Day: April 22, 2020

Pakistan seeks LNG supplies for next six to 24 months on fixed price

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ISLAMABAD: The Cabinet Committee on Energy (CCOE) on Monday rejected the proposal for invoking clause of forced majeur for supply of LNG contracts keeping in view the reduced prices in the international market. However, the highest forum of CCOE approved to authorize PSO/PLL to negotiate with ENI and Gunvor for fixed price of supplies for the next six to 24 months period. Top official sources disclosed to The News on Monday that Islamabad would make efforts to get price of $4 to $4.5 MMBTU DES price and efforts to be…

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Irregularities in power sector caused over Rs4 trillion loss to national kitty

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During the last 13 years the national kitty faced loss of over Rs4 trillion due to circular debt and subsidies being given to power producers, the power sector inquiry report released on Tuesday. It said that 16 independent power producing companies (IPPs) invested around Rs60 billion and earned over Rs400 billion in profits in a period ranging from two to four years. The development comes after Prime Minister Imran Khan earlier in the day allowed to make the power sector inquiry report public about the billions of rupees alleged irregularities…

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Pakistan’s stock market takes a beating after global oil price crash

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KARACHI: Pakistan’s stock market was down on Tuesday with oil and gas recording a major dip after international oil prices crashed to below zero.Experts, however, are optimistic that the country could benefit from the historically low oil prices.The Pakistan stock exchange’s benchmark KSE-100 index was down by more than 3 percent or 1,131 points by afternoon trade as investors weighed heavily on an unprecedented meltdown in the international oil market where oil prices crashed through zero, closing at -$37 per barrel.“The market is in pressure today due to the international…

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Huge Corruption By IPPS: Federal Cabinet Agrees To Make Power Sector Report Public

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ISLAMABAD -UNS – The meeting of federal cabinet agreed to public the huge corruption scandal report in power sector will public in coming days. Independent Power Producers (IPPs) looting Pakistani nation with cooperation of previous governments and Bureaucracy. Federal Investigative  Agency FIA and others government agencies compiled a report on the huge corruption  of  IPPs. The IPPs report was submitted to Prime Minister Imran Khan and the PM  committed to  exposed the corruption and recovered looted money. The  federal cabinet meeting was held in Islamabad on Tuesday,with Prime Minister Imran…

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