A one-day seminar titled “Gwadar Development and the Growth of Blue Economy in Pakistan” was held at the Pak-China Business Centre in Gwadar on Monday. The seminar was organised by Friedrich Ebert Stiftung Pakistan in collaboration with Parliamentary Committee on the China Pakistan Economic Corridor. The dialogue was attended by members of the National Assembly, Provincial Assembly, Gwadar Development Authority,…
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ISLAMABAD: A report released by an international organisation based in Brazil has found that Pakistan’s innovative emergency cash programme (Ehsaas) helped avert an economic catastrophe during the Covid-19 pandemic. The report, “What’s next for social protection in light of Covid-19: country responses” released by the International Policy Centre for Inclusive Growth (IPC-IG), focuses on experiences from countries in Asia, including…
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ISLAMABAD: The government has finalised a new policy for petroleum refining under which an incentive package will be extended for setting up of deep conversion refineries. The package will provide a 20-year tax holiday and up to nine-year cascading customs duty reduction in pricing provided the investors sign construction agreements before Dec 31, 2021. The policy framework has been finalised…
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ISLAMABAD: Federal Minister for Planning and Development Asad Umar on Monday set deadlines to put into operation two mega transport projects in Karachi — the Rs300 billion Karachi Circular Railway and Rs25bn Green Line Bus Rapid Transport — later this year. The ministry in a statement said that the deadline for signing of first package (A) of the Integrated Transport…
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Created by startup Vortex Bladeless, the 3m-high cylindrical turbines are designed to oscillate within the wind range, generating electricity from the vibration. The bladeless design recently won the approval of Norway’s state energy company Equinor, which named Vortex on a list of the 10 most exciting startups in the energy sector. It will also offer the firm development support through…
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LAHORE: On the eve of World Water Day being observed around the world on Monday under the theme for 2021, “Valuing Water”, the Water and Power Development Authority (Wapda) has pledged to add 11 million acre feet water to the gross storage of the country by completing eight mega water conservation and electricity generation projects in as many years. “Cognisant…
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ISLAMABAD: The country’s two gas utilities — SNGPL and SSGCL — have demanded up to 220 per cent increase in the prescribed prices of gas with effect from July 1 to meet estimated revenue requirement (ERR) during the fiscal year 2021-22. In formal petitions filed with the Oil and Gas Regulatory Authority (Ogra), the Lahore-based Sui Northern Gas Pipelines Limited…
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ISLAMABAD: The federal cabinet on Friday approved the promulgation of an ordinance aimed at preparing a legal path to increase power tariff by a minimum Rs5.65 per unit from now till October to collect a whopping Rs884 billion from consumers. It was the second emergency summary that the federal cabinet had approved through circulation to save the International Monetary Fund Programme from…
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Importers have reportedly misled the government over the prices of imported liquefied petroleum gas (LPG) to manage approval of the proposed LPG policy to make additional windfall gains at the cost of the national exchequer. Due to monopoly of LPG importers in the LPG Policy, locally produced LPG companies like Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited…
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ISLAMABAD: Ministry of Energy (MoE) is reportedly preparing a new oil refining and marketing policy as $15 billion new investment is said to be waiting in the wings, well-informed sources told Business Recorder. The issue of existing refineries is very serious as they faced financial losses of approximately Rs 50 billion during the last two years. Refineries faced inventory losses…
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