At the end of August, Islamic Republic of Iran (IRIN) Foreign Minister Mohammad Zarif visited Beijing for what appeared to be a routine visit. However, soon after the visit, it was reported in the media that the People’s Republic of China (PRC) had agreed to invest a vast sum of $400 billion in Iran. This would be the biggest investment…
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The wire transfer was just one of millions that ricochet through the global financial system every day. Starting at the Zurich branch of a Russian state bank, $800 million zipped through Citigroup Inc. in New York before landing in a small bank in Lebanon. The payment came from Russian oil giant Rosneft PJSC –- a loan to the cash-strapped government of the…
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MOL revealed Tuesday that it has discovered “significant” gas and condensate reserves in Pakistan. The Mamikhel South-1 exploratory well, which is located in Pakistan’s TAL Block, achieved a flow rate of 6,516 barrels of oil equivalent per day during testing, according to the company, which noted that further testing of the well is currently ongoing. Mamikhel South-1 marks MOL’s 13th discovery…
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KARACHI: K-Electric hosted a press conference at its Office to allay the concerns of Karachi consumers around the power supply situation and address misinformation around various power-related issues. The conference which, was hosted by Chief Executive Officer (CEO) K-Electric, Moonis Alvi, Chief Financial Officer (CFO) Aamir Ghaziani and Chief Distribution Officer (CDO) Amer Zia, focused on transparently addressing the prevailing myths…
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KARACHI: Ismail Suttar, President of Employers Federation of Pakistan (EFP), the Apex Body of Manufacturers of Pakistan, has appealed to Prime Minister Imran Khan to further reduce the gas prices as the industry was expecting a huge cut in gas prices as is the case worldwide. Speaking on behalf of local manufacturers, Ismail requested that the gas prices should be the…
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Iran and China have quietly drafted a sweeping economic and security partnership that would clear the way for billions of dollars of Chinese investments in energy and other sectors, undercutting the Trump administration’s efforts to isolate the Iranian government because of its nuclear and military ambitions. The partnership, detailed in an 18-page proposed agreement, would vastly expand Chinese presence in…
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Prime Minister Imran Khan on Wednesday vowed to build the “biggest dam in Pakistan’s history” after kicking off construction work at the Diamer-Bhasha Dam project, adding that the project will also benefit the people living in Gilgit-Baltistan (GB). The prime minister made the remarks while addressing a public gathering in Chilas. Earlier, the PM had visited the site of the…
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ISLAMABAD: Payment to Shazain Bugti of the Jamhoori Watan Party (JWP) has now taken a new turn as the Oil and Gas Development Company Limited (OGDCL) managing director has refused to grant approval to the issuance of cheques worth Rs770 million. According to sources, OGDCL’s General Manager Finance Muhammad Azim, in a letter dated July 6, had sought the approval OGDCL…
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Islamabad: Oil and Gas Regulatory Authority (Ogra) has rejected a demand of gas utilities to increase gas prices and reduced prices up to 6 per cent for the consumers. According to decision released by the regulator, prescribed gas price of SNGPL has been reduced by 6 per cent and SSGCL 2 per cent. Oil and Gas Regulatory Authority (OGRA), under Section…
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