Month: September 2020

ISLAMABAD: The Central Development Working Party (CDWP) on Wednesday cleared a total of seven development projects with a total cost of Rs57.78 billion. At a CDWP meeting presided over by Deputy Chairman Planning Commission Mohammad Jehanzeb Khan, four development projects with a cumulative estimated cost of Rs12.25bn were approved. Two other projects with a total cost of Rs33.43bn were referred to the Executive Committee of the National Economic Council (Ecnec). The meeting allowed extension in re-tendering of a Rs12.10bn hydropower project in Gilgit. Under the financial rules in vogue, the…

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ISLAMABAD: The federal cabinet has decided to explore possibility of establishing land-based LNG terminals in future as Ministry of Defence (Pakistan Navy) allowed establishment of two terminals at Port Qasim on the recommendations of Ministry of Maritime Affairs (MoMA), well-informed sources told Business Recorder. ECC of Cabinet decision of March 5, 2019 duly ratified by the Cabinet on March 19, 2019 and July 9, 2019 decided that all five companies be allowed to participate in the bidding process for the establishment of new LNG terminals, at Port Qasim, therefore, PQA…

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KARACHI: State-owned Pakistan LNG Limited (PLL) has sought tenders from foreign suppliers to supply approximately 420,000 cubic metres of liquefied natural gas (LNG) for November, it was learnt on Tuesday. PLL invited bids from international suppliers for supply of three LNG cargoes on delivered ex-ship basis at Port Qasim. Cargo of 140,000 cubic meters each is required to be delivered on November 8-9, November 15-16, and November 18-19. The last date of submitting the bids is September 24. PLL was mandated by the government to carry out the business of…

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KARCHI: As of June 2020, Pakistan’s net oil reserves have declined by 5 percent to 540 million barrels, mainly owing to no significant production upgrade at the existing fields or addition of new ones to compensate for natural depletion of 4-5 percent, a brokerage report said on Tuesday. During the last six months, Pakistan local crude oil production was 13.2 million barrels; however, new reserves of only 1.82 million barrels were added through five new fields namely Kandiari, Ranjho, Dhok Hussain, Benari, and Yasar,” Muhammad Sohail, CEO at Topline Securities,…

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ISLAMABAD: The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) has granted a stay on the enforcement of the massive penalty of $6 billion imposed on Pakistan for its decision to deny a mining lease for the Reko Diq project to Australia’s Tethyan Copper Company (TCC). The office of the attorney general for Pakistan in a statement described the development as a success for the country and its legal team. In July last year, an international arbitration tribunal of the ICSID had slapped a penalty of $6 billion…

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