The LPG Industries Association of Pakistan has demanded of the government to restore operations of Asia’s largest LPG processing plant, the Jamshoro Joint Venture Limited (JJVL), at the earliest as its closure has not only reduced the local LPG production, thus creating a significant shortfall, but has also resulted in the hike of LPG prices by 172 percent just in…
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Tesla CEO Elon Musk is offering to buy Twitter, saying the social media platform he has criticised for not living up to free speech principles needs to be transformed as a private company. Twitter Inc said in a regulatory filing on Thursday that Musk, currently the company’s biggest shareholder, has proposed buying the remaining shares of Twitter that he doesn’t…
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Oil prices rose on Thursday, reversing course after an early decline as investors bought futures ahead of a long weekend on news that the European Union might phase in a ban on Russian oil imports. Brent futures were up $1.35, or 1.30 per cent, at $110.19 a barrel. US West Texas Intermediate futures were $1.24 or 1.18pc higher at $105.48…
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Non-availability of required volume of fuel to power houses coupled with technical faults owing to non-maintenance of some power plants are the main reasons for forced outages of 7,140 MWs across the country. Prime Minister Shehbaz Sharif was informed about these facts during a Power Division briefing here on Thursday on the power generation situation in the country at a…
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The International Monetary Fund (IMF) is willing to engage the new government and suggest roadmaps towards economic sustainability, and assist Pakistan in its efforts to head off a looming balance of payment (BoP) crisis, the Fund said on Thursday. “The IMF congratulates Mr Sharif on becoming Prime Minister and looks forward to working with his government and discussing policies that…
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Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell another $470 million on a weekly basis to reach a critical $10.85 billion, revealed central bank data on Thursday. This is the lowest reserve-level since June 2020. Total liquid foreign reserves held by the country stood at $17.03 billion as of April 8, said the SBP. The development…
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Prime Minister Shehbaz Sharif was informed on Thursday that 27 power plants having a combined generation capacity of more than 7,000 megawatts are out of order due to technical problems or fuel shortages at a time when citizens are faced with power outages across the country. The Ministry of Energy presented the list these power plants during the briefing and…
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According to a Business Recorder report, operations of nuclear power plants and repayment of foreign/local debts have become difficult in the absence of required payment by the Central Power Purchasing Agency – Guaranteed (CPPA-G). As per the report, the Strategic Plans Division (SPD) has urged the concerned stakeholders to hold an inter-ministerial meeting to discuss and address the evolving situation.…
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