Year: 2021

NLC Trucks carrying commercial cargo from Karachi reaches Istanbul

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A dignified ceremony was held today at Murat Bey Customs Post in Istanbul to mark the arrival of the first two National Logistics Company (NLC) trucks carrying goods from Pakistan to Turkey, via Iran, under the Transports Internationaux Routiers (TIR) convention.  The NLC trucks departed from Karachi on 28th September and reached Istanbul on 7th October covering a distance of 5300 Kilometers.  Senior officials of the Turkish Ministry of Transport and Infrastructure, Ministry of Trade, Chamber of Commerce & Commodity Exchanges of Turkey (TOBB), International Road Transport Union (IRU), ECO Secretariat, Transport…

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Construction industry’s boom provides tremendous opportunity for Turkish companies to invest in Pakistan: Turkey’s Consul General

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Construction industry’s boom provides tremendous opportunity for Turkish companies to invest in Pakistan: Turkey’s Consul General Karachi: The boom in the construction industry of Pakistan provides an excellent opportunity for prospective Turkish investors to invest and launch joint ventures with Pakistani businesses.This was stated by Turkey’s Consul General in Karachi, Tolga Ucak, while speaking as the chief guest at the launching ceremony of the Turkish company, Beta Electric, here at a hotel.  The ceremony was also addressed by Honourary Consul General of Yemen, Mirza Ikthiar Baig, Chairman of Consumers’ Association…

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The Petroleum Price Challenge

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Pakistan’s oil consumption is gradually getting back to normal pre-Covid lockdown levels as economic activities regain momentum and international prices are again rising amid supply limits maintained by oil-exporting countries and other supply chain problems. Since May, global prices of Brent have surged by almost one-third (32 per cent) to $82 per barrel although forecasts by the US Energy Information Administration average $62 per barrel in 2021 and $60 in 2022 against the International Monetary Fund’s (IMF) projections of about $60 per barrel in 2021 and slightly above $56 in…

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Proposal to reduce gas circular debt under study

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The contentious proposal to adopt a ‘weighted average cost of gas’ (WACOG) to reduce the rapid build-up of the circular debt in the gas sector is going to receive a “serious push” soon. “It’s a political hot potato… I’m told that within a few months there’s going to be a serious push on the political side to get (WACOG) through,” said Tabish Gauhar, who recently stepped down as special assistant to the prime minister on power and petroleum. WACOG is the pricing mechanism that takes into account the blended costs…

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NTDC boards of directors flout corporate governance rules

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The boards of directors (BoDs) of some state-owned power sector companies are flouting corporate governance rules-2013 by indulging in day-to-day affairs required to be handled by the executives under the law. The situation is worst at the National Transmission and Despatch Company (NTDC) — the country’s premier entity handling power evacuation, high-powered transmission lines and grids system. “Most of the executive powers are being used by the boards in NTDC and power distribution companies (Discos) allegedly in violation of the public sector companies (corporate governance) rules, 2013. “Being ex-officio members,…

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