Mari Petroleum’s profit after tax inched up 3.73% to Rs31.4 billion in the year ended June 30, 2021 owing to a significant decline in exploration and prospecting expenditure. According to a notice sent to the Pakistan Stock Exchange (PSX) on Thursday, the company had posted profit after tax of Rs30.3 billion in fiscal year 2019-20. Earnings per share of the…
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Byco Petroleum Pakistan Limited (BPPL), Pakistan’s largest oil refining company, hasannounced that all of its employees and staff have been inoculated against the Covid-19 virus ensuringtheir safety, health and well-being. Mr. Azfar Saeed Baig, Vice President Information – Byco Petroleum, expressed immense gratitude andappreciation to every team member who played their part in helping Byco achieve 100% vaccinatedstatus. He said,…
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The Monetary and Fiscal Policies Coordination Board on Wednesday agreed to reduce electricity subsidies by Rs170 billion and also discussed the possibility of scaling back grants for subjects that fall in provincial domains. The board meeting also discussed the southbound movement of the rupee and its future outlook, which the State Bank of Pakistan (SBP) governor described stable, sources told…
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Electric Vehicles (EVs) have already caught the interest of large populations of the developed countries and the Pakistani public as well awaits with excitement. Tesla has surpassed all international car manufacturing companies in terms of market capitalisation. The financial incentive in the form of hard cash given by the western governments to the consumers has been the key factor in…
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The petroleum division on Wednesday blamed the power sector for most of the challenges faced by the liquefied natural gas (LNG) supply chain and said the Frontier Works Organisation (FWO) had given monopoly through 10 fuel stations on the motorway to troubled Hascol as subsidiary. Testifying before the Senate Standing Committee on Petroleum and Natural Resources, Petroleum Secretary Dr Arshad…
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Pakistan State Oil Company Ltd on Tuesday declared a profit-after-tax (PAT) of Rs29.14 billion translating into earnings per share of (EPS) Rs62.07 for the year ended June 30, 2021. It represented a turnaround from the loss of Rs6.47bn (LPS: Rs13.77) suffered the earlier year. The company also announced a cash dividend at Rs10 per share. Engro incomes surges 88pc Engro…
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When the U.S. invaded Afghanistan in 2001, the global economy looked a lot different: Tesla Inc. wasn’t a company, the iPhone didn’t exist and artificial intelligence was best known as a Steven Spielberg film. Now all three are at the cutting edge of a modern economy driven by advancements in high-tech chips and large-capacity batteries that are made with a…
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Information Minister Fawad Chaudhry said on Tuesday that the Tehreek-i-Taliban Pakistan (TTP) has been left in a state of “disarray” after Indian funding for the militant organisation had halted. “We should be satisfied to know with regards to the TTP that for the first time the process of Indian funding [to them] — which had been going on for a…
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National Electric Power Regulatory Authority (Nepra) on Monday opposed privatisation of power Distribution Companies (Discos), suggesting that the companies should be run on the mode of Public Private Partnership (PPP). “The current system of Discos cannot work in the long run. Nepra is not satisfied with the performance of Discos but according to my personal opinion their complete privatisation is…
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Pakistan has decided to increase import of electricity to 70MW from Iran to meet the needs of Gwadar even though an earlier plan to import additional electricity hit a snag due to US sanctions. Pakistan and China are developing Gwadar Port under the China-Pakistan Economic Corridor (CPEC) and the latter is also setting up a 300MW coalfired power plant. Pakistan…
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