Day: December 7, 2023

Pakistan’s Economic Outlook: Navigating Challenges and Embracing Growth in 2024

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pakistan-economy

In a recent report by Bloomberg economist Ankur Shukla, Pakistan’s economic landscape is poised for recovery, projecting a growth of 2.1 percent in the fiscal year and a significant acceleration to 4.8 percent in fiscal 2025. Several factors contribute to this optimistic outlook, including the approval of a $700 million loan tranche from the International Monetary Fund (IMF) in November, easing supply bottlenecks, lower interest rates, and positive agricultural indicators. IMF Support and Fiscal Landscape: The approval of the IMF loan tranche in November has played a pivotal role in…

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PAKISTAN’S MAJOR E&P COMPANIES SIGN DECARBONIZATION CHARTER OGDCL, PPL, AND GHPL FORGE PATH TO ENVIRONMENTAL EXCELLENCE AT COP28

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Cop-28

ISLAMABAD, December 07, 2023: In a significant stride towards sustainable energy practices, Pakistan’s leading Exploration and Production (E&P) companies, OGDCL, PPL, and GHPL, joined forces for environmental responsibility. At the United Nations Climate Change Conference (COP28) held in Dubai, these E&P companies participated actively in the conference and exhibition, engaging with global stakeholders at the Pakistan Pavilion.During the conference, OGDCL, PPL, and GHPL signed the Decarnbonization Charter, emphasizing their collective commitment to supporting climate change initiatives and decarbonization. The accord underscores the E&P sector’s desire to aligning business operations with…

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Engro Polymer and Chemicals inks gas supply deal with SSGC

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ENGRO-1

Engro Polymer and Chemicals Limited (EPCL), a subsidiary of Engro Corporation, said on Wednesday it has entered into an interim agreement with Sui Southern Gas Company Limited (SSGC) for the supply of gas till February 29, 2024. The company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Thursday. The company said that the gas will be used by the company on an “as and when” available basis. “This will ensure that the company’s operations continue unhindered,” it added. Back in September, EPCL had extended its gas…

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Loss-making Discos: FD opposes PD’s proposal

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crackdown-power

ISLAMABAD: The Finance Division has reportedly opposed a proposal of the Power Division regarding establishment of Performance Management Units (PMUs) in loss-making power Distribution Companies (Discos) under senior army officers (brigadiers), arguing it will further deteriorate governance within Discos, sources close to Secretary Finance told Business Recorder. The Power Division prepared a secret proposal for the federal cabinet to hand over affairs of loss-making Discos aimed at putting pressure on existing manpower to work efficiently with proper monitoring of their financial integrity. The proposal in the form of a summary had…

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Chinese firm to buy 30% stake in PRL

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PRL-Ogra

Investor will inject $1.5b into refinery to double its production capacity ISLAMABAD: State-run oil marketing company Pakistan State Oil (PSO) has agreed to sell its over 30% shareholding in Pakistan Refinery Limited (PRL) to a Chinese firm in a bid to attract an investment of $1.5 billion to double the refining capacity. PRL, in which PSO is a major shareholder with a 63.6% stake, has inked an agreement with the United Energy Group (UEG) of China to embark on a transformative journey with plant expansion and upgrade. The Chinese firm…

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