Month: March 2021

$15bn oil refining investment: It’s waiting in the wings

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ISLAMABAD: Ministry of Energy (MoE) is reportedly preparing a new oil refining and marketing policy as $15 billion new investment is said to be waiting in the wings, well-informed sources told Business Recorder. The issue of existing refineries is very serious as they faced financial losses of approximately Rs 50 billion during the last two years. Refineries faced inventory losses due to rupee devaluation and then Covid-19 put additional financial pressure on them. Presently, the margins of refineries remain negative. The government wants that refineries should upgrade themselves, which needs…

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Govt caps prices of Russian, Chinese vaccines

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The federal cabinet on Saturday decided to cap maximum retail price of the Russian and Chinese Covid vaccine injections, being imported by the private sector amid a sharp increase in coronavirus cases and in the absence of a wider government-funded vaccination programme. The cabinet approval came through a circulation of the health ministry summary. It came on the day when Prime Minister Imran Khan was tested positive for Covid-19, said Special Assistant to Prime Minister on Health Dr Faisal Sultan. The premier had got his jab on Thursday. The government…

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Delay in privatisation irks CCOP

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A cabinet body on Thursday expressed its anger over lack of progress on the privatisation programme and directed the Ministry of Privatisation to submit timelines for outsourcing the management of power distribution companies. The Cabinet Committee on Privatisation (CCOP) was furious over the privatisation ministry’s lack of progress on its two-month-old instructions that called for beginning the process of outsourcing the management of power companies to the private sector, according to finance ministry officials. The Privatisation Division presented various proposals for the award of management contracts for a smooth running…

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Saudi tycoon assured KE debt issues will be fixed

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ISLAMABAD: Prime Minister Imran Khan has assured Saudi business tycoon Abdulaziz Hamad Aljomaih – managing director-investments – Aljomaih Holdings – one of the largest business groups in Saudi Arabia – to expedite the resolution of K-Electric’s debt issues with other entities to facilitate a smooth transaction with the Chinese power generation firm – Shanghai Electric. Aljomaih is one of the largest investors in KE that bought then KESC (Karachi Electric Supply Coropration) in 2005. During his visit, the high-profile visitor took up three issues which included acquisition of KE shares…

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Govt plans to build pilot cryptocurrency mining farms in KP

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PESHAWAR: The Khyber Pakhtunkhwa government is planning to build two hydroelectric-powered pilot “mining farms” to capitalise on a bullish global cryptocurrency market, a minister overseeing a new government crypto policy told Reuters on Wednesday. The announcement comes as cryptocurrencies are gaining mainstream acceptance, with Bitcoin’s price reaching record levels as investors such as Elon Musk pour funds into it, and the first big US bank, Morgan Stanley, offering its wealth management clients access to bitcoin funds. Crypto mining farms involve large investments in computer data centres which require vast amounts of power.…

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