Month: April 2021

As oil marketing companies (OMCs) have refused to bear operational losses in the transportation of petrol through a pipeline, the government is likely to pass on these losses to the oil consumers. High-speed diesel and petrol are among the widely used fuels in the country, with diesel being utilised by the transport and agriculture sectors. The main source of transportation for petroleum products, mainly petrol, is oil tankers, which are not efficient and there have been reports of oil theft by these lorries. At present two pipelines – the White…

Read More

Karachi: The National Forum for Environment and Health (NFEH) has demanded the federal and provincial governments to adopt the tree plantation drive in the country as an integral part of the national agenda while setting aside all their mutual political differences.The NFEH President, Naeem Qureshi, stated this in a press statement issued on Wednesday on the eve of Earth Day being observed all over the world.Mr. Qureshi mentioned on the occasion that the theme of this year’s Earth Day was “Restore our earth” as conducing the countrywide plantation drive was…

Read More

Independent Power Producer (IPP) PakGen Power Limited and the Central Power Purchasing Agency (Guarantee) Limited have signed the “PPA Amendment Agreement”. The government and around two-dozen IPPs are said to have initialled the agreements. PakGen Power Limited, a public listed company, informed this to Pakistan Stock Exchange (PSX) on Tuesday. Different arbitration disputes have been resolved through the signing of this settlement consisting of the following points: (i) the company has waived off interest on interest and in return would get payments based on First In First Out (FIFO) principle;…

Read More

Pakistan on Tuesday shared with the World Bank a revised outline of the Circular Debt Management Plan that seeks rationalisation of taxes, negotiated takeover of old independent power plants (IPPs) and closure of all old public sector plants to increase electricity tariffs, but slightly lower than that committed with the lenders under the IMF programme. This was the takeaway of a virtual meeting newly appointed federal Minister for Finance and Revenue Shaukat Tarin-led team of economic ministers and officials had with Managing Director (Operations) of the World Bank Axel van…

Read More

Someone must have been telling lies about Joseph K., for without having done anything wrong he was arrested one fine morning.” Thus begins Franz Kafka’s novel The Trial, one of the most important works of European literature. There are days when the Byco management and shareholders must find themselves relating well with the tribulations of the fictional Joseph K. In recent months, Byco has found itself in the news for all the wrong reasons, and it usually stands accused of doing something that it later transpires it had never come even…

Read More