Year: 2021

Circular Debt To Increase Despite A Power Tariff Hike: Mian Zahid Hussain

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Karachi (UrduPoint / Pakistan Point News – 24th Feb, 2021) Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said circular debt is increasing despite a hefty hike of 15 percent in the power tariff. He said that remittances are increasing while Foreign Direct Investment is sliding at a rapid pace which should be noted.Mian Zahid Hussain said that according to a study the circular debt increase by Rs436 billion to hit…

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OGDC’s profit falls 20.5pc to Rs42.2bn in 1HFY21

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Net profit of the Oil and Gas Development Company Limited (OGDC) declined 20.5pc YoY to Rs42.2 billion during the first half (July-Dec) of the current fiscal year (FY21) as compared to Rs53 billion earned in the corresponding period of the last year, according to financial results announced by OGDC on Wednesday. The company’s earning per share (EPS) reduced to Rs9.82 from Rs12.35. OGDC announced a cash dividend of Rs1.6 per share in addition to interim dividend already paid at Rs2 per share. The decline in OGDCL’s profitability can be attributed…

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Govt Opens Energy Market For Power Generation Companies: Omar Ayub

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Pakistan Point News – 24th Feb, 2021 ) :Federal Minister for Power Division Omar Ayub Khan on Wednesday said the government plans to open the energy market for the competitive bidding process to be initiated this year soon after the approval of Indicative Generation Capacity Expansion Plan (IGCEP). Addressing Financial Closure ceremony of 250 MW solar power projects, the minister expressed the hope that with the addition of clean and cheap renewable energy (RE) generation, they would be able to achieve the strategic objectives of affordable electricity for all whereas…

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High global oil prices may trigger Pakistan’s economic crisis

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As international oil prices rise rapidly, Pakistan needs to gear up to face the economic challenges that it would trigger. This spike in the global oil prices is likely to result in a surge in inflation, a high import bill and an enlarged fiscal deficit. The international benchmark crude oil Brent was up $1.06, or 1.6%, at $65.30 a barrel by 0204 GMT, after earlier hitting a high of $66.38. US crude rose 81 cents, or 1.4%, to $62.51 a barrel, after hitting a session high of $62.73. Both benchmarks…

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Commercial use of flare gas: Dispute among Ogra members creates stalemate

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ISLAMABAD: The disagreement among the Ogra members and its functionaries is pushing the future of flare gas to the danger zone as various sectors of economy, including CNG sector, want to use the commodity knowing the fact the country sustains annual losses of $109.5 million because of failure to use flare gas after its proper treatment. This was stated in a letter by Member Gas on February 11, 2021 to the-then acting chairman (member finance) and member oil. The Member Gas said: “Confusion on the issuance of flare gas licenses…

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