Western governments are in the final stages of preparing for the implementation of a price cap on Russian oil exports, Reuters has reported, noting that the price range for the cap has yet to be set. According to one unnamed source who spoke to Reuters, the most likely range would be between $63 and $64 per barrel—the historical average price for…
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China urged to fast-track projects
Pakistan on Thursday urged China to put $18.5 billion worth of five projects on the fast track, as it feared that any further delay would cause collapse of the rail system in one year and delay 3,100 megawatts of electricity generation. The plea was made by Minister for Planning and Development Ahsan Iqbal during the 11th Joint Cooperation Committee (JCC)…
Read MoreChinese firm mulls $4.5bn investment in refinery project
Chinese company East Sea Group Limited has planned to invest $4.5 billion to build a refinery plant with an annual refining capacity of 8 million tonnes at Gwadar, its CEO Fang Yulong said in a think tank session of Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) on Thursday. We will build an international Gwadar petroleum storage and transportation…
Read MoreECC Okays Concessionary RLNG Tariff for Five Export-Oriented Sectors
The Economic Coordination Committee (ECC) of the cabinet on Thursday approved the continuation of concessionary RLNG tariff of $9 per MMBTU for five export-oriented sectors for the current fiscal year 2022-23. The ECC also granted approval to the Ministry of Interior to surrender Rs1 billion funds allocated for the Rawat-Faizabad Metro Bus in favour of the Ministry of Housing &…
Read MoreMeezan Bank donates Rs. 35 million to finance Solar Panels System for Indus Hospital
Meezan Bank- Pakistan’s leading Islamic bank has donated Rs. 35 million to Indus Hospital & Health Network for installation of a solar panels system. The initiative is part of the Bank’s Corporate Social Responsibility and Sustainability initiatives for 2022 and will provide financing to cover part of the 1.2MW solar power project being installed on the hospital’s rooftop. The system…
Read MoreNEPRA Imposes Rs10m fine on NTDC
National Electric Power Regulatory Authority (NEPRA) has imposed a fine of Rs 10 million on National Transmis-sion & Despatch Company (NTDC) for its failure to satisfy the Authority in the matter of revision in minimum loading limit of Lalpir and Pakgen power plants. According to NEPRA, minimum loading limit of Lalpir and Pakgen power plants was revised from 20 percent…
Read More2022 Bidding Round For 08 Onshore Blocks, October
DGPC has publicly opened bids for 8 Onshore Blocks for grant of Petroleum Exploration Rights through open bidding on October 28, 2022 at Petroleum House, Islamabad. This was the second bidding round conducted during this year. Bids were received for 5 Blocks. The minimum investment to be carried out by the Exploration and Production (E&P) companies in these Blocks will…
Read MoreSaudi Aramco: Oil Markets Are Adjusting To Sanctions On Russia
Global oil trade flows are already realigning after the Western sanctions on Russian exports, as Russia places more crude in Asia while other producers send part of the volumes previously intended for Asia to Europe and other markets, according to Saudi Aramco’s chief executive officer. “And crude that used to go to Asia is now being directed to Europe and…
Read MoreFinancial closure of 3 power projects: Govt seeks Sinosure’s support
Pakistan has requested M/s Sinosure, Chinese insurance company, to support pending financial closure of certain energy projects, well informed sources told Business Recorder. Prime Minister Shehbaz Sharif, sources said, had directed Ministry of Foreign Affairs (MoFA) to arrange an online session of working group with Sinosure to discuss and resolve bottlenecks with respect to financial closure of Azad Pattan hydropower project,…
Read MoreSBP urged to allow Rousch Power to import equipment
Private Power & Infrastructure Board (PPIB) has urged the State Bank of Pakistan (SBP) to allow import of necessary equipment to M/s Rousch Power to avoid potential negative financial/ legal implications for both the GoP and the company. In a letter to Executive Director, Exchange Policy Department of SBP, Managing Director PPIB, Shah Jahan Mirza has given the reference of…
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