Day: June 26, 2020

June 26, 2020 (MLN): The approval from SECP for requested extension of 90 days for making Public Announcement of Offer by Shanghai Electric Company (Acquirer) to acquire 66.4 percent shares of K-Electric Limited will lapse as of June 26, 2020, on the basis that certain regulatory and other approvals for the Transaction remain outstanding. Arif Habib Limited, the Manager to the offer for this acquisition, made an announcement that as of the expiry date, June 26, 2020, the PoI stands withdrawn. However, in a notification to PSX, Shanghai Electric remain fully…

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The energy ministry on Friday dismissed K-Electric’s (KE) claims attributing prolonged power outages in Karachi to a shortage of furnace oil in the market, saying the power utility’s system constraints were a major hurdle in resolving the issue. It is unfortunate to note that KE didn’t invest in upgrading their systems due to which it is facing difficulties at a time of peak demand, a spokesperson for the energy ministry said in a statement. “The federal government is ready to extend all available support for the provision of uninterrupted power supply to…

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The government on Friday increased the prices of all petroleum products by up to nearly Rs26 to share the impact of rising international prices with the consumers. The price of petrol (motor spirit) has been raised by a whopping Rs25.58 to Rs100.10 per litre from the existing Rs74.52, an increase of 25.6 per cent, according to a Finance Division press release. The price of high-speed diesel (HSD) has been hiked to Rs101.46 per litre from the current price of Rs80.15, a jump of Rs21.31. The new price of kerosene oil…

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The Economic Coordination Committee (ECC) of the cabinet on Thursday allowed the Power Division to proceed with the development of Kohala and Azad Pattan hydroelectric power projects in a bid to pave the way for attracting $3.7 billion in investment under the China-Pakistan Economic Corridor (CPEC). Work on these two power projects had come to a halt because of a row over different issues. The Kohala hydroelectric power project will be developed on Jhelum River in Azad Jammu and Kashmir (AJK) and is being implemented by Kohala Hydropower Company Private…

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The federal government has decided to increase the price of petrol by Rs25.58 per litre for month of July in line with the hike in global crude oil prices. Sources privy to the development told The Express Tribune that real impact of increase in petrol was Rs31 per litre based on the data and working made by Pakistan State Oil (PSO). However, government decided to increase price of petrol by Rs25.38 per litre that would be effective immediately. According to a notification issued by the Finance Division the price of petrol has…

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