Month: June 2023

KPT to take over PICT as 21-year concession expires

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Port-Trust

ISLAMABAD: The Cabinet Comm­ittee on Inter-Governmental Commercial Transactions (CCoIGCT) on Monday empowered the Karachi Port Trust (KPT) to take over the operations of the Container Terminal (Berths 6 to 9 at East Wharf) when its 21-year agreement expires on June 17 with the existing concessionaire — Pakistan International Container Terminal (PICT). The meeting of the committee presided over by Finance Minister Ishaq Dar was given a presentation on the subject. The meeting was informed that KPT had entered into a 21-year contract with the PICT over the operations of the…

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Rs151 billion ‘subsidy’ to shield power users from line losses

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K-Electric-tariff

• Dastgir reveals plan to dole out Rs315bn to ‘equalise’ K-Electric tariff with rest of country• Minister claims IMF okay with budgeted Rs894bn power package LAHORE: In a bid to offset the burden shouldered by power consumers due to the line losses of distribution companies (Discos), the government has decided to introduce a ‘budgeted’ subsidy to the tune of Rs151 billion to provide relief to customers across the country, except Karachi. For the port city, however, a Rs315bn package has been prepared that is aimed at making tariffs uniform by…

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Authorities on high alert as cyclone nears Sindh’s coastline

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high-alert

KARACHI: The Pakistan Meteorological Department (PMD) on Sunday said Cyclone Biparjoy over east central Arabian Sea had further intensified into an “extremely severe cyclonic storm (ESCS)”. It added that it had moved northward during the last 12 hours and was now near latitude 18.1N and longitude 67.5E. The PDMA said the cyclone was at a distance of about 760km south of Karachi, 740km south of Thatta and 840km southeast of Ormara. It continued that the system was “most likely to track further northward until June 14 morning”. Then, it would…

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Heavier Russian crude to give 50pc FO; POL price cuts not likely

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price-cuts

KARACHI: Russian crude oil will produce more furnace oil (FO) than high speed diesel (HSD), which would not reduce the prices of petroleum products domestically, The News learnt on Monday. According to the oil industry players, arrival of the first cargo of Russian crude oil has been celebrated from the top level of the government to the media. However, the anticipated reduction in the prices of petroleum products, particularly diesel and petrol in the near future would not be possible. Pakistan Refinery Limited (PRL) received the first cargo of Russian…

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