Year: 2022

Govt undoes relief to salaried class; slaps Rs 50/litre fuel levy

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Petrol-Price

Giving legal effect to the budgetary proposals for the next fiscal year, the National Assembly Wednesday approved the Finance Bill 2022-23. All amendments were moved by Minister of State for Finance and Revenue Dr Aisha Ghous Pasha. The House proceedings commenced after around two-hour delay with Speaker Raja Pervez Ashraf in the chair. The House also approved an amendment to impose a levy of Rs50 on the petroleum products. Besides, the House also approved amendments for collecting sales tax from traders through the electricity bills and imposing a 5 percent…

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Karot hydropower project put into full commercial operation

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Karot Hydropower Project, the first hydropower investment project under China-Pakistan Economic Corridor (CPEC) invested and developed by China Three Gorges Corporation(CTG), was put into full commercial operation on 29th June 2022. The Karot HPP COD Ceremony was held at Power House yesterday to inaugrate the commercial operation. At the ceremony, Dr. Munawar Iqbal, Acting Managing Director, Private Power and Infrastructure Board (PPIB) extended thanks on behalf of Pakistani government to CTG. “In spite of COVID-19 impact, the construction progress of the project remained satisfactory, and because of such a brilliant construction, the…

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The Biggest Threat To Brazil’s Oil Boom

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Latin America’s largest economy Brazil is experiencing a massive offshore energy boom which has seen the country overtake Venezuela and Mexico in little over a decade to become the region’s largest oil producer. This is driven by pre-salt petroleum discoveries in offshore Brazil, with the first being made by national oil company Petrobras in the Santos Basin in 2006. First oil was pumped two years later, in 2008, from the Jubarte field in the Campos Basin. After nearly two decades and a swath of multiple high-quality mega oil discoveries, Brazil’s…

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Iran Looks To Join BRICS Group Of Russia And China

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Iran has applied to join the BRICS group of major emerging economies, which includes China, Russia, and India, Reuters reported on Tuesday, a move that would help to secure an alternative alliance to the West. Iran is a major oil and gas resource holder, as is Russia, while China is the world’s top oil importer and one of the biggest gas importers. BRICS, an acronym of its members Brazil, Russia, India, China, and South Africa, is what China and Russia pitch as the emerging markets alternative to the West. The term for…

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Pakistan Refinery Limited

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Pakistan Refinery Limited (PSX:PRL) is a hydro skimming refinery designed to process imported and local crude oil, located on the coastal belt of Karachi, Pakistan. It was incorporated in Pakistan as a public limited company in 1960. The refinery’s current capacity stands approximately at 50,000 barrels per day of crude oil into petroleum products, such as furnace oil, high speed diesel, kerosene oil, jet fuel and motor gasoline, among others. The refinery is operating at two locations; main processing facility is located at Korangi Creek with supporting crude berthing and…

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