Day: May 26, 2022

Islamabad (Bloomberg): Pakistan has indicated it is considering signing a liquefied natural gas purchase agreement with several nations, including Russia, to ensure supply and alleviate a severe shortfall. The government “will pursue the most advantageous contract,” according to a statement released by the Ministry of Energy to Bloomberg News. According to the statement, Pakistan is considering a government-to-government contract for the import of power plants and industrial petroleum. Due to President Vladimir Putin’s invasion of Ukraine, only a few countries are prepared to sign new LNG contracts with Russia, and…

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The International Monetary Fund (IMF) on Wednesday emphasised upon Pakistan the urgency of “removing fuel and energy subsidies” to achieve programme objectives. Finance Minister Miftah Ismail had earlier this week said he would convey to the IMF that fuel and energy subsidies — which were introduced by the previous PTI government — could not be reversed as the “nation cannot endure it”. But in a statement issued earlier today, the IMF said it had “emphasised the urgency of concrete policy actions, including in the context of removing fuel and energy…

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Misal Khan, (83), who was busy like a honeybee while threshing his wheat crop at his fields under the blistering sun in his native village, suddenly collapsed after feeling dizziness apparently due to heatstroke. Being a resident of Dheri Ishaq in Nowshera district, Khan’s sons, who were also around and busy in work along with their father rushed to a nearby clay pot and sprinkled water on his face and head in order to get their father senses but to no avail. ‘I dashed towards my ‘Baba Jan’ after he…

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In the midst of rapidly bleeding economy and rising uncertainty on account of PTI Long March, the state owned Pakistan State Oil (PSO) has virtually landed in hot water with its circular debt skyrocketing to a whopping Rs939.838 billion, just over Rs60 billion short of Rs1 trillion mark. The receivables of PSO have jacked up to Rs591.665 billion with payables at Rs348.173 billion, data about key receivables and payable position of the entity as of May 22, 2022 showed on Wednesday. “This has triggered a further worsening liquidity crunch for…

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Cnergyico Pk Limited has received an award from the Employers` Federation of Pakistan (EFP) for securing the first position in the 16th Occupational Safety, Health & Wellbeing Award in the oil refinery sector. The award was presented by the President Dr. Arif Alvi and was received by Cnergyico’s Vice President for Information Azfar Saeed Baig during the prestigious OSHW Conference and Awards Ceremony held in Karachi last week. President Alvi congratulated Cnergyico and other recipients of awards and expressed admiration for employers who keep their employees safe and enforce high…

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