Month: July 2021

PTCL Group’s Half Yearly Profits Increase by 8707% YoY

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Pakistan’s leading telecommunication and ICT services provider — Pakistan Telecommunication Company Limited (PTCL) — has announced its financial results for the first half ended June 30, 2021, at its Board of Directors’ meeting held in Islamabad on July 14, 2021. PTCL Group delivered a strong financial and operational performance as it reported 8707% or 87x increase in profits during the first half of 2021. It reported a profit of Rs. 2.93 billion during the above-mentioned period as compared to a profit of Rs. 33 million in the same period last…

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Global LNG trade remains unchanged from 2019

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Global trade in LNG in 2020 remained essentially unchanged from 2019, averaging 46.9 billion ft3/d compared with 46.7 billion ft/d in 2019, according to the recently released The LNG Industry: GIIGNL Annual Report 2021 by the International Group of Liquefied Natural Gas Importers (GIIGNL). This 0.4% annual increase in LNG trade occurred despite the COVID-19 pandemic that reduced global natural gas demand. Between 2015 and 2019, global LNG trade expanded by 45%, posting record growth in both 2018 and 2019. This expansion primarily resulted from liquefaction capacity additions in Australia,…

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Saudi Fund for Development launches solar power project for schools in northwest Pakistan

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Saudi Arabia’s Ambassador to Pakistan Nawaf Bin Said Al-Malki inaugurated on Tuesday a solar project to provide energy to 1,240 schools, benefiting more than 135,000 students annually. The project, which is funded by Saudi Arabia through the Saudi Fund for Development, is part of the Kingdom’s efforts to support development projects in the education sector. It is the first project the Saudi Fund for Development has carried out in cooperation with the British Ministry of Foreign Affairs and Development (FCDO). Managed and supervised by the United Nations Office for Project Services (UNOPS),…

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Pakistan, China may sign IC agreement at JCC

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Both the countries have already signed a memorandum of understanding (MoU) on industrial cooperation and now in the upcoming meeting of the JCC, it is likely to be taken to the next level, the China Economic Net (CEN) reported on Monday. The JCC is the highest decision-making body of CPEC, which is co-chaired by Pakistan’s minister for planning and China’s National Development and Reforms Commission (NDRC) chairman.   To implement CPEC, China and Pakistan have set up a ministerial-level JCC on CPEC Long Term Planning. Initially, there were 7 joint working…

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High use of furnace oil to raise electricity bill

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As hydel generation from Tarbela dam has dropped alarmingly due to low water inflows, the consumption of furnace oil by power plants has reached to a peak level that will lead to higher electricity rates on account of fuel adjustment for the month of July. The price of furnace oil had hiked by Rs17,000 per ton following growing demand in the local market in the wake of fluctuation in global oil prices. The cost of furnace oil amounted to Rs75,000 per ton before tax,which has jumped to Rs92,000 per ton…

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