Day: July 15, 2020

Trump interested in buying PIA-owned Roosevelt Hotel in New York, NA body told

Admin

As the government goes about deciding which line it should eventually take to turn the PIA-owned Roosevelt Hotel in New York into a profitable entity, the luxury property has piqued the interest of a name all too familiar in American real estate: Donald Trump. The revelation came as a top Pakistan International Airlines (PIA) official informed the National Assembly Standing Committee on Privatisation on Wednesday that the United States president is interested in purchasing the hotel, located in New York’s Manhattan borough. At the outset of the meeting, committee member…

Read More

Iran backs BRI, CPEC after kicking India out

Admin

ISLAMABAD: A day after reports suggesting Iran had dropped India from a key project linked to Chahbahar Port, Iran on Wednesday threw its weight behind the Belt and Road Initiative (BRI) as well as its flagship project, the China Pakistan Economic Corridor (CPEC). Iran’s Ambassador to Pakistan Seyed Mohammad Ali Hosseini said the BRI and CPEC were beneficial for the regional development particularly for China, Iran and Pakistan. Without explicitly mentioning India by name, the Iranian envoy defended his country’s recent decision to drop India from a key Chahbahar port…

Read More

MOL Discovers Significant Reserves in Pakistan

Admin

MOL revealed Tuesday that it has discovered “significant” gas and condensate reserves in Pakistan. The Mamikhel South-1 exploratory well, which is located in Pakistan’s TAL Block, achieved a flow rate of 6,516 barrels of oil equivalent per day during testing, according to the company, which noted that further testing of the well is currently ongoing. Mamikhel South-1 marks MOL’s 13th discovery in Pakistan and the 10th discovery in the TAL Block. MOL’s 13 oil, gas and condensate finds have all been made since the year 2000. “I am delighted to announce that we have…

Read More

K-Electric busts city’s power supply myths

Admin

KARACHI: K-Electric hosted a press conference at its Office to allay the concerns of Karachi consumers around the power supply situation and address misinformation around various power-related issues. The conference which, was hosted by Chief Executive Officer (CEO) K-Electric, Moonis Alvi, Chief Financial Officer (CFO) Aamir Ghaziani and Chief Distribution Officer (CDO) Amer Zia, focused on transparently addressing the prevailing myths around the power utility. CEO K-Electric, Moonis Alvi focused on K-Electric’s ambitious investment plan which would see USD 2 bn spent across the power value chain over the next three…

Read More

EFP chief appeals to Prime Minister to cut gas price for industries

Admin

KARACHI: Ismail Suttar, President of Employers Federation of Pakistan (EFP), the Apex Body of Manufacturers of Pakistan, has appealed to Prime Minister Imran Khan to further reduce the gas prices as the industry was expecting a huge cut in gas prices as is the case worldwide. Speaking on behalf of local manufacturers, Ismail requested that the gas prices should be the same for exporters as well as local industry. He reiterated the importance of import-substitution in the current COVID situation and said that this cannot happen if cost of production for…

Read More