Year: 2023

NTDC revises its three-year investment plan

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Nepra-tariff

ISLAMABAD-National Transmission and Despatch Company Limited (NTDC) has revised its three years investment plan, seeking NTDC NEPRA nod for investment of Rs 510 billion. Delay by the company in the execution of 42 projects has resulted in cost escalation of Rs 180 billion.In its revised investment plan for tariff control period from FY2022-23 to FY2024-25 National Transmission and Despatch Company Limited (NTDC) has sought NEPRA nod for the investment of Rs30.269 billion in five Special Economic Zones under China Pakistan Economic Corridor (CPEC).In the revised plan, NTDC has sought NEPRA…

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Chevron to buy Hess Corp for $53b in all-stock deal

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Recent deals a financial flex by US oil, gas firms that keep investing in fossil fuels HOUSTON: Chevron agreed to buy US rival Hess for $53 billion in stock in a deal that reflects top US energy companies drive for oil and gas assets in a world seeking lower-risk future fossil supplies and higher shareholder returns. The proposed deal amps up competition between Chevron, the No 2 US oil and gas producer, and Exxon, its larger rival. It also makes Chevron a partner with Exxon in Guyana’s booming oilfields expected…

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World Bank’s Banga says geopolitics pose biggest, but not the only, risk to world economy

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world-bank

Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy right now but other risks are also at play, World Bank President Ajay Banga said on Tuesday. “The US 10-year Treasury (yield) just crossed 5 per cent briefly yesterday, these are areas we haven’t seen. So yes, that is right there lurking in the shadows,” Banga said, referring to a rise in the benchmark for borrowing costs around the world which further threaten an economic slowdown. “And then, how long before the next pandemic?”…

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Pakistan asks Saudi Arabia for $1bn oil facility in CY24

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pak-saudia

Pakistan has made a formal request to the Kingdom of Saudi Arabia (KSA) for provision of $1 billion oil facility on deferred payment for the calendar year 2024. ISLAMABAD: Just ahead of the IMF’s review talks, Pakistan has made a formal request to the Kingdom of Saudi Arabia (KSA) for provision of $1 billion oil facility on deferred payment for the calendar year 2024. “Pakistan has made a formal request for $1 billion Saudi Oil Facility (SOF) on deferred payment with effect from January 2024. The KSA has not yet…

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50 more PIA flights cancelled over fuel supply

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PIA-plane

PIA’s fuel supply could not be restored despite payment to PSO KARACHI: The Pakistan International Airlines (PIA) paid Rs70 million to the Pakistan State Oil (PSO) on Tuesday but the fuel supply could not be restored due to which more than 50 more flights were canceled for Wednesday. According to PIA sources, Karachi to Lahore flights PK302, PK303, PK304, PK305 for Faisalabad PK340, PK341, for Islamabad PK368, PK369, Gwadar PK503, PK504, Multan PK330 and PK331 have been cancelled. PK181 to Sharjah, PK182 from Islamabad, PK233 to Dubai, PK234 to Gilgit,…

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