Saudi Arabia Approves Rs. 37.4 Billion Loan for Construction of Mohmand Hydropower Dam

Saudi Arabia has approved a funding of 901 million Saudi Riyal (Rs. 37.4 billion) for the construction of Mohmand Hydropower Dam, says the Economic Affairs Ministry. According to an official statement issued by the Ministry, Saudi Arabia Ambassador to Pakistan Nawaf Bin Said Al-Maliki met the federal minister for Economic Affairs Omar Ayub Khan here on Wednesday. The Saudi Ambassador briefed the Minister of Economic Affairs on the recent successful visit of the Prime Minister of Pakistan Imran Khan to Saudi Arabia. According to the Ministry, the Saudi envoy shared…

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Pakistan LNG Limited Will Receive One LNG Cargo From Vitol Bahrain

The suppliers gave a lukewarm response to the tender issued by the Pakistan LNG Limited (PLL), as only one supplier, Vitol Bahrain, made the offer for one cargo to be supplied in July 2021, a statement issued by the company said on Tuesday. Earlier, Pakistan LNG Limited had invited bids for the supply of two LNG cargoes of 140,000 cubic meters each to be delivered on July 8 to 9, 2021, and July 12 to 13, 2021. The bids were opened on June 8. However, just one supplier Vitol Bahrain…

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Federal Govt. Notifies Lowering Sales Tax On Petroleum Products

The Federal government has on Wednesday (today) announced to lower sales tax on petroleum products. According to a notification issued today, the sales tax on Kerosene oil was lowered to 10.07% against the previously charged tax of 15.44%. The sales tax on light diesel was lowered to 3.67% from 7.56%. However, the notification mentioned that the sales tax would be charged at 17% on petrol, and high-speed diesel, and there would be no changes in it. Prime Minister Imran Khan on May 31 turned down a proposal by the Oil and Gas…

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Is the oil & gas sector seeing the beginnings of an AI investment boom?

The oil & gas industry is seeing an increase in artificial intelligence (AI) investment across several key metrics, according to an analysis of GlobalData data. AI is gaining an increasing presence across multiple sectors, with top companies completing more AI deals, hiring for more AI roles and mentioning it more frequently in company reports at the start of 2021. GlobalData’s thematic approach to sector activity seeks to group key company information on hiring, deals, patents and more by topic to see which companies are best placed to weather the disruptions…

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Overcoming Chemical Management Challenges in Oil and Gas

The oil and gas industry is vast, complex and heavily relies on millions of workers worldwide to keep it moving. The sector has made progress in recent years to better protect workers and tighten up safety standards, which is reflected in the decreasing number of sector-wide fatalities. As a major hazard industry nevertheless, common and health and safety exposures remain. The oil and gas industry is vast, complex and heavily relies on millions of workers worldwide to keep it moving. The sector has made progress in recent years to better…

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Suki Kinari Hydropower to be put into operation in 2022

Suki Kinari Hydropower, as one of the biggest private-sector hydropower developments in Pakistan and one of the highest priority early harvest projects within the China-Pakistan Economic Corridor (CPEC), is expected to be put into operation in 2022. Suki Kinari Hydro Private Limited (SK Hydro), in which China Gezhouba Group holds a majority stake of 98%, is developing the project with an estimated investment of $1.96bn. “I have witnessed the joint efforts of the Chinese and Pakistani employees in Suki Kinari Hydro Private Limited (SK Hydro). Relevant government departments of the…

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Pakistan Stream project vital to energy supply ecosystem: Tabish

Special Assistant to Prime Minister on Power and Petroleum, Tabish Gauhar has termed new Pakistan Stream gas pipeline project critical to the country’s energy supply ecosystem. In a tweet on Wednesday, the SAPM said, “A recently signed protocol to the intergovernmental agreement (IGA) with Russia is a step forward.” He further said, “Our local companies (SNGPL, SSGC, PAPCO) are also working on a complementary/alternative proposal to expedite construction and lower total project cost.” Earlier last week, Russian Energy Minister Nikolay Shulginov said that construction works on the Pakistan Stream gas…

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Sales tax rates on kerosene, light diesel oil slashed

The government has announced a cut in sales tax rates on kerosene oil and light diesel oil in order to absorb the price hike on petroleum products. In this regard, the Federal Board of Revenue (FBR) has issued SRO 726(I)/2021 to comply with the decision of the government for keeping the POL prices intact by absorbing a hike in prices through downward adjustment in sales tax rates. The sales tax rate on kerosene oil has been reduced to 10.07 percent from the previous rate of 15.44 percent. Similarly, the sales…

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Govt working on projects to generate electricity at cheaper rates: Aliya Hamza

Parliamentary Secretary for Textile, Commerce, Industries and Production and Board of Investment, Aliya Hamza Malik on Wednesday said that Pakistan Tehreek e Insaf (PTI) government under the leadership of Prime Minister Imran Khan, was working on projects to generate electricity at cheaper rates. “Various Hydro power projects are under consideration to generate electricity at cheaper rates,” she said while responding to PPP Leader, Saleem Mandviwala’s press conference. She said, National Accountability Bureau (NAB) had recovered Rs 300 billion from Omni Group. The International Monetary Fund (IMF) recently released its report…

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Webinar mulls plans to restore earth’s damaged ecosystems

The Aga Khan Agency for Habitat, the Ministry of Climate Change, Pakistan, World Habitat Awards and the United Nations Habitat Programme, co-organized an international virtual seminar on ecosystem restoration for quality of life. The seminar was attended by representatives from the Ministry of Climate Change, the United Nations, INGOs, Aga Khan Development Network (AKDN) agencies and partners, donor agencies, academia, media and community organizations. The virtual seminar, held on 8 June 2021, was part of a series of official events celebrating World Environment Day (WED). Recognizing Pakistan’s global leadership in…

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