Year: 2022

Forex crisis deepens

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The overall business confidence in Pakistan fell to minus four per cent, according to a survey of the Overseas Investors Chambers of Commerce and Industry (OICCI) conducted during September-October 2022. The business confidence score was low — 17pc — in the previous survey of March-April as well, but it was still positive. The OICCI says the decline in business confidence is not surprising “considering the highly challenging political and economic situation.” It was in April 2022 that PML-N-led coalition government came into power after toppling Imran Khan’s PTI-led coalition government through a…

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OGDCL, Tehzibul Akhlaq Trust Collaborate to Promote Education

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ogdcl

OGDCL, Tehzibul Akhlaq Trust Collaborate to Promote Education December 23, 2022 December 17, 2022: Aiming to revolutionize the education system of Pakistan, the Oil and Gas Development Company Limited (OGDCL) has signed a Memorandum of Understanding (MoU) with Tehzibul Akhlaq Trust for sponsoring education with the concept of transforming societies.The seven-year program mainly focuses on providing free education to 25 students in the Baluchistan province’s OGDCL operational areas. These students will complete their studies up to grade-12 education at one of the schools run by the Tehzibul Akhlaq Trust in…

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Legal basis for uniform electricity tariff

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electric

For the end consumer in Pakistan, the current tariff structure is uniform throughout the country. Still, it distinguishes between residential, commercial, industrial, agriculture, and customer categories. It is further divided by consumption level (tariff slabs), load, or time of use. The main reason behind a uniform tariff arrangement is political, allowing all consumers across the country to pay the same price, irrespective of service cost. This system inevitably benefits providers operating in areas where costs of provision are high because of high system losses. The design of cross-subsidization across different…

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Oil refinery project: Chinese team visits Gwadar

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In order to materialise the $4.5 billion oil refinery project in Gwadar, five-member delegation of Chinese Company “East Sea Group Limited (ESGL)” is visiting Gwadar, Gwadar Pro reported on Tuesday. ESGL official Jason Zhou said that ESGL chief engineer Liu along with other officials will be in Gwadar from December 20. The delegation consisting of technical team with marine engineering, commerce and petroleum professional background will be headed by Group’s General Manager Fang Haixia. Delegation will stay for three or four days in an effort to tune in conceptual and…

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Asia’s spot fuel oil market firms

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Asia’s spot fuel oil market extended gains on Tuesday, although recovery remains capped as monthly supplies to Asia hit a year-to-date high. December fuel oil arrivals were at 5.5 to 6.0 million tonnes, the latest assessments by Refinitiv Oil Research showed on Tuesday, with strong arbitrage inflows from the West leading the climb. Asia is expected to be flooded with more fuel oil supplies in 2023 as Kuwait’s new Al-Zour refinery ramps up output and as Russia diverts record volumes from Europe to the East ahead of sanctions. While spot…

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