Month: February 2022

Global oil prices to set rupee trend

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The movement of international oil prices will decide the fate of the rupee during the next week. Currently, the rupee is stable, owing to the inflows received from a lending agency and the proceeds of the Sukuk bond. The exchange rate for the week ended February 11, 2021 closed at Rs174.71 against the greenback in the interbank foreign exchange market. The rupee during the week fell, owing to a surge in the international oil prices; however it recovered the losses after ease in the global oil prices. The benchmark Brent crude was recorded at…

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AJK govt, Nepra sign MoU to address environmental issues

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The Azad Jammu and Kashmir (AJK) government and National Electric Power Regulatory Authority (Nepra) on Friday signed a Memorandum of Understanding (MoU) on the use of community infrastructure programmes and corporate social responsibility belt (CSR) funds. The signing ceremony was held here at Kashmir House. Prime Minister of Azad Jammu and Kashmir Sardar Abdul Qayyum Niazi, Nepra Chairman Tauseef H. Farooqi, Minister for Planning and Development AJK Chaudhry Mohammad Rashid were present on the occasion. The MoU was signed to address the environmental and economic problems arising out of Kohala…

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KARACHI: Pakistan State Oil Company Ltd (PSO) reported unconsolidated earnings of Rs20.19 billion for the Oct-Dec quarter, up a massive 361.3 per cent from a year ago, a stock filing showed on Friday.

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The company did not announce any cash dividend in spite of record quarterly income. The unusual jump in profit was because of “huge inventory gains” and penal income recorded during the quarter, said a note by Topline Securities. Quarterly sales increased to Rs523bn — up 82pc year-on-year and 14pc quarter-on-quarter — mainly because of higher volumetric sales that went up 13pc from a year ago. In addition, an increase of 83pc in international oil prices also helped sales grow. Other income of the company surged to Rs8.9bn from Rs3.1bn a…

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K-3 nuclear power plant to begin operations from March

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The seventh nuclear power plant, formally known as K-3, is expected to achieve Commercial Operation Date (COD) by March 2022. According to sources familiar with the matter, after the commissioning of K-3 and decommissioning of K-1, the total installed capacity of six nuclear power plants would reach 3,620MW. The power plant being set up at Karachi is in the final stages of commissioning. The plant is likely to begin commercial operation by next month after the completion of operational and safety tests. With the induction of K-2 and K-3 into…

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PAPCO upgrades white oil pipeline to pump gasoline

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PAPCO, which operates pipeline system to transport fuels from seaports in Karachi to major oil refineries and cities across the country, was revamping its existing 26-inch 786km long fuel line for multi-product use for a long time due to the enormity of the project. The company’s oil pipeline consists of two components. One is Karachi-Mahmoodkot (District Muzzafargarh Punajb) (KMK) and the other Mahmoodkot-Faisalabad-Machhike (MFM). According to sources, it was a strategic project, involving construction of new diesel and motor gasoline storage tanks, gantries for product delivery and transmix processing facility…

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