Shanghai Electric withdraws PoI to acquire 66.4% shares of K-electric

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to the offer for this acquisition, made an announcement that as of the expiry date, June 26, 2020, the PoI stands withdrawn.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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KE failed to upgrade systems, is now facing issues: energy ministry

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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Govt raises petrol price by nearly Rs26 citing ‘global rise in prices’

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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ECC green-lights two projects for Power Division

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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PTI govt increases petrol price by Rs25 per litre

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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Bilawal, Shehbaz reject federal budget

PPP Chairman Bilawal Bhutto Zardari and PML-N President Shehbaz Sharif have rejected the budget 2020-21 recently presented by the federal government and decided to call an all-party conference (APC) next week taking into account the evolving political situation in the country. The PPP scion telephoned the opposition leader in the National Assembly and inquired after his health, two weeks after he tested positive for the novel coronavirus. The PPP chairman also inquired about the health of PML-N supremo and former prime minister Nawaz Sharif. Both the leaders expressed their reservations…

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Help others instead of calling them ‘psycho’ or ‘crazy’: Saba Qamar

With just four episodes released, actor Saba Qamar’s YouTube channel is proving itself to be the perfect balance between art and awareness. After tackling issues such as misogyny and gossip-mongering in media, the Hindi Medium star has set her sights on mental health.  Unlike the previous episodes where Qamar used satire to relay her point, in the latest episode she adopts a more direct and hard-hitting approach. The video essentially is a monologue about depression and society’s role in it.  In many ways, Qamar emphasises on individuals taking up responsibility for actions…

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Govt bars 262 pilots from flying

Aviation Minister Ghulam Sarwar on Friday announced that 262 pilots would be barred from flying because their credentials were “dubious”. The pilots in the line of fire include 141 from Pakistan International Airlines (PIA), 10 from Serene Airline and nine from Air Blue. The rest belong to flying clubs or chartered plane services. The issue of pilots possessing suspicious licences came to surface when an initial inquiry into a PIA plane crash in Karachi on May 22 was presented before parliament. “All the airlines and the clubs have been conveyed…

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Karachi’s load shedding situation to improve in 48 hours, assures KE

K-Electric Chief Executive Officer (CEO) Moonis Alvi has said that the ongoing electricity crisis in Karachi, will ease down in 48 hours. Talking to media CEO KE Alvi said that the authorities have assured him that KE will be provided furnace oil from some Independent Power Producers (IPP) and the situation will normalize. “From the start of June, we were facing issues regarding the supply of furnace oil, and there were many reasons to it, as we can see there is a shortage of petroleum in the country, as the…

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China’s Oil Imports From Saudi Arabia Jump To Record High

As China imported its highest-ever volume of crude oil in May, its imports from the world’s top oil exporter, Saudi Arabia, nearly doubled to the highest on record after fuel demand in the world’s top oil importer recovered and refiners purchased crude at bargain prices in April. Chinese imports of crude oil from OPEC’s largest producer, Saudi Arabia, surged by 94.9 percent on the year and by 71 percent on the month in May, to reach 2.16 million barrels per day (bpd), according to data from China’s General Administration of…

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