Informed sources said the prices of petrol and HSD had increased in the international market by about $4.4 and $5.5 per barrel, respectively, in the last fortnight
Read MorePetrol, diesel prices likely to rise by Rs8 for next fortnight
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Ogra act amendment to bring $200m
Pakistan is seeking financing from Qatar for injection into LNG terminal ISLAMABAD: The government is set to amend the Oil and Gas Regulatory Authority (Ogra) Act aimed at allowing the operator of Energas Terminal to have monopoly over capacity utilistion in a bid to attract investment of $200 million from Qatar.At present, the terminal operator is bound to permit the…
Read MoreCabinet Decides Not to Impose New Duty on Solar Panels
ISLAMABAD: In a significant move towards promoting renewable energy, the federal cabinet announced on Tuesday that no new duty will be imposed on solar panels. This decision aims to ensure the widespread accessibility of low-cost solar energy for the common man. By removing potential financial barriers, the government intends to accelerate the adoption of renewable energy sources, making affordable solar…
Read MoreChinese solar cell maker to build 10 GW factory in Oman
Chinese solar cell maker Hainan Drinda New Energy Technology plans to build a 10 GW factory in Oman to produce tunnel oxide passivated contact (TOPCon) solar cells. Shenzhen-listed Chinese solar cell manufacturer Hainan Drinda New Energy Technology said it has signed an agreement with the Oman Investment Authority (OIA) to build a 10 GW cell manufacturing facility in Oman. The total investment…
Read MorePKR. 4.7 Billion Annual Revenue Loss to the Country
Pakistan Tea Association (PTA) Rejects Discriminatory Taxation in the Federal Budget 2024 – 25 Pakistan Tea Association (PTA) has expressed his profound concerns and apprehensions vis-a-vis proposed budget’s continuation of sales tax and income tax exemptions for the erstwhile FATA/PATA region. Pakistan Tea Association elaborated that, while these exemptions may have been introduced with sincere intentions, but they have been…
Read MorePSO to Fund $2 Billion Investment with Foreign Debt
KARACHI: Pakistan State Oil (PSO) has announced plans to secure foreign debt to finance a significant portion of its planned $1.5-2 billion investment in Pakistan Refinery Limited (PRL). The state-owned oil marketing company’s receivables have surged to Rs810 billion, primarily due to circular debt and late payment surcharges. During an analyst briefing on the financial accounts for the first nine…
Read MoreSharp Decline in Coal Imports from Afghanistan via Torkham Border
KHYBER: The import of coal from Afghanistan through the Torkham border has significantly decreased following the Afghan Taliban’s decision to increase taxes on coal mines and export duties. This situation has been further exacerbated by Pakistani industrialists shifting to cheaper local coal sources. Custom clearing agents in Torkham revealed that the suspension of trade through the Kharlachi border crossing in…
Read MoreOil Industry Rejects Budgetary Measures, Calls for Continuation of Existing Tax Regime
ISLAMABAD: The oil industry has strongly opposed the proposed federal budget for 2024-25, claiming it undermines the recently announced policies for establishing new refineries and upgrading existing ones. The Oil Companies Advisory Council (OCAC) has urged the government to maintain the current taxation regime, including customs duties on diesel and sales tax laws on all petroleum products. In a representation…
Read MoreSaudi Fund Commits $101 Million for Clean Energy in Pakistan
ISLAMABAD: The Saudi Fund for Development has pledged $101 million for a hydropower project in Azad Jammu and Kashmir, set to add 70 megawatts of electricity to Pakistan’s national grid, ARY News reported. This initiative is part of the Clean and Green Energy mission of the Special Investment Facilitation Council (SIFC), which aims to boost eco-friendly energy production through hydro…
Read MoreBalochistan Government Allocates Rs861 Million for Mangi Dam Construction in FY 2023-24
QUETTA: The Balochistan government has allocated Rs861 million in the current financial year 2023-24 to expedite the construction of Mangi Dam, aimed at providing clean water to the residents of Quetta. Upon assuming office, the provincial government immediately released the funds to ensure the timely provision of safe drinking water to Quetta city. Mangi Dam, with a projected cost of…
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