Petronas bolsters LNG tanker fleet

Malaysian national oil company (NOC) Petronas is adding three new liquefied natural gas (LNG) tankers to its global fleet. The ships will primarily be used to ship LNG from Canada. Petronas said yesterday that it has signed a Time Charter Party (TCP) for three newbuild 174,000 cubic metres LNG vessels with shipowner, Hyundai LNG Shipping (HLS). The deal with HLS was awarded via an international tender exercise to support Petronas’ growing global LNG business portfolio. As part of the agreement, HLS had signed shipbuilding contracts with Hyundai Heavy Industries (HHI)…

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How to start an E-commerce business in Pakistan

All around the globe today, there are over 4.6 billion people who use the Internet,1 and in the past 12 months alone, the total number of Internet users around the world rose by 319 million. This shows that an average of 875,000 new users is added each day. These staggering statistics point to the simple fact that the Internet is speedily taking over the world. Due to the growing popularity in the use of the Internet, there has been a shift in the world of Internet trading. Smartphones, social media, and…

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Performance in SDG sectors: Pakistan lags behind its emerging market peers: IMF

Pakistan’s performance in critical Sustainable Development Goals (SDGs) sectors including education, water and sanitation lags that of its emerging market peers and achieving its SDGs by 2030 would require nine percent of the GDP in additional financing each year, says the International Monetary Fund (IMF). The IMF in its latest report, “A Post-Pandemic Assessment of the Sustainable Development Goals” stated that public spending has been insufficient to meet the needs of a fast-growing young population. “Without additional resources to offset the costs of the pandemic (on top of the substantial…

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14 ARE projects to start commercial operation by December

As many as 14 Alternative Renewable Energy (ARE) projects with accumulative capacity of 670 MW would start commercial operation by December. Official sources told APP here on Thursday that these projects included mostly wind and solar based power projects. Sharing the details, they said that 50 MW each Lakeside Energy Pvt Ltd (Jhampir), Artistic Wind Power Pvt Ltd, Liberty Wind Power 1 Pvt Ltd, Indus Wind Energy Ltd, ACT2 Wind Power 2 Pvt. Ltd, Liberty Wind Power 2 Pvt Ltd, Nasda Green Energy Pvt Ltd, Din Energy and Gul Ahmed…

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Climate change crisis: more talk than action

This is a dire warning that the economic recovery from the Covid crisis is currently anything but sustainable for our climate… Unless governments around the world move rapidly to start cutting emissions, we are likely to face an even worse situation in 2022.’ – Fatih Birol, Executive Director, International Energy Agency (IEA) The world saw widespread lockdowns in 2020 due to the pandemic, and although no one desired seeing, fall in global greenhouse gas emissions, as a result of Covid-related lockdowns and deep recession, yet it did happen, whereby fossil…

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PSO profit increases to Rs8.720 billion in Q3

KARACHI: Pakistan State Oil (PSO) net profit increased to Rs8.720 billion during the quarter ended March 31, 2021, translating into earnings per share (EPS) of Rs18.57, a bourse filing said on Thursday. The company had posted a loss of Rs3.426 billion with loss per share of Rs7.30 during the same quarter last fiscal. There was no announcement of cash back. The company’s 9MFY21 profit surged 506 percent to Rs18.242 billion during the nine-month period ended March 31, 2021, from Rs3.008 billion during the same period last fiscal. The EPS stood…

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Petrol price in Pakistan may increase from May 1: sources

The price of petrol and diesel in Pakistan may increase from May 1, sources told Geo News on Friday.  The price of petrol may increase by Rs5.75 per litre while the price of diesel may increase by Rs6 per litre, said sources.  The Oil and Gas Regulatory Authority (OGRA) has forwarded a summary to the Petroleum Division. In it, the recommended prices have been calculated keeping in mind the current petroleum levy rate.  The current levy on petrol is Rs11.23 per litre while on diesel, it is Rs15.29 per litre.  The final…

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PPL’s profit falls 15% to Rs12 billion

Pakistan Petroleum Limited’s profit dipped 15% to Rs12 billion in the quarter ended March 31, 2021 on the back of a contraction in sales and fall in other income. According to a notice sent to the Pakistan Stock Exchange on Thursday, the oil and gas exploration and production firm had reported a profit of Rs14.1 billion in the same quarter of last year. Earnings per share of the company amounted to Rs4.42 in the Jan-Mar 2021 quarter compared to Rs5.2 in the same quarter of previous year. During the quarter…

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Pakistan’s weight may remain around 0.02pc in MSCI EM

Pakistan’s weight is likely to remain around 0.02 percent in MSCI EM in the MSCI May 2021 Semi Annual Index Review, experts said. MSCI will be releasing the results of the MSCI May 2021 Semi-Annual Index Review on May 11, 2021. Announcement is expected to be made available shortly after 11pm Central European Summer Time (CEST), ie, 02am Pakistan Standard Time (PST) on May 12, 2021. All changes will be made as of the close of May 28, 2021. There is some chatter in the market regarding possible inclusion of…

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Govt to merge AEDB and PPIB

The government has decided to merge the Alternative Energy Development Board (AEDB) and the Private Power and Infrastructure Board (PPIB) for ease of doing business in the power sector. As envisioned by the government under the ease of doing business initiative, work on the merger of AEDB into PPIB is in full swing for processing power projects of all technologies, including alternative and renewable energy projects, at one place. In this regard, Minister for Energy Hammad Azhar was briefed on success stories in the power sector of Pakistan during a…

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