Prime Minister Imran Khan on Monday said the country’s current account balance had recorded a surplus of $424 million in July, signalling that the economy was “on the right track”. Hailing the development in a message on Twitter, the premier noted that in July last year, Pakistan had a current account deficit (CAD) of $613 million while last month the…
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The Oil and Gas Development Company Limited (OGDCL) on Monday announced to strike an oil and gas discovery at Togh Bala Well-1 in district Kohat of Khyber Pakhtunkhwa province. According to initial reports, at least 9 Million Standard Cubic Feet per Day (MMSCFD) gas and 125 barrel condensate oil per day were recovered from the well. The exploration was carried…
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An intensifying dispute in the Eastern Mediterranean over oil and gas exploration rights at sea has seen tensions flare between Turkey and Greece, with one regional expert describing the situation as the “most dangerous” in years. Turkey and Greece, both members of NATO, are at loggerheads over competing claims to energy reserves in contested Eastern Mediterranean waters. The countries and…
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ISLAMABAD: Karachi Electric (KE) has decided to make a public appeal to the federal government for clearance of its pending dues immediately and adjustment in its tariff, well-informed sources told Business Recorder. Karachi’s power tariff is Rs 2.89/unit less than the rest of the country and must be brought in line with the prevalent Uniform Tariff Policy across Pakistan. The sources said K-Electric will…
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Tankers carrying Iranian fuel cargoes covered by a U.S. warrant for seizure are sailing to the United States after talks between U.S. authorities and ship owners, a U.S. government source and a shipping source said on Thursday. Iran had planned to transport the gasoline to Venezuela, a supply line that both Tehran and Caracas have flaunted in defiance of U.S.…
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The Indian government has directed state-controlled oil companies to register the use of any vessels belonging to bordering countries, in its latest move to curb trade relations with China. All such vessel charters must be registered with India’s Department for Promotion of Industry and Internal Trade (DPIIT). The directive applies equally to shipping firms owned by Pakistan and Nepal —…
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Pakistan legend, Javed Miandad, has claimed that he was the main driving force behind Imran Khan during his election campaign which paved the way for the latter’s ascent to power. In a YouTube video, Miandad claimed that Imran Khan has appointed inept individuals in the Pakistan Cricket Board (PCB) after becoming the Prime Minister. As a result, cricketers have lost…
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The supply chain creates waste and every stage, and consumers contribute the most in developed countries. In the Netherlands consumers make up 33% of food waste; In the United States, 40-50 per cent of food is thrown away. This is around 76 billion pounds of food per year. Consumers need to find solutions and awareness on how they can change…
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Russia’s exports of petroleum products to the United States more than doubled in the first half of 2020 compared to the same period last year, reaching their highest levels since at least 2004, Russian outlet RBC reported, citing Russian customs data. Russia’s oil products exports to the U.S. jumped to 9.1 million tons between January and June 2020, up from…
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U.S. refiners are feeling the pinch not only from the lower fuel demand, but also from the surging costs for complying with the biofuel requirements as refining and blending activity is lower than usual. Under the Renewable Fuel Standard (RFS), oil refiners are required to blend growing amounts of renewable fuels into gasoline and diesel. Refiners that don’t have the…
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