Day: June 7, 2021

‘PSO depot being reopened in Kohat after 13 years’

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KOHAT: MNA Shehryar Afridi has said a Pakistan State Oil depot will soon be reopened in Kohat after 13 years. The depot located on the Rawalpindi Road was closed in 2008 during the fight against militancy. Talking to mediaperosns here on Sunday, he said the owners of filling stations had to pay extra rent on transportation of oil from Peshawar and sell the commodity at the fixed rate, which resulted in lesser profit margins for them. Mr Afridi recalled that the army had shut down the facility when the outlawed…

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Pakistan’s various sectors ready to receive CPEC benefits

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Economic experts claimed that Pakistan’s various sectors are ready to receive maximum benefits from China-Pakistan Economic Corridor (CPEC) project According to political economists, many sectors will get benefits from the project as in addition to the economic corridor, CPEC in Pakistan will include energy projects, infrastructure development, industrialization, and the expansion and improvement of Gwadar Port. The project has great potentials for Pakistan, in both economic and regional domains. They said that the goal of CPEC is both to transform Pakistan’s economy—by modernizing its road, rail, air, and energy transportation…

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Expensive power deals: PMLN, PPP main cause of inflation’ says Farrukh Habib

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Minister of State for Information and Broadcasting, Farrukh Habib on Saturday said government of Pakistan Tehreek-e-Insaf (PTI) has initiated a number of projects for the welfare of poor including health cards and prime minister’s housing scheme. He said large number of families living in different parts of Khyber Pakhtunkhwa were being benefited with health cards and availing medical facility free of charge. He added that the second basic facility of shelter was also being provided to people through prime minister’s housing scheme, he said while sharing his views in a…

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Oil hits new multi-year highs; investors eye Iran nuclear talks this week

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SINGAPORE, June 7 (Reuters) – Oil extended gains to hit fresh multi-year highs on Monday, underpinned by a brighter economic and fuel-demand outlook, while investors eyed the outcome of talks between Iran and world powers over a nuclear deal that is set to boost crude supplies. Brent crude futures for August rose 28 cents, or 0.4%, to $72.17 a barrel by 0107 GMT, their highest since May 2019. U.S. West Texas Intermediate crude for July touched $70 for the first time since October 2018 and was at $69.91 a barrel,…

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Government to buy back Hub Power for PKR69 billion

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Islamabad June 06 2021: Special Assistant to Prime Minister on Power and Petroleum said that foreseeing ample capacity government has decided to retire older plants based on Residual Furnace Oil (RFO). This will help to save PKR200 in capacity payments. Government will buy private Independent Power Producers on Net Present Value basis which comes out to be half of the price that government has to pay during the remaining tenor of their Power Purchase Agreement. Giving an example of Hub Power, he said that we have paid them capacity payments…

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