Day: February 20, 2024

Joint Venture Agreement between Pakistan Mineral Development Corporation and Miracle Saltworks Collective Inc. for Export Quality Pink Rock Salt Crushing & Packaging Facility

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Mineral-Development-Corporation

Islamabad, Pakistan – February 20, 2024: Pakistan Mineral Development Corporation (PMDC) and Miracle Saltworks Collective Inc. (MSCI) Cement Historic Joint Venture for Pink Rock Salt Crushing and Packaging Facility in Pakistan under the facilitation of SIFC. The official signing ceremony took place at Marriott Hotel, Islamabad on February 20, 2024, with the honorable presence of His Excellency Anwaar-ul-Haq Kakar, The Prime Minister of Pakistan as Chief Guest. Minister for Energy Mr. Muhammad Ali, Secretary Petroleum Division Momin Agha and Other dignitaries also witnessed the occasion. In a landmark move towards…

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OGDCL Announces Major Gas and Condensate Discovery at Kharo Well-1 in Khairpur, Sindh

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ogdcl

ISLAMABAD, February 19, 2024: The Oil and Gas Development Company Limited (OGDCL) has announced a significant breakthrough in its exploration efforts with the discovery of gas and condensate at the Kharo-1, a well drilled in the Khewari exploration license area, located in Khairpur district of Sindh province.Following rigorous drilling and testing operations conducted with OGDCL’s proprietary expertise, the Kharo-1 well reached an impressive depth of 3,762 meters. Subsequent testing procedures registered promising results, showcasing a flow rate of 14.3 million standard cubic feet per day (MMSCFD) of gas, complemented by…

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Competition Commission of Pakistan Approves Merger of Korean Firm with Mira Power Limited

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Mira-Power

The Competition Commission of Pakistan (CCP) has granted approval for the merger of a Korean firm with Mira Power Limited (MPL), as reported by Business Recorder on Monday. The merger involves Korea-based DL E&C Co. Ltd acquiring shares in MPL, the operator of the 102 MW Gulpur hydropower plant, from DL Holdings Co. Ltd. CCP conducted a competition assessment and determined that MPL’s market share is less than 1%, and the change in ownership will not significantly alter MPL’s position in the market. A spokesperson for CCP stated, “The proposed…

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Pakistan Accelerates IP Pipeline Project to Avoid $18 Billion Penalty Despite US Sanctions

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gas-pipeline

Islamabad: Pakistan has committed to completing the first phase of the Iran-Pakistan (IP) gas pipeline project within its territory to avoid a potential $18 billion penalty, despite facing sanctions from the United States. Iran has granted an extension of 180 days until September 2024 to complete the project, aiming to prevent litigation in international courts and maintain diplomatic relations. To satisfy Iran, Pakistan has decided to proceed with the construction of the IP gas pipeline within its borders, despite the challenges posed by US sanctions. The Petroleum division is seeking…

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Escalating Energy Costs Pose Threat to Industries, Job Market, and Inflation

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power-subsidy

Karachi: Industrialists express concerns over the rising gas and electricity tariffs, warning of potential closures of industries, unemployment surge, and inflationary pressures. President of the Federal B Area Association of Trade and Industry (FBATI), Syed Raza Hussain, highlighted the adverse effects of gas tariff hikes on small and medium-sized enterprises, emphasizing potential job losses and inflationary impacts. Industry leaders, including Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh and Hyderabad Chamber of Small Traders and Small Industry President Muhammad Farooq Shaikhani, called for a reevaluation…

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