Year: 2023

The Petroleum Division has warned the central bank that the stocks of petroleum products may dry up as banks are refusing to open and confirm Letters of Credit (LCs) for imports. Like other sectors, the oil industry in Pakistan is facing hurdles to opening LCs owing to the US dollar shortage and restrictions put in place by the State Bank of Pakistan (SBP). An oil cargo of Pakistan State Oil (PSO) has already been cancelled while LC for another cargo, scheduled for loading on January 23, has not yet been…

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Responding to the rising panic in the oil industry and amongst consumers, the federal government Friday ruled out any possibility of a fuel crisis in Pakistan, stating that the oil reserves required by the country were well in stock. The ministry of petroleum, in a statement, strongly denied the fears of petroleum shortage in the country. The statement termed the claims of oil shortage that had been circulating on social media as “rumours”. The ministry made it clear that it had the required oil reserves already in stock and that…

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M/s Attock Gen Limited (AGL) has sought the Power Division’s help in opening of Letter of Credit (LC) for import of necessary spare parts for periodic and breakdown maintenance of plant. The company maintains that the delay in the opening of LC is going to hamper the plant’s availability for power generation if remedial measures are not taken immediately. Sharing the details, the power company said that on July 5, 2022, vide its EPD circular 11, the SBP advised banks to seek prior approval from its Foreign Exchange Operations Department…

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The Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) will meet on Monday, January 23, 2023 to decide about Monetary Policy. Governor SBP, Mr. Jameel Ahmad will announce the Monetary Policy decision at a press conference on the same day after the MPC meeting.

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Chairman WAPDA Engineer Lt Gen Sajjad Ghani (Retd) visited Tarbela 4th Extension Hydel Power Station (T4) and inspected operation and maintenance (O&M) activities of the power station, commissioned in 2018. He also had a detailed round of the under-construction Tarbela 5th Extension Hydropower Project (T5) to review construction activities on the sites. The GM (Tarbela Dam), accompanied by the project management, briefed the Chairman about progress on the project. Consequent upon the permission accorded by IRSA for closure of Tunnel No.5, construction activities are being carried out simultaneously at five…

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