Day: January 29, 2023

B2B barter trade mechanism: MoC empowered to impose conditions, curbs

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Commerce Ministry has been empowered to impose country or commodity specific conditions or restrictions for imports/ exports of goods under the B2B Barter Trade Mechanism, official sources told Business Recorder. Sharing the details, sources said that pursuant to the decision of the ECC/ Cabinet, Commerce Ministry issued SRO 484(1) 2022 and SRO 485(1)/2022 on April 1, 2022 whereby provisions with respect to barter trade had been incorporated into Import Policy Order (IPO) and Export Policy Order (EPO) thus providing a legal framework for carrying out trade transactions through barter mode. Only…

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Minister inaugurates gas transmission project

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Minister of Energy (Petroleum Division) Senator Dr Musadik Malik inaugurated gas transmission project in District Hafizabad. Special Assistant to Prime Minister on Interior and Legal Affairs Attaullah Tarar, former Member of National Assembly Saira Afzal Tarar, Shahid Hussain Bhatti and SNGPL Managing Director Ali J Hamdani were also present on the occasion. The project which is expected to benefit 57,000 consumers of 150 villages has been completed at a cost of Rs2.142 billion. Sui Northern Gas spent Rs1.609 billion while funding of Rs533 million was provided by the government. The…

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Petroleum products prices seen jumping post rupee devaluation

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Petroleum prices would increase massively in the next fortnightly review, even without a spike in levy and sales tax, as the government aims to please the International Monetary Fund (IMF), The News learnt on Friday. Information gathered from the country’s oil sector showed that the massive depreciation of rupee against the dollar in the last two sessions would not reflect greatly in the review due on January 31, 2023, as the average exchange rate would come around Rs240. However, the fortnightly review due on February 15 would show sharp appreciation…

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SNGPL says has reduced UfG losses by 23,348mmcf

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The Sui Northern Gas Pipeline Limited (SNGPL) has claimed to reduce the unaccountable for gas (UfG) losses by 23,348 mmcf which is 28 percent more than the assigned task. The government on October 31, 2019, assigned the task of reduction in the UfG losses of SNGPL by 18,240 mmcf within a period of three years (FY 2019-20 to FY 2021-22) ending on June 30, 2022. The gas company says that the targets as well as achievements against all 30 Ufg control measures (KMIs) have been shared with Prime Minister’s Office…

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Training of engineers: Fesco chairman praises role of WEA

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WAPDA Engineering Academy (WEA) is playing a key role in the training of Engineers, Engineers from all over Pakistan are getting excellent results through utilizing this training in their professional life, these views were expressed by the Chairman Faisalabad Electric Supply Company (FESCO) Board of Directors (BODs) Malik Tahseen Awan during his visit to WAPDA Engineering Academy Faisalabad. He said that WEA would be given the status of a university in future. He further said that engineers should maintain their individual identity and use all their skills to resolve the…

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