The Economic Coordination Committee (ECC) of Cabinet on Friday allowed the Trading Corporation of Pakistan (TCP) to import 160,000 tonnes of urea from China and Azerbaijan under the government-to-government arrangement (G2G). The ECC meeting, chaired by Finance Minister Ishaq Dar, discussed the summary submitted by the Ministry of Industries and Production for the procurement of 200,000 tonnes of urea to…
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National Forum for Environment & Health (NFEH) in collaboration with the Fire Protection Industry of Pakistan (FPIP) is organizing the 12th Fire Safety & Security Convention on November 23, 2022. Governor Sindh M. Kamran Tessori & Sindh Minister for Local Government Syed Nasir Hussain Shah have been invited as chief guest on the occasion. Engr. Nadeem Ashraf, project head of…
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K-Electric Ltd said on Friday the apex regulator of the corporate sector has directed it not to change the composition of its board of directors “till further orders”. K-Electric’s holding company is Cayman Islands-registered KES Power Ltd, with a shareholding of 66.4 per cent. The government of Pakistan controls 24.36pc shareholding in K-Electric while the rest is owned by institutional…
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The ex-Wapda distribution companies (Discos) on Friday sought an additional fuel cost (FCA) of about 25 paise per unit to generate about Rs2.5 billion in supplementary revenue on account of a higher cost of electricity consumed in October. On the other hand, K-Electric has proposed a reduction in FCA by about Rs1.9 per unit to refund through tariff adjustment of…
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With the start of winter, gas shortage has become a major issue especially in the province of Punjab, as only eight hours of gas will be supplied to domestic consumers in 24 hours from next month. As per the sources, Punjab will be the most affected by the gas shortage as Sui Northern Gas Pipelines Limited will not have the…
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Saif Power Limited (SEL) has urged Central Power Purchasing Agency-Guaranteed (CPPA-G) to accelerate its payments as its liquidity position is critical. In a letter to Chief Executive Officer (CEO), CPPA-G, Rehan Akhtar, CEO SEL, Sohail H Hydari has stated that the power company’s overdue receivables have increased to Rs10.93 billion which were Rs10 billion last month. According to CEO of…
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OPEC is “back in the driver’s seat” as the world’s most powerful swing producer, Hess Corp CEO John Hess said on Thursday at a Miami conference. According to Hess, U.S. crude oil production will average 13 million bpd over the next few years, where it will plateau, as investors pressure U.S. oil companies to focus on returning money to shareholders…
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Short-term oil price forecasts have been persistently bullish this year, with most forecasters expecting benchmarks to top $100 sometime next year. Over the longer term, however, things change. Goldman Sachs, for instance, this week said in a note that it expected oil could surge to $125 per barrel if China ended its Covid restrictions. Its base-case forecast for 2023 is…
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Pakistan’s annual economic output could see a cut of 18 per cent to 20pc by 2050 due to climate change risks, according to a report recently published by the World Bank. “The combined risks from the intensification of climate change and environmental degradation, unless addressed, will further aggravate Pakistan’s economic fragility; and could ultimately reduce annual GDP by 18pc to…
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The government has given a hefty amount of over Rs70 billion in subsidy by providing liquefied natural gas (LNG) at discounted rates to two fertiliser plants over the past few years. However, it does not seem to have made any difference in the lives of farmers, who continue to bear higher prices of urea fertiliser. According to sources, the government…
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