Month: June 2023

Govt piles up Rs14.88tr public debt in one year

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public-debt

ISLAMABAD: Under a constantly rising debt burden, the Pakistani economy has been rapidly borrowing. In the span of just one year, the PMLN-led coalition government has piled up over a third or Rs14.881 trillion debt on the nation, ballooning it to a staggering Rs59.247 trillion by the end-March 2023. This trend of escalating debt accumulation is consistent with each successive government, surpassing the debt levels of its predecessors. Notably, Pakistan’s public debt has been on a steep rise annually, primarily driven by substantial fiscal deficits. Since 2008, when the country’s…

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IP gas pipeline delay may lead to $18b fine on Pakistan

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gas-pipeline

ISLAMABAD: Pakistan risks a fine of $18 billion for not completing the Pakistan-Iran gas pipeline project in the timeframe stipulated in the agreement, the Public Accounts Committee (PAC) was informed on Wednesday. The apex committee of the National Assembly (NA) met with Noor Alam Khan in the chair and deliberated on the non-utilisation of Rs332 billion in gas infrastructure development cess. Demanding progress on the publicly-funded projects, Bargees Tahir said that Rs325 billion were received, but only Rs2 billion were spent. Syed Hussain Tariq said that the funds are lying…

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Total PARCO Pakistan Limited Organizes University Day at GCU Lahore

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Total-PARCO

Total PARCO Pakistan Limited, one of the largest multinational energy company in Pakistan, recently organized an event titled “Transforming Lives with Positive Action in New Reality” at Government College University (GCU) in Lahore. The event featured Mr. Mehmet Celepoglu, Chief Executive Officer of Total PARCO Pakistan Limited (TPPL), who delivered an inspiring speech to the young students and enthusiastic audience from various walks of life.During the event we witnessed Mr. Mehmet Celepoglu engaging with the audience, both in-person at a packed auditorium and digitally, with thousands of participants including students,…

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Renewable energy: German envoy urges govt to approve Cat-III projects

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ISLAMABAD: German Ambassador Alfred Grannas has urged the government to approve Category-III renewable energy projects to provide affordable and clean energy to underprivileged parts of the country. In a letter to Minister for Power, Khurram Dastgir Khan, German Ambassador referred to M/s ibvogt GmbH, one of the German largest solar developers, which has been actively involved in the development of a solar project portfolio in Pakistan, with a total capacity nearing 300MW. According to the ambassador, amongst these projects, the Gwadar solar project, named “P&G Energy Pvt Ltd” stands out…

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Government of Pakistan Petroleum Division

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Oil-gains

TAPI is a transformation agenda for the region not just a pipeline,” said Dr Musadik Malik. A high level delegation of Turkmenistan led by State Minister & Chairman of Turkmengas Mr. Maksat Babayev, held meeting with the Pakistani delegation led by Minister Of State for Petroleum Dr. Musadik Malik here today. Both sides discussed various aspects of the flagship Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project. Minister reiterated Pakistan’s commitment to TAPI project and highlighted the energy potential Turkmenistan holds. “TAPI is a transformation agenda for the region not just a pipeline,”…

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