Month: June 2022

In a major legal victory on an international front, Pakistan has won the terror-financing case against the National Bank of Pakistan (NBP) in a federal court in New York. The victory in the case has helped the NBP ward off the threat of billions of dollars penalty, which would have ultimately rendered the bank gone bankrupt. The bank had been accused of facilitating the transfer of funds that were used to plan and execute an attack on a US military base in Afghanistan. A senior official in the AGP office…

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LNG carrier rates on the spot market hit a record amid strong demand and limited supply as many opt for a long-term commitment to using the vessels. According to a Reuters report citing industry insiders, the imbalance in the LNG carrier market was also exacerbated by sanctions on Russian energy cargo that have led to buyers seeking to avoid dealing with Russian vessels. The spot market rate for a 160,000-cu m LNG carrier in the Atlantic Basin, for instance, are currently at $100,000 per day, according to LNG consultancy Poten & Partners.…

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Federal Finance Minister Miftah Ismail on Tuesday hinted that if the power sector is not run properly, it could sink the country’s economy. Addressing a ceremony in Islamabad, he said that Pakistani people have appreciated the budget, adding that debt servicing and power sector subsidies are largest cause of excessive budget expenditure. The Finance Minister further said that circular debt of power sector is 2500 billion and debt of gas sector is 1500 billion while debt of energy sector has reached 4000 billion, this year subsidies of 1100 billion have…

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Federal minister for power Engr. Khurram Dastgir Khan held a meeting with Minister of energy Sindh Imtiaz Sheikh here today. It is decided to create a working group between federal and Sindh Government to determine modalities of provincialization of HESCO and SEPCO. It is very unfortunate that the inability of previous government to even add 1 Megawatt of electricity in the system has pushed the country into this crisis. Government has decided to shift imported coal based plant on Thar coal. Sindh energy minister assured full cooperation in Thar power…

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By the Grace of Almighty Allah, the Joint Venture of Guddu Block Comprising Oil & Gas Development Company Limited (OGDCL) as Operator (70 %), SEPL (13.5 %), IPRTOC (11.5 %) & GHPL (5 %) has discovered Gas from an Exploratory well namely Umair South East # 01, which is located in District Ghotki, Sindh Province. Umair South East # 01 was spudded-in 09th May, 2022 as an exploratory well to test the hydrocarbon potential of Pirkoh Formation and Habib Rahi Limestone (HRL) to planned depth of ±785m into HRL. The…

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