More than a million jobs in the oilfield service industry (OFS) are expected to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, Norway’s energy intelligence firm Rystad Energy said. Most cuts will come from shale services According to Rystad, more than 5 million people are employed in…
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KARACHI: After suffering a massive loss in early trade on Friday morning, the Pakistani Rupee made a sharp recovery against the US dollar in the interbank market, to close at Rs166.5, following the State Bank of Pakistan (SBP) alleged intervention. The analysts believe that the SBP intervened and injected dollars in the market to stabilise the PKR that was being traded…
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SINGAPORE, March 26 (Reuters) – Qatar Petroleum has approached several buyers in Asia and in Europe offering liquefied natural gas (LNG) cargoes in the spot market, three sources familiar with the matter told Reuters. The exact total volumes could not be confirmed, but the company has offered the cargoes for either loading or delivery in April, depending on the location,…
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ISLAMABAD: The government has reportedly decided to approach Chinese top leadership, seeking review of Power Purchase Agreements (PPAs) of power projects established under China-Pakistan Economic Corridor (CPEC), well-informed sources told Business Recorder. A couple of days ago, a high-level meeting presided over by Prime Minister Imran Khan, discussed pros and cons of the proposal, which will be discussed in the…
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ISLAMABAD: Minister for Planning and Development Asad Umar has been appointed as the new chairman of the Cabinet Committee on Energy, replacing the PM’s finance adviser Abdul Hafeez Shaikh, ARY News reported on Thursday. The federal government has reconstituted the Cabinet Committee on Energy over the directives of Prime Minister Imran Khan. Adviser to Prime Minister on Finance Abdul Hafeez…
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Karachi, March 26, 2020: Most employees at Huawei Technologies Co. are back at work following the coronavirus outbreak, though the pandemic is likely to hit the Chinese telecom giant’s financial results this year, the company’s chief executive said. Ren Zhengfei, who is also Huawei’s founder, also said that the company plans to boost its research and development budget this year by…
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KARACHI: The government will arrange Rs750 million foreign financing for “Evacuation of Power from 660 MW Lucky Electric Coal Fired Plant at Port Qasim” project. The project has been approved at the cost of Rs1.315 billion, in which Rs454 million would be financed through domestic resources, official documents of the project indicated. Apart from the foreign and domestic financing, Rs110.14…
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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet which is scheduled to meet on Thursday(today) with Finance Adviser Dr Abdul Hafeez in the chair, will approve increase in tariff of K-Electric (KE) up to Rs 2.89 per unit to bring it at par with other Discos, well-informed sources told Business Recorder. ECC of the Cabinet in its meeting held…
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The United States dollar continued its climb against the rupee on Thursday, closing at an all-time high of Rs167 in the interbank market, according to rates provided by the Exchange Companies Association of Pakistan. Compared to the opening value of Rs162.5, the dollar rose by Rs4.5, which translates into an increase of 2.77 per cent. Similarly, the rates provided by…
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IN response to Pakistan’s large external financing requirements, the governor of the State Bank of Pakistan (SBP) began a concerted campaign this summer to attract inflows from a segment of international fixed income investors that indulge in what are known as ‘carry trades’. These investors, typically highly leveraged hedge funds, borrow in currencies that have low (or negative) interest rates,…
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