The fiscal year FY22 witnessed spiking oil and energy prices, which lifted the revenues and earnings of the E&P sector. Mari Petroleum Company Limited (PSX: MARI) also announced its higher revenues coming from higher oil and gas prices in FY22. In 1QFY23 as well, MARI’s revenues were seen climbing by 53 percent year-on-year on account of higher gas wellhead prices…
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Moscow has pointed the finger at London for the explosions that put the Nord Stream 1 and 2 pipelines out of commission. London has denied any involvement, Reuters reported this weekend. “According to available information, representatives of this unit of the British Navy took part in the planning, provision and implementation of a terrorist attack in the Baltic Sea on…
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Two Big Oil majors have said they expect oil production in the Permian to rise by less than they had initially planned this year, suggesting industry problems are indeed serious enough to hold back production growth in the most prolific shale play in the United States. In their third-quarter reports, Chevron and Exxon both revised down their planned output from…
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Pakistan’s Real Effective Exchange Rate (REER) declined to 90.94 in September compared to 94.38 in August, data released by the State Bank of Pakistan (SBP) showed on Sunday. As per the latest data, the REER decreased by 3.65% on a monthly basis. The last time the REER was close to 100 was in June 2021. A REER below 100 means…
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MULTAN-Sui Northern Gas Pipelines Limited (SNGPL) General Manager (GM) Shahzad Iqbal said that the gas connections of commercial consumers were being cancelled and cylinders will be provided to them at their doorsteps to ensure gas supply to domestic customers in the winter season. SNGPL GM expressed these views while addressing the executive body of Multan Chamber of Commerce and Industry…
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Islamabad-Overall economic outlook shows an optimistic picture of the economic performance in the coming months, while the government expects that CPI inflation will show a declining trend in October and will remain in the range of 21- 22.5 percent as against 23.20 percent during the previous month. The CPI inflation is declining, rupee has gained stability, current account balance is…
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The personal data of the subscribers of the telecom companies operating in Pakistan has once again been seriously compromised as various mobile applications and web portals are providing access to individual subscribers’ data on the internet. Recently, a video of a mobile application named ‘Asan Bash’ went viral on social media claiming to provide access to the data of users…
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Local manufacturing plants have manufactured/assembled 16.7 million phones handsets during the first nine months – January to September 2022 – compared to 1.24 million commercially imported phones handsets, says Pakistan Telecommunication Authority (PTA). The local manufacturing plants have manufactured/assembled 1.09 million mobile phones handsets in September 2022. The manufactured/assembled mobile phones handsets by local manufacturing plants during the calendar year…
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Saudi Arabia is planning to auction five new mining exploration licences with copper, zinc, lead and iron deposits for local and international investors in 2023, the mining minister said on Sunday, as it diversifies the economy away from hydrocarbons. The ministry will launch the bidding process later for the licences in Bir Umq, Jabal Idsas, Umm Hadid, Jabal Sahabiyah and…
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ISLAMABAD-NEPRA has imposed a fine of Rs 10 million on Central Power Purchasing Agency – Guarantee Ltd. (CPPA-G) due to its failure to satisfy the Authority in the matter of revision in minimum loading limit of Lalpir and Pakgen power plants. CPPA-G failed to provide any satisfactory response and was found guilty of violating relevant provisions of the NEPRA Act,…
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