Month: March 2020

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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KARACHI: The K-Electric Limited’s board has approved the incorporation of a private limited company to undertake renewable energy and other projects envisaging an investment of $3 billion in next four years, the power utility said in statement on Thursday. “The proposed company will be a wholly-owned subsidiary of K-Electric, subject to regulatory and other required approvals and completing required corporate actions,” the statement said. The power company has not released the details regarding the paid-up capital and timeline for the proposed company as yet. The statement said the KE, Pakistan’s…

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ISLAMABAD: Government is mulling divestment of up to 10 percent of its stake in state-owned Oil and Gas development Company (OGDCL) and Pakistan Petroleum Limited (PPL), sources said. The decision was taken on Thursday during a meeting presided over by Minister for Privatisation Mohammed Mian Soomro. Senior officials of OGDCL, ministries of petroleum and privatisation agreed with the divestment proposal and to forward it in the upcoming meeting of the cabinet committee on privatization (CCoP) for approval. The sources said the government is considering stake divestment to strategic investors, especially…

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He was addressing a high-level meeting to review measures taken to improve the performance of state-owned enterprises (SOEs). PM Khan underscored the need for taking emergent measures to control the existing challenges in both the sectors. According to him, a massive awareness campaign among the general public should also be launched. He said the common man would not be made to bear the brunt of an inefficient and corrupt system. The prime minister said that professionals and technology experts should be appointed in both ministries so that the existing problems…

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