Year: 2022

The Board of Directors at Lucky Cement has authorised the management of the company to undertake a feasibility study for a renewable energy project at its plant in Karachi, including wind and solar power, according to a notice to the Pakistan Stock Exchange (PSX) on Monday. The development occurred during Lucky Cement’s emergent meeting held on June 11, 2022, informed the company in its notice. “Sustainability and adoption of clean energy have remained a cornerstone of Lucky Cement’s strategy,” read the notice, adding that Lucky Cement was one of the…

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With two major fuel suppliers in dire need of liquidity to the tune of Rs2 trillion in three months, the government has started passing on the increase in electricity tariff by an average Rs13 per unit in quick instalments to win over an urgently needed bailout package from the International Monetary Fund (IMF). Highly placed sources told Dawn that power distribution companies (Discos) have already been communicated directives to withdraw with effect from June 8 a subsidy of about Rs5 per unit introduced by former premier Imran Khan on Feb…

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The Oil and Gas Regulatory Authority (OGRA) on Monday recommended to the Punjab Chief Secretary for taking action against the three illegal oil agencies, its team unearthed in different localities of the province. The authority’s Enforcement (North) team inspected petrol pumps in the southern region of the province to check accurate measurements of oil, quality and price besides ensuring safety standards at different outlets, OGRA spokesman Imran Ghaznavi said in a news release. He said the team visited around 40 petrol pumps of different Oil Marketing Companies (OMCs), collected samples of petrol and diesel and sent them to the laboratory for a quality check. “Show Cause Notices to be…

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Finance Minister Miftah Ismail has said abolishing the subsidies on petroleum products till July was imperative to prevent the country from going bankrupt, hinting at another increase in the prices of fuel that whizzed past records earlier this month. Speaking to a private television channel, the finance minister said the International Monetary Fund (IMF) has asked the government to withdraw subsidies on petroleum products. Explaining the rationale behind the decision, he said the failure in increasing the prices would presage “destruction” as the global money lender would not ink a…

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Director General, Asian Development Bank (ADB), Eugene Zhukov here on Monday apprised the Federal Minister for Finance and Revenue, Miftah Ismail about the Country Partnership Strategy for Pakistan 2021-25, which is aligned with the government’s development vision. He was talking to finance minister during a meeting, which among others were also attended by Country Director ADB, Yong Ye, Secretary Finance, senior officers from Finance and Economic Affairs Divisions. Policy based programme for energy sector, women inclusive finance sector development, public-private partnership reforms and SOE sector development plan were also discussed.…

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