Year: 2020

ISLAMABAD: The government has reportedly decided to convert additional debt of Rs 80 billion of Power Holding Limited (PHL) into public debt as per agreements with the international financial institutions (IFI), well informed sources told Business Recorder. For this purpose, Finance Ministry will submit a summary to the Economic Coordination Committee (ECC) of the Cabinet shortly. The government has already converted PHL’s debts of Rs 136 billion into public debt in accordance with an understanding with IFIs; and has already agreed to convert power sector debts existing on PHL books…

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ISLAMABAD: A few years ago, Oil and Gas Development Company (OGDC) had been a star performer at the Pakistan stock market. However, in recent years the company has lost much of its market value and its performance has remained lacklustre. In 2014, OGDC’s share price stood above $2 but in the recent past the share value was hovering around $0.60. Based on the outstanding 4.3 billion shares, the company’s valuation has gone down by over $6 billion. For decades, OGDC – a big oil and gas exploration company – had…

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The Khyber Pakhtunkhwa government has initiated a pilot project to make liquefied petroleum gas (LPG) from plastic waste, but it is facing problems due to non-cooperation among relevant departments. The provincial government had also launched such projects in the past, but none of these projects is functional. Adviser to Chief Minister on Information Kamran Bangash had inaugurated the project in Peshawar on July 22. He had said at the inauguration ceremony that the project will be helpful for energy production and cleanliness of the city. According to the Directorate of…

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ISLAMABAD, Oct 5 (Reuters) – Pakistan will ramp up spot buying of liquefied natural gas (LNG) from the international market, seeking up to six cargoes for December, its procurement subsidiary said on its website, as the country prepares for a potentially crippling gas shortage. December and January see the largest spike in demand for gas in Pakistan, but this year the demand-supply shortfall will be greater on the back of higher consumption and diminishing indigenous supply, authorities believe. A source in Pakistan LNG Ltd (PLL), which handles LNG imports, told…

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The federal government is abolishing Rs. 143 billion Liquefied Natural Gas (LNG) agreements inked by the Pakistan Muslim League-Nawaz (PML-N) government. Federal Minister for Planning and Development, Asad Umar, revealed this while speaking in a TV show on Thursday. The federal minister noted that the country will incur an overall burden of Rs. 1,000 billion due to these LNG agreements. If we pass on this burden to the masses, then it would see a Rs. 10 increase in per unit tariff of electricity. Admitting inflation as one of the biggest…

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