NEW YORK: Oil touched $90 a barrel for the first time in seven years on Wednesday, supported by tight supply and rising political tensions in Europe and the Middle East that raised concerns about further disruption in an already-tight market, Reuters reported. Brent crude rose $1.67, or 1.9 percent, to $89.87, after hitting $90.02, the first time the global benchmark…
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The Head Office of the National Transmission and Despatch Company (NTDC) will be shifted to Islamabad from Lahore in phases. According to a decision taken by the public sector power transmission utility, the Liaison Office of Managing Director, NTDC, will be shifted to Islamabad by April 30, 2022. In the second phase, the offices of Deputy Managing Director, Asset Development…
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Ministry of Industries and Production (MoI&P) is to seek supplementary grant of Rs 5 billion to ensure supply of RLNG to two urea fertilizer plants on SNGPL system till March 2022. This decision was taken at a recent meeting of the ECC, which was ratified by the Federal Cabinet on January 25, 2022. Sharing the details, sources said, a Fertilizer…
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Pakistan Ministry of Finance showed that the federal government’s burden was Rs 11.8 trillion higher than legally allowed limit set by parliament and that some targets fixed under the debt management strategy were also breached. The cost of interest payments also reduced from USD 2 billion to USD 1.5 billion due to debt suspension initiative by the G20 countries. The…
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Senate Standing Committee on Power has decided to issue summons to Chairman, National Electric Power Regulatory Authority (NEPRA) in case he fails to appear in the forthcoming meeting of the Committee. According to official documents, Chairman Standing Committee, Senator Saifullah Abro reminded Power Division officials that it was decided in the last Committee meeting that a fresh correspondence will be…
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The Petroleum Division has so far failed to wriggle the country’s refineries out of the ullage crisis that prompted them to operate with lower throughput because of increasing stock of the furnace oil in their storages, a senior official at the Energy Ministry told The News. Hammad Azhar, Federal Minister for Energy, on January 6, 2022 asked the refineries to…
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The Lahore High Court has directed Cabinet Division secretary to decide within 60 days a matter regarding the alleged illegal appointment of chairman of the National Transmission & Dispatch Company (NTDC). Justice Tariq Saleem Sheikh issued the order disposing of a petition challenging the appointment of Naveed Ismail as the NTDC chairman. After arguing at length, the petitioner’s counsel stated…
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The Punjab government has sought permission from federal government to initiate process for development of waste-fired power projects of cumulative capacity of 150MW, in seven big cities under ARE Policy 2019. The permission has been sought by Managing Director, Punjab Power Development Board (PPDB) in a letter to Minister for Energy Hammad Azhar. The Managing Director also gave reference of…
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Federal Board of Revenue (FBR) on Tuesday froze Pakistan International Airlines (PIA) bank accounts over non-payment of federal excise duty (FED) on air tickets, but later restored them after it was assured of early payment of dues. According to the apex revenue collector, PIA had to pay Rs4.5 billion in federal excise duty, which it has been charging its passengers…
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Over 95% civil and electromechanical works of 720 megawatts Karot hydropower plant have been done and the project has entered into commissioning phase, two senior officials of Private Power and Infrastructure Board (PPIB) told Gwadar Pro. Karot HPP is among the early-harvest high-priority projects under the China-Pakistan Economic Corridor (CPEC) initiative. The run-of-river project has iconic importance being a source…
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