Day: November 14, 2022

300MW Gwadar plant: CPPCL unwilling to shift to Thar coal

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Chinese company, M/s CHIC Pak Power Company (Pvt.) Limited (CPPCL) is reportedly unwilling to shift proposed 300-MW power plant at Gwadar from imported coal to Thar coal, sources close to Managing Director PPIB told Business Recorder. CPPCL’s Chairman, Zhao Bo, sources said, has given reference of the latest correspondence/ discussions between two sides regarding the relocation of the 300-MW Gwadar Power Plant and LoS extension. He said that following the lenders’ due diligence on the project along with their legal counsel, the latter has briefed the former that the Letter of…

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Pak-KSA Talks For $10.5bn Mega Refinery Move Forward

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Though the visit of Mohammad Bin Salman, the Crown Prince of the Kingdom of Saudi Arabia (KSA), has been postponed to the country, the dialogue between Islamabad and Riyadh at ministerial and experts levels has progressed to a reasonable extent for setting up an state-of the-art deep conversion mega refinery of $10.50 billion, one of the officials who were part of the talks told The News. The KSA side was asking for 7.5 percent deemed duty for 20-25 years, but Pakistan was offering 10 percent deemed duty for the first…

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Europe’s Multi-Trillion-Euro Energy Derivatives Market Is Under Scrutiny

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Europe’s financial authorities are strengthening the oversight of the energy derivative trades used by energy firms to hedge power and gas prices as policymakers look to avoid a spillover effect of the energy crisis into financial markets. In the energy derivative market, worth trillions of euros, energy firms faced more than a trillion euros in margin calls in September, a development that could have triggered a collapse of “Lehman Brothers” proportions in the energy industry. As the energy crisis deepened this autumn, the European Commission proposed new regulations for the…

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Revenue Shortfall May ‘Force’ FBR to Tax Banking Profits as Well

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The Federal Board of Revenue (FBR) may propose new taxation measures including the possibility of taxing banking profits in case it is unable to achieve the assigned revenue collection target of Rs536.53 billion in November 2022. Sources told Business Recorder here on Sunday that the government has no intention o take new taxation measures in near future. However, some proposals have been drafted by the FBR which are yet to be approved by the Finance Minister. If the shortfall continues in November 2022, then there is a strong possibility of…

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AGP Detects Losses of Over Rs1.191bn in KPRA Accounts

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The Auditor General of Pakistan (AGP) has detected losses to the tune of Rs 1191.28 million in various heads in the accounts of Khyber Pakhtunkhwa Revenue Authority (KPRA) during financial year 2018-19 and directed their recovery, said Audit Report on the accounts of Revenue Receipts of the government of Khyber Pakhtunkhwa. The audit report has already been presented in the provincial assembly, wherein the Speaker has referred it to the Public Accounts Committee of the house for detailed deliberations. In first major case a loss amounting to Rs 445.96 million…

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