Year: 2020

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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Team awarded Sitara-e-Imtiaz for winning Karkey case, saving Pakistan from $1.2bn penalty

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A team comprising officers from the Pakistan Army whose efforts made the country proud internationally and saved the nation from a penalty of $1.2 billion has been awarded Sitara-i-Imtiaz. The cabinet secretariat on Friday released the names of 184 Pakistani and foreign nationals who will be conferred civil awards for showing excellence and courage in their respective fields. According to details, Brig Rana Arfan Shakeel Ramay, Lt Col Farooq Shahbaz and Ahmed Irfan Aslam worked hard in gathering information from Swiss, Lebanese, and Dubai banks regarding the corruption of Turkish…

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KP yet to receive net hydel profit from centre

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The Pakhtunkhwa Energy Development Organization (PEDO) and the Peshawar Electric Supply Company (PESCO) have yet to reach an agreement on the sale of electricity for the Machai Hydro Project, owing to which the province was not being able to earn revenue despite spending billions on the project’s construction. According to sources, there was a question mark on the seriousness of both the central and provincial governments regarding this important issue, particularly at a time when KP was going through a financial crisis. 

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Wind power producers agree to increase plant terms by five years

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ISLAMABAD: The government and wind power producers (WPPs) on Friday formally signed a memorandum of understanding (MOU) to increase term of plants by five years against certain relief in key items of the tariff. The MOU was signed by Babar Yaqoob Fateh Muhammad, who leads the government’s negotiation committee and Rumman Arshad Dar, chairman Pakistan Wind Energy Association — representing more than 24 WPPs. Under the MOU, the two sides “have agreed to alter their existing contractual arrangements to the extent of, and strictly with respect to, the matters listed…

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