Month: August 2023

OGRA rejects bias claims

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Oil-and-Gas

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Tuesday rejected the baseless assertions of being partisan and biased toward emerging oil marketing companies, as made in the letter of the Oil Marketing Association of Pakistan (OMAP). “As the regulator of the oil industry, OGRA is fully aware of its responsibilities and diligently regulates the midstream and downstream petroleum sectors in accordance with the OGRA Ordinance and rules and regulations made thereunder,” OGRA said in a statement. OGRA has an open-door policy towards communication with all its licensees and any…

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SIFC to ensure ‘ease of doing business’ for investors: COAS

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Gen-Asim

There are vast mining opportunities in our country which will be realised through joint efforts, says Gen Asim ISLAMABAD: Chief of Army Staff (COAS), General Syed Asim Munir on Tuesday said the Pakistan government, along with state institutions, had ensured the establishment of Special Investment Facilitation Council (SIFC), in order to bring all stakeholders to a single platform. Addressing the Pakistan Mineral Summit in Islamabad, he said the SIFC had laid down new rules for ‘ease of doing business’ for domestic and foreign investors in the country. “We will ensure…

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PLL skips awarding tender to Trafigura

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LNG

SINGAPORE: Pakistan LNG Limited (PLL) did not award a tender to commodities trader Trafigura, which had offered bids to deliver two spot cargoes of liquefied natural gas (LNG) to the South Asian nation next year, an industry source said on Tuesday. Trafigura had offered bids of $23.47 per million British thermal units (mmBtu) for an LNG import tender to be delivered on January 3-4 and $22.47 per mmBtu for February 23-24 delivery, a source said last month. A notice on PLL’s website showed it received two bids from Trafigura as…

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Reko Diq project: Pakistan, Barrick Gold agree to pay share in Rupees

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Reko-Diq

ISLAMABAD: Pakistan and Barrick Gold Corporation on Tuesday agreed to pay the share of the government of Pakistan in Rupees for the investment in Reko Diq project, ARY News reported. The agreement came during a meeting between Prime Minister (PM) Shehbaz Sharif and a delegation of Barrick Gold Corporation, which called on him in Islamabad. The Barrick Gold Corporation’s delegation was led by its Chief Executive Officer Mark Bristow. He briefed the Prime Minister about the progress on the ongoing development work at Reko Diq. Speaking on the occasion, PM…

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Petroleum price hike shocks industry

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Petroleum-price

KARACHI: Trade and industry leaders have said that almost Rs20 per litre increase in high-speed diesel (HSD) and petrol prices would put an additional burden on the industries and general public at a time when they are already hard-pressed with up to Rs7.5 per unit power tariff hike amid unprecedented inflation. They said the industrial and general consumers will be feeling the pinch of high transportation costs as petrol and diesel prices have swelled to Rs272.95 and Rs273.40 per litre, respectively. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan…

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