Month: January 2024

Oil edges up as investors eye Mideast developments

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Oil-prices

SINGAPORE, Jan 15 (Reuters) – Oil prices edged up on Monday as traders watched for supply disruption risks in the Middle East following strikes by U.S. and British forces to stop Houthi militia in Yemen from attacking ships in the Red Sea. Brent crude futures were up 13 cents, or 0.2%, to $78.42 a barrel by 0405 GMT after settling 1.1% higher on Friday. U.S. West Texas Intermediate crude was at $72.73 a barrel, up 5 cents, or 0.1%, following a near 1% gain in the previous session. The benchmarks…

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Private sector’s participation: Privatisation ministry, Power Div lock horns over Discos’ operations

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Power-generation

ISLAMABAD: Ministry of Privatisation and Power Division have reportedly locked horns on proposed plan of private sector participation in operation of Discos through long-term concessions leading to their eventual privatisation, well informed sources in Privatisation Commission told Business Recorder. Power Division, sources said, has prepared a new proposal for the Cabinet Committee on Energy (CCoE) with respect to Discos’ fate, after withdrawal of plan regarding handing over them to provinces. The sources said, Privatisation Ministry has examined the summary and offered following comments in terms of Rule 8 of Rules of…

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Iran serves new notice on Pakistan for delay in IP gas line project

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iran-gas-pipeline

Pakistan received the latest notice almost 10 days ago, top government officials told The News ISLAMABAD: Iran has issued a third notice to Islamabad, renewing its intention to move the arbitration court for not laying the pipeline as part of the IP gas line project. The project has been facing delays since 2014. Pakistan received the latest notice almost 10 days ago, top government officials told The News. “Iran earlier asked Pakistan in Nov-Dec 2022 in its second notice to construct a portion of the Iran-Pakistan gasline project in its territory…

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Gohar Ejaz at FPCCI10,000 Acres Industrial Zone Announced for Karachi

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President-FPCCI

Karachi Atif Ikram Sheikh, President FPCCI, has apprised that Dr. Gohar Ejaz, Federal Caretaker Minister for Commerce & Industries, has announced a new industrial zone of a whopping 10,000 acres for Karachi; which will be aligned with international standards during his maiden visit to FPPCI – the apex body of trade and industry of Pakistan. He added that the minister has also offered his full support in taking top economists on board as advisers of FPCCI to formulate its policy recommendations. Mr. Atif Ikram Sheikh also maintained that FPCCI has…

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INDUSTRIES AT VERGE OF CLOSURECaretaker setup made highest hike of 191 percent in Industrial Gas tariff: President KCCI

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gas-supply

KARACHI: President Karachi Chamber of Commerce and Industry (KCCI) Iftikhar Ahmed Sheikh has said that the caretaker setup has surpassed the elected Governments in terms of raising industrial gas tariff which has been raised by 118 percent since August 2023 from Rs1100 per MMBtu to Rs 2400 per MMBtu whereas further 40 percent addition of RLNG cost has taken gas tariff to a whopping and historically highest level of Rs 3200 per MMBtu which indicates an overall hike of 191 percent.In a statement issued, President KCCI informed that Since October…

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