Month: July 2020

Fed govt plans to sell shares of OGDCL, other petroleum companies

Admin

ISLAMABAD: Federal Minister for Privatization Muhammad Mian Somroo on chaired a meeting of the privatization board and mulled over selling shares of Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Mari Petroleum Company Limited, ARY NEWS reported. The meeting mulled over the divestment plan for the three companies while deferred a plan to sell shares of Pakistan Engineering Company Limited (PECO) by August 20 and decided to move ahead on it after consultations with industries and commerce ministry. The meeting headed by Muhammad Mian Somroo mulled over…

Read More

PSO’s shareholding in PRL increases to 63.56%

Admin

July 29, 2020 (MLN): Pakistan State Oil (PSO) has paid an amount of Rs. 224,590,280 to Pakistan Refinery Limited (PRL) for the subscription of 22,459,028 shares which remained unsubscribed as part of the right issue made by the latter. This is in addition to PSO’s subscription of its own 60% portion of Right Shares in PRL. As a result of the aforementioned acquisition, PSO’s shareholding in PRL has increased from 60% to 63.56%. PSO now holds 378,000,000 ‘Class B’ shares and 22,459,028 ‘Class A’ shares in PRL. It is pertinent to…

Read More

Tania Aidrus was sacked, did not resign

Admin

ISLAMABAD: Tania Aidrus, special assistant to the prime minister on e-governance and head of the much-touted Digital Pakistan Vision initiative, has announced to resign from her post citing recent criticism levelled against her and the government due to her dual nationality. Sharing the signed resignation letter on her Twitter page, she wrote, “Criticism levied towards the state as a consequence of my citizenship status is clouding the purpose of Digital Pakistan. In the greater public interest, I have submitted my resignation from the SAPM role. I will continue to serve my…

Read More

23 countries where money can buy you a second passport or ‘elite residency’

Admin

The Second Citizenship Survey 2017 from CS Global Partners found that 89% of people would like to own a second passport, and over 34% said they had looked into investing in a second citizenship. Even more striking were the 80% who said they would be willing to invest or donate 5% of their annual salary for a second citizenship — more than they spend on monthly rent. Luckily, a number of countries offer Citizenship by Investment (CIP) programs where money — normally invested in real estate — can actually buy…

Read More

Perfect Timing? China Announces Hydropower Megaprojects In Pakistan

Admin

Few global projects receive the same amount of praise and criticism as China’s Belt and Road Initiative (BRI) does. Regardless of one’s opinion, the BRI is President Xi’s signature foreign policy project with magnanimous allure. According to Morgan Stanley, overall expenses could reach $1.2-1.3 trillion by 2027. Beijing has invested significantly not only in financial terms but also politically. In this context, the success of the China-Pakistan Economic Corridor (CPEC) is essential to showcase Beijing’s model of development. The CPEC was announced in 2013 in response to the countries’ economic needs and…

Read More