Year: 2021

Moscow, (APP – UrduPoint / Pakistan Point News – 12th Feb, 2021 ):Russia’s largest oil producer Rosneft on Friday announced a nearly 80 percent drop in net profit in 2020, following a record plunge in crude oil demand caused by the coronavirus pandemic. The state-controlled producer declared a net profit of 147 billion rubles ($2.0 billion) in 2020, down 79 percent compared to the previous year. In 2019, before the onset of the pandemic and its devastating impact on the oil and gas industry, Rosneft — in which Britain’s BP…

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KARACHI: Sindh Chief Minister Syed Murad Ali Shah said on Friday that given the vast resources of the province, Pakistan hasthe potential to become an exporter of electricity. He expressed this belief while addressing a reception hosted for the heads of foreign delegations visiting Karachi to partake in the seventh edition of Aman-2021 exercise, in which 45 countries are participating. The CM said the province was rich in resources, had one of the largest coal deposits in the world and was home to vast renewable energy corridors, which could be…

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ISLAMABAD: The circular debt is set to alarmingly increase up to Rs4,936 billion by financial year 2025 with an increase of 2.04 times from the current level of Rs2,400 billion, highlights the report on Pakistan’s Power Sector Circular Debt Causes, Consequences, and Remedies prepared by Pakistan’s leading economist Sakib Sherani of Macro Economic Insights (MEI). Sherani served as Member, Prime Minister’s Economic Advisory Council, and Principal Economic Adviser, Ministry of Finance, Government of Pakistan. The stock of circular debt is still projected by MEI to increase to over Rs3,000 billion…

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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Friday approved an across-the-board Rs1.95 per unit (15pc) increase in tariff under uniform tariff regime though it questioned the justifications on technical and legal basis. For the first time in almost two decades, the rate for lifeline consumers — using up to 50 units per month — has therefore also increased, to Rs3.95 per unit from the existing rate of Rs2 per unit, as the application of Rs1.95 per unit is for all consumers. The tariff increase was immediately notified by…

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