Pakistan and Balochistan, Barrick Gold, and Antofagasta PLC signed a final deal in London on Thursday, announcing the reconstitution of Reko Diq project and settlement of $11 billion dispute after a favourable opinion from the Supreme Court and required legislation passed into law. According to a statement issued by the Attorney-General of Pakistan’s office, one of the…
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The federal government on Thursday announced to fix the new price of petrol at Rs 214.80 per litre with a reduction of Rs10 in the price of petrol. While announcing a significant reduction in the prices of petroleum products in Pakistan Television News, Finance Minister Ishaq Dar said that the new price of high speed diesel is Rs 227.80 with…
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