Month: January 2022

The Federal Investigation Agency (FIA) on Sunday arrested Mumtaz Hasan, founder of the Hascol Petroleum Limited (HPL), in a Rs54 billion scam. Director of the agency’s Sindh Zone Amir Farooqi said a total of 30 suspects — including present and former top officials of the National Bank of Pakistan (NBP), HPL and other organisations — had been booked in the case and that efforts were under way to arrest the remaining suspects. The FIA Sindh’s chief described the scam as the “country’s biggest financial fraud” that was committed by the…

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Power production in Pakistan rose to a historic high at 136,572 gigawatt-hours (GWh) in 2021, apparently helping the authorities to reduce burden of capacity payments to electricity producers. Consumers, however, paid a price for the growth in power production as the cost of energy spiked 72.4% to Rs8.24 per unit (kilowatt-hour) in the winter month of December. Energy production increased 10.6% to a record high of 136,572 GWh in the year ended December 2021 compared to 123,447 GWh in the preceding year, a research house reported on Friday, citing National Electric Power…

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A top Chinese liquefied natural gas importer is offering to sell dozens of spot cargoes this year, indicating the world’s biggest buyer is well-stocked. The trading arm of Sinopec issued a sales tender offering up to 45 cargoes for delivery between February and October to ports in North Asia, according to traders with knowledge of the matter. This is the first time the oil major — traditionally a buyer — has issued such a large sales tender, the traders added.

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The National Electric Power Regulatory Authority (NEPRA) has declared 720MW Karot Power Project among the top performers.https://www.facebook.com/v2.9/plugins/quote.php?app_id=106170627023&channel=https%3A%2F%2Fstaticxx.facebook.com%2Fx%2Fconnect%2Fxd_arbiter%2F%3Fversion%3D46%23cb%3Df30cf9b6e8dbe2%26domain%3Dnation.com.pk%26is_canvas%3Dfalse%26origin%3Dhttps%253A%252F%252Fnation.com.pk%252Ff3cb4fc3ead7148%26relation%3Dparent.parent&container_width=779&href=https%3A%2F%2Fnation.com.pk%2F22-Jan-2022%2Fkarot-power-project-declared-among-top-performers-by-nepra&locale=en_US&sdk=joey This was announced at the NEPRA CSR (Corporate Social Responsibility) Awards Ceremony held in Islamabad. The ceremony was held under NEPRA’s ‘Power with Prosperity’ initiative to highlight and appreciate the achievements of Pakistan’s major power producers and their community development initiatives. The Karot Power Company Limited, a subsidiary of China Three Gorges South Asian Investment Limited, was awarded the NEPRA CSR STALWART Award due to its unwavering commitment to community development. The award…

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Petrol prices have been increased again to cross the mark of Rs 147 per litre, while diesel remains cheaper by a few rupees. International prices have increased as well. In the light of general inflation, the price increase has not been well taken by the people at large. Contrary to the popular discourse, POL and products’ prices are still cheaper in Pakistan as compared to those in the region (even the US probably. Petroleum prices in India are more than 60 percent higher. Piped gas for residential sector is 78…

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