Year: 2023

Engro Polymer and Chemicals inks gas supply deal with SSGC

Admin
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…

Read More

Loss-making Discos: FD opposes PD’s proposal

Admin
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…

Read More

Chinese firm to buy 30% stake in PRL

Admin
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…

Read More

Sui Southern Gas Company subsidiary to go public

Admin
SSGC

KARACHI: Sui Southern Gas Company Ltd (SSGC) said on Wednesday it’s going to convert SSGC LPG Ltd, a wholly owned subsidiary, into a public limited firm by offering its shares to the general public. The government-owned gas distribution company said it’ll initiate the process for the “issuance of 33.3 million shares” of the converted company by means of an initial public offering (IPO) at “any time in (the) future”. SSGC LPG Ltd is a fully integrated LPG marketing and distribution company, which acquires gas from local producers besides importing it…

Read More

Toyota rolls out first hybrid vehicle

Admin
electrical-vehicles

KARACHI: Federal Secretary Industries and Production Asad Rehman Gilani has said that while embarking on this journey with locally manufactured hybrid electric vehicles (HEVs) on our roads, let’s keep in mind, that the country must expedite exports to reduce the trade deficit. “I see no better partner to support this goal, than our long-term standing partner, Toyota,” he said while gracing the rolling out of much awaited 4th generation Toyota Corolla Cross Hybrid Vehicle at the manufacturing facility of Indus Motor Company (IMC). The federal secretary said that the government…

Read More