Month: September 2022

Pakistan Refinery Limited (PRL) on Tuesday warned of shutting down their operations today (Wednesday) if their high speed diesel (HSD) deadstock remains unpurchased by the local oil marketing companies (OMCs). Pakistan’s refineries are facing serious inventory storage issues owing to a slump in diesel demand as super floods have swamped the highways, slowing the movement of heavy traffic, which is the largest consumer of this fuel. “In the given situation and considering the current upliftment trend and production level, the PRL can only operate for another day…,” the PRL said…

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Italian Embassy Deputy Head of Mission Dr Roberto Neccia on Tuesday said that Italy and Pakistan should work to increase bilateral trade at least up to €5-6 billion per annum. Speaking to business community at the Islamabad Chamber of Commerce and Industry (ICCI), the ambassador stressed that both countries had the potential to achieve the trade target. Current trade of €1.5 billion between Italy and Pakistan was much lower and did not correspond to the actual trade potential of both countries, he said. Neccia underlined that a trade section was…

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The coalition government, on Tuesday, failed to take a clear policy stance on the privatisation of power distribution companies despite Rs536 billion being added to the circular debt in the previous fiscal year. For the second time in the past four months, the Cabinet Committee on Privatisation (CCOP) did not decide on a summary that had been resubmitted to hand over management of the power sector distribution companies to the private sector. According to the Finance Ministry “the CCOP after detailed deliberation directed the Privatisation Commission to present a detailed…

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