Year: 2021

OMAP calls for reducing turnover tax for OMCs to 0.25%

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Oil Marketing Association Pakistan (OMAP) on Friday once again called on the government to remove the anomaly in the levying of turnover tax applicable to oil marketing sector by linking it to margins earned by the Oil Marketing Companies (OMCs) and reducing its rate to 0.25 percent. Dr. Ilyas Fazil, Chief Executive Officer of OMAP, a representative body of Oil Marketing Companies (OMCs), in a letter to Finance Minister Shaukat Tarin said, “The rate of turnover tax (currently @ 0.75%) should be rationalized/aligned to remove all elements of discrimination and…

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Renewable Power Projects Overtake Oil & Gas In Middle East

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Countries in the Middle East and North Africa (MENA) awarded as much as US$2.8 billion worth of renewable energy projects in the first half of 2021, compared to not a single contract award for oil- or gas-fueled power stations in the region, MEED Insight’s new report Middle East Energy Transition showed. To compare, the average value of contract awards for oil- or gas-powered stations stood at $4.8 billion annually between 2017 and 2020, according to the report. Last year alone, $6.2 billion worth of oil and gas power plant contracts…

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Local assembly of EV expected to start this year

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Minister for Energy Hammad Azhar has expressed hope that under the clean and green initiative of Prime Minister Imran Khan, local assembling of electric vehicles (EVs) would start in the country by this year. Addressing a consultative workshop on ‘scaling up electric mobility in Pakistan’, organised jointly by the National Energy Efficiency and Conservation Authority (NEECA) and UNDP, on Thursday, the minister said that the government has introduced its first national EV policy last year and announced new incentives to promote adoption of electric vehicles. The government reduced the customs…

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IESCO Chief Hiring Draws Concern

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Cabinet members have expressed serious concern over the appointment of Amjad Khan as chief executive officer (CEO) of Islamabad Electric Supply Company (Iesco), who had failed to perform while heading other power distribution companies in his earlier stints. While considering the appointment for the post of Iesco CEO, the cabinet members expressed reservations over the quality of the panel and observed that the performance of the principal candidate, during his stints at other distribution companies, was not very noteworthy. The Power Division highlighted that the panel had been selected by…

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SNGPL wants connections quota to be raised to 1.2m

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The Sui Northern Gas Pipelines Limited (SNGPL) says that the only way the company can clear its backlog of millions of applications for new connections in Punjab and Khyber Pakhtunkhwa in the next three years is to increase its annual quota to 1.2 million domestic connections. “The company has applied to the regulator — the Oil and Gas Regulatory Authority (Ogra) — to increase its quota to 1.2 million connections per annum, as the existing up to 500,000 connections is insufficient to clear the backlog of 3.2 million applications,” an…

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