Month: August 2020

Positive vibes from China for review of PPAs with IPPs

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ISLAMABAD: In another positive development, the Chinese authorities have also indicated to Pakistan’s top notches that they would also review the power purchase agreements (PPAs) of the independent power producers (IPPs) installed under China Pakistan Economic Corridor (CPEC) umbrella keeping in view the rising circular debt and other power sector financial woes adversely impacting the country’s economy, a senior top official at Power Division told The News. The official said the coal-based Port Qasim Power Plant, Sahiwal Power Plant, Hubco Power Project, Hub Balochistan, Engro Thar and UEP wind power…

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PIA is planting 50,000 trees across country in current year

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The Pakistan International Airlines while actively contributing in the Clean and Green Pakistan initiative of the government is planting 50,000 trees in the current year alone across its different stations in the country. This was disclosed by Muhammad Shoaib, company secretary PIA, while speaking at a tree plantation ceremony at PIA Township to mark the 74 Independence Day of Pakistan. The tree plantation ceremony at PIA Model Secondary School was jointly organized by the Federation of Pakistan Chambers of Commerce & Industry, PIA, and National Forum for Environment and Health…

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Tankers ship Iranian fuel cargoes to U.S. for seizure

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Tankers carrying Iranian fuel cargoes covered by a U.S. warrant for seizure are sailing to the United States after talks between U.S. authorities and ship owners, a U.S. government source and a shipping source said on Thursday. Iran had planned to transport the gasoline to Venezuela, a supply line that both Tehran and Caracas have flaunted in defiance of U.S. sanctions. Washington has imposed sanctions on both countries to choke oil exports and deprive their governments of their main source of revenue. Iranian action against another ship on Wednesday in…

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India moves to curb China shipping links in oil trade

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The Indian government has directed state-controlled oil companies to register the use of any vessels belonging to bordering countries, in its latest move to curb trade relations with China. All such vessel charters must be registered with India’s Department for Promotion of Industry and Internal Trade (DPIIT). The directive applies equally to shipping firms owned by Pakistan and Nepal — which have their own border disputes with Delhi — but in practice is only likely to affect Chinese shipping companies, which have a large global presence in the oil and…

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Petroleum levy collection on oil products rose 43pc in last fiscal

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ISLAMABAD: The government has collected about 43 per cent higher petroleum levy on oil products during the fiscal year ending on June 30, 2020 as compared to the previous year despite 13pc to 20pc reduction in local production and 25pc drop in import of major products. The data released by the finance ministry has reported Rs294 billion collection through petroleum levy on oil products during fiscal year 2019-20 when compared to Rs206bn in fiscal year 2018-19. Also, the government is estimated to have collected almost 31pc higher revenue on key…

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