Day: March 6, 2020

ISLAMABAD: The federal government on Thursday decided to scrap an ongoing process for offloading its stake in Oil and Gas Development Company (OGDC) in the stock market and instead would offer one-tenth of its shares to an international firm having sector expertise. The decision was taken during a meeting held at the Ministry of Privatisation, chaired by Privatisation Minister Mohammad Mian Soomro. The meeting reviewed the options whether to offload 7% stake in the stock market or sell 10% shares to a strategic investor. “The option of strategic sale of up…

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Calls for new pricing deals from buyers as US LNG production shut-ins are on the cards

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LAHORE: The Lahore High Court (LHC) on Friday banned the use of polythene bags across the city. During the proceedings, LHC ordered the authorities concerned to implement the court orders and completely prohibit the use of polythene bags within two weeks. LHC’s Justice Shahid Karim ordered the relevant authorities to appraise the court about banning the use of plastic bottles by the next hearing. “In the next phase, we would issue a verdict on banning polythene bags in other cities of Punjab,” the judge said. The court adjourned the hearing until…

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Brent also falls by about US$ 4 to US$ 46 per barrel.Oil Crashes on Reports that OPEC and Russia failed to Rollover existing supply cuts. Good development for Pakistan macros, as massive decline in Oil prices may lead to decline in energy imports, thereby helping reduce trade deficit; pass-on should lead to decline in inflation, as well as reduced energy costs to businesses/industrial sector, besides potential to improve indirect taxes for the govt and decrese in subsidies from the govt.

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ISLAMABAD: Prime Minister Imran Khan on Thursday ordered to devise an emergency programme to address the energy and petroleum sectors’ challenges and to ensure that the reformation process puts minimum burden on the common man. “The common man would not be made to bear the brunt of an inefficient and corrupt system, which has been enforced for years,” he remarked while presiding over a meeting to review the measures being taken to improve the efficiency of state-owned institutions. Energy Minister Umar Ayub Khan, Planning Minister Asad Umar, Privatization Minister Muhammadmian Soomro,…

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