Year: 2020

FBR, PSMA sign accord for electronic monitoring of sugar production

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ISLAMABAD: The Federal Board of Revenue (FBR) has signed a memorandum of understanding (MoU) with Pakistan Sugar Mills Association (PSMA) to operationalize Video Analytics Rules, 2020, for the sugar sector. FBR Member (IR-Operations) Dr Muhammad Ashfaq Ahmed and PSMA Central President Iskandar Khan signed the MoU on behalf of their respective organizations during a ceremony held at the FBR headquarters in Islamabad. FBR had recently issued Video Analytics Rules, 2020, vide SRO 889(I)/2020, for electronic monitoring of specified goods. Welcoming the PSMA central chairman and other members, Dr Muhammad Ashfaq Ahmed…

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Zero-Rated Sectors Granted Power, Gas Concessions

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ISLAMABAD: The government has granted zero-rated export-oriented industries special concessions in power and gas tariffs with an aim to spur exports that are stuck in a downward spiral for long, an notification said on Wednesday. Ministry of Energy (Power Division) in its notification said, for this purpose, an amount of Rs10 billion, available to petroleum division for RLNG, had been transferred to the power division. “These special industries will be given a rate of 7.5 cents (¢) per kWh for July & August and 9 ¢/kWh thereafter. For gas, the…

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Govt urged to halt power generation licences

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KARACHI: The government needs to pause any further licencing to power projects as the country sits on surplus generation capacity due to excessive incentives announced for the independent power producers (IPPs), expert said on Wednesday. The speakers told a webinar that electricity should be dealt as a commodity, as this would transfer the risks to investors from the government. Ahsan Zafar, chief executive officer of Engro Energy said if the GDP grows at a rate of 4.5 percent, there will be a 3,500MW electricity surplus by 2025. “We do not…

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Exxon Set For Another Loss In Q3

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ExxonMobil is set to post its third straight loss in its upstream business this year, as lower oil demand continues to hurt oil companies’ profitability. In an SEC filing on Thursday, Exxon provided a Q3 earnings considerations update of its expectations for the third-quarter results relative to the second quarter. The U.S. supermajor is reporting Q3 financials on October 30. Exxon’s upstream business, which booked a loss of US$1.7 billion in Q2, will see its exploration and production division get a boost of between US$1.4 billion and US$1.8 billion in…

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The Harsh Reality Of A Low Carbon Future

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Researchers at the University of Queensland in Australia mapped the countries and regions within them that will likely become mining hotspots as the world moves towards a low carbon future. In a paper published in the journal Nature Communications, the researchers explain that this exercise led them to conclude that such a transition is expected to lead to more mining in high-risk areas. In these places, competition over resources such as water and land may negatively impact surrounding communities. “Past research has raised concerns about the environmental, social and governance…

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