Month: November 2023

Gas price has surged by whopping 1,109pc in a year: PBS

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gas-supply

ISLAMABAD: Official data released by the Pakistan Bureau of Statistics (PBS) shows that gas charges have gone up by 1108.59 percent in the outgoing week of 2023 against the same week last year. The official data of the Sensitive Price Index (SPI) released on Friday shows that gas charges for lower quintile witnessed a hike in prices by 1108.59 percent in the latest week. On other hand, the Ministry of Energy claimed that gas prices went up 65 percent on average with effect from November 2023, so there is something…

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Pakistan gets costly LNG bids for January

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LNG

ISLAMABAD: Pakistan on Friday received four international bids, with the lowest at $18.46 per unit, for the supply of a liquefied natural gas (LNG) cargo in the first part of January to meet anticipated peak winter shortage in the residential sector as the gas regulator notified 1.2 per cent increase in the sale price of regasified-LNG (RLNG) for November. The RLNG sale price for December is estimated to be even higher given the induction of two relatively expensive imported cargoes in the first and second week of next month already…

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Pakistan, Kuwait to seal $10bn investment deal

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SIFC-sparks

ISLAMABAD: Pakistan and Kuwait will soon sign seven memorandums of understanding (MoUs) for investments worth $10 billion in Pakistan through seven projects in multiple fields, including environment, mining, and food security. In this regard, the federal cabinet, in its meeting held on Friday, approved seven MoUs to be signed during the upcoming visit of caretaker Prime Minister Anwaarul Haq Kakar to Kuwait. Consequent to the efforts by the Special Investment Facilitation Council (SIFC), both countries would sign MoUs on multiple projects, including the expansion of water reservoirs, mining facilities, conservation…

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Nestlé Pakistan wins Sustainability Awards

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ISLAMABAD: Nestlé Pakistan won two top awards in the categories of Gender Equity and Agri Tech & Food Security at the Sustainability Awards hosted by Sustainable Policy Development Institute (SDPI).Nestlé Pakistan’s recognition in the two categories were for its Creating Shared Value (CSV) initiatives, the Nestlé-BISP Rural Women Sales Program that has supported 2800 rural women to achieve financial empowerment with the ambition to reach 5000 women by 2025; and Smart Soil Moisture Sensors on 548 acres, which assist farmers detect the sub-soil moisture level, helping Nestlé achieve its Waters…

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$10bn TAPI project: Law ministry’s opinion sought afterTurkmenistan’s demand

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gas-pipeline

ISLAMABAD: The fate of Turkmenistan’s demand seeking legislative cover of Foreign Investment Promotion and Protection Act (FIPPA), 2022 for its investment to be made in Pakistan’s territory, under the trans-nation $10 billion TAPI gas pipeline project, depends upon the legal opinion from the Law Division. The gas pipeline from Turkmenistan has to pass through Afghanistan, Pakistan and India. Turkmenistan will be having 85 percent shares in the project while Afghanistan, Pakistan and India would each have 5 percent shares of $200 million. “The Petroleum Division has sought the opinion from…

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