Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar on Monday presided over back-to-back meetings on the issue of circular debt to formulate strategy aimed at bringing down the total stock of power and gas sector. The Finance Minister presided over a follow-up meeting on reforms in energy sector on Monday to discuss ways and means to arrest the circular…
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ISLAMABAD, December 16, 2022: While continuing with its mission to ensure health facilities to the local communities, the Oil and Gas Development Company Limited (OGDCL), in collaboration with the Fatimid Foundation, has laid the foundation of a thalassemia center in Dera Ismail Khan.The OGDCL CSR department is striving to improve the livelihood of the communities through welfare initiatives in various…
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Banking giant HSBC on Wednesday said it would end financing for new oil and gas fields, a decision welcomed by environmentalists who nevertheless urged greater action from banks and government. In an annual update of its climate transition plans, the London-headquartered bank said it “will no longer provide new lending or capital markets finance for the specific purpose of projects…
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The Power Division has expressed willingness to do away with the role of collection of taxes and surcharges on electricity except General Sales Tax (GST) to avert criticism of consumers due to heavy bills. This intention was conveyed by the Minister for Power, Khurram Dastgir Khan at a meeting of National Assembly Standing Committee on Power during discussion on a…
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The government is likely to slightly increase prices of petroleum products to collect more revenue from oil consumers in the next fortnight from November 16 to 30, 2022. “Prices of petroleum products may be increased by Rs3 to Rs4 per litre,” an official of the Petroleum Division said. He added that the government was expected to adjust taxes on petroleum…
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On June 20, after multiple rounds of talks failed to produce a deal, crisis-hit Pakistan officially sought Washington’s help to get favorable treatment from the International Monetary Fund for a bailout from the country’s disastrous fiscal situation – at a potential price of tilting away from its relationship with China. The request to the IMF came against the backdrop of…
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The prices of petroleum products may increase by up to Rs86 per litre for the next fortnight — with no taxes included — in case the government decides to do away with the subsidy payable to oil companies as price differential claims (PDCs) under IMF conditions. IMF Resident Representative in Islamabad Esther Perez Ruiz said on Friday that an IMF…
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International brands including Coca Cola and PepsiCo called on Monday for a global pact to combat plastic pollution that includes cuts in plastic production, a key growth area for the oil industry. World officials will meet at a United Nations Environment Assembly conference (UNEA 5.2) later this year to start negotiations on a treaty to tackle a plastic waste crisis…
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Due to delay in execution, slow progress on projects, and cost overrun, the Planning Commission has recommended barring the National Highway Authority (NHA) from submitting new projects and has directed it to bring its business plan as its throw forward has reached Rs. 907 billion. The current pace of approving new projects of the National Highway Authority is not sustainable,…
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Federal Energy Minister Hammad Azhar said on Friday that the government would not supply imported Liquefied Natural Gas (LNG) to domestic gas consumers on lower rates. Addressing a news conference, the minister said that 10 to 11 cargos of LNG were tenders to meet the demand, but since the LNG prices had gone up on the international market the imported…
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