In a new development, the decision makers in the PTI government are making their mind to squeeze the role of Special Assistant to Prime Minister Tabish Gauhar only to the power sector and he will have no role as the SAPM in the petroleum sector. Tabish Gauhar was made SAPM on Petroleum also when Nadeem Babar quit under the directions…
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The government received $1.6 billion in gross foreign loans in July, 100% higher than the same month of previous year, amid heavy reliance on borrowing to build the foreign exchange reserves and repay the maturing debt. In the first month of fiscal year 2021-22, the government received $1.6 billion in total external inflows from multiple financing sources, reported the Ministry…
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Making a new record, state-run Pakistan State Oil (PSO) on Tuesday awarded a liquefied natural gas (LNG) cargo to commodity trader Vitol at 24.5456pc of Brent (about $17.86 per mmBtu) – the most expensive so far – for delivery on Sept 26-27. “PSO has decided to award the below mentioned cargo for supply of LNG,” PSO announced on its website.…
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The prices of petroleum products may go down by up to Rs5 per litre for the next fortnight if the calculations of the Oil & Gas Regulatory Authority (Ogra) are accepted by the government. However, a senior official told Dawn that the Ministry of Finance would oppose any reduction in prices to recoup some of the revenue loss it had allowed early…
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The use of leaded petrol has been eradicated from the globe, a milestone that will prevent more than 1.2 million premature deaths and save world economies over $2.4 trillion annually, the UN Environment Programme (UNEP) said on Monday. Nearly a century after doctors first issued warnings about the toxic effects of leaded petrol, Algeria — the last country to use…
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The central government’s total debt has increased by 21.7 per cent to Rs38.7 trillion during the last two years with a major rise in domestic debt. The data released by the State Bank of Pakistan (SBP) on Monday showed that during the past couple of years, the government’s domestic and external debts stood at Rs38.69tr at the end of the…
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Pakistan Petroleum Limited (PPL)-led consortium has been awarded Offshore Block 5 in Abu Dhabi’s second competitive exploration block bid round. Offshore Block 5 covers an area of 6,223 square kilometers and is located 100 kilometers north east of Abu Dhabi city. Besides PPL, who is the Operator during the exploration phase, the consortium consists of three major Pakistani E&P companies:…
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The Makran division of Balochistan has been suffering from critical water and electricity shortages for more than a decade now. Unfortunately, calls for reform and refurbishment have fallen on deaf ears. The provincial government has remained oblivious of the problems that the residents of Gwadar face. On social media, Gwadar is often presented as a developed coastal town with all…
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The Hub Power Company Limited’s (HUBC) consolidated profit for the year ended June, 2021 surged 33.7%, clocking in at Rs34.83 billion compared to earnings of Rs26.06 billion in the same period of the preceding year. Earnings per share (EPS) amounted to Rs25.97 during July-June 2020-21, compared to an EPS of Rs19.31 in the same period of the previous year, according…
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The oil companies have asked the government to address on an urgent basis logistic constraints resulting in underutilisation of infrastructure at the ports and causing long wait for ships and economic losses to the oil companies and the country. In separate letters to the ministers of petroleum, energy and maritime affairs, the Oil Marketing Association of Pakistan (OMAP) said the…
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