When one suffers from a grand calamity, a possible way of rationalizing subsequent travails is by resorting to a search for reason in the mire of seeming chaos. With the current pandemic though, and the continued mysteries that envelop Covid-19, it is quite challenging to understand what the central takeaway is shaping up to be. Nonetheless, one of the tangential…
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The economic value of the recently discovered natural gas reserve in the Black Sea comes to nearly $65 billion, Turkey’s energy and natural resources minister said Friday. Fatih Dönmez’s remarks came after Turkey earlier announced its biggest ever natural gas discovery, a 320 billion cubic meter (bcm) Black Sea field, which President Recep Tayyip Erdoğan said was a part of…
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ISLAMABAD: The Standard & Poor’s (S&P) rating agency on Thursday affirmed Pakistan’s ‘B-’ long-term and ‘B’ short-term sovereign rating while maintaining ‘stable’ long-term outlook. The New York-based rating agency also affirmed ‘B-’ long-term issue rating on Pakistan’s senior unsecured debt and sukuk trust certificates. It said the country’s rating remains constrained by a narrow tax base and domestic and external…
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SITE Association of Industry President Suleman Chawla on Friday expressed deep concern over low gas pressure in SITE area of Karachi and urged Sui Southern Gas Company (SSGC) to immediately restore gas to the industrial sector with required pressure; otherwise, production will come to a complete halt. In a statement, he mentioned that for the last three days, industrialists were…
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ISLAMABAD: The government has formed a committee to take policy decision in consultation with liquefied natural gas (LNG) terminal developers for utilising idle capacity of the terminal operators. The Pakistan Tehreek-e-Insaf (PTI) government had approved utilisation of the idle capacity of the existing LNG terminals by private parties in July 2019 but not a single ship could be brought by…
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ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) on Friday approved divestment of government stakes in Oil and Gas Development Company Ltd (OGDCL), Pakistan Petroleum Ltd (PPL) and Pakistan Reinsurance Company Ltd (PRC) through public offerings. The CCoP meeting, chaired by Adviser to PM on Finance and Revenue Abdul Hafeez Shaikh, approved public offering of up to 7pc, 10pc and 20pc…
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ISTANBUL: President Recep Tayyip Erdogan on Friday said Turkey had made a historic discovery of gas in the Black Sea, but would still speed up contentious exploration in the Mediterranean that has pitted it against Greece and the EU. Turkey hopes the discovery can help wean it off imported energy, including from Russia, which comes at a high cost at…
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KARACHI: Leading smartphone manufacturer Samsung is considering setting up an assembly plant in the country, said Minister for Industries and Productions Hammad Azhar on Friday. “Smartphone production in Pakistan is multiplying following the Device Identification, Registration and Blocking System (DIRBS) implementation and Mobile [Device Manufacturing] Policy launched recently,” Azhar tweeted on the microblogging website. He said that Samsung Pakistan appreciated the government’s…
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1st International Virtual Conference on Pakistan Hydropower Sector to be held on August 25th to discuss more opportunities to produce cheap and clean energy from the hydro sector as the country is producing 9000MW from the hydro sector. The Energy Update in collaboration with Private Power Board Infrastructure (PPIB) and Pakhtunkhwa Electric Development Organization (PEDO) in support with Sustainable Development…
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KARACHI: Without exports no country has ever developed, just like no country has developed without generating other countries’ interest in its economy through foreign investment, remarked Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh. Speaking at a webinar titled “Stabilising the economy through realistic reforms”, organised by the Karachi Council of Foreign Relations, Shaikh said because…
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