Month: February 2024

Cabinet Committee on Energy Approves Amendments to Refineries’ Policy

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Parco-board

In a significant development, the Cabinet Committee on Energy (CCoE) has greenlit amendments to the Brownfield Refineries’ Policy, addressing the key demands of private sector oil refineries. The revised policy mandates existing refineries to upgrade within six years to produce Euro-V petrol and diesel, with minimal production of low-quality fuels like furnace oil. During the meeting chaired by Minister for Petroleum and Power Muhammad Ali, four major demands of private sector refineries—Attock, National, Pak-Arab, and Cynergico—were accepted, ending the stalemate in implementing the refining policy since its notification on August…

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Renewal of Sui Mining Lease (Sui ML) Agreement between Balochistan Government and PPL Decided

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Gas-Project

The federal government has made the decision to renew the Sui Mining Lease (Sui ML) agreement between the Government of Balochistan and Pakistan Petroleum Limited (PPL) for a duration of 10 years, commencing from June 1, 2015, to May 31, 2025. This renewal entails a firm payment of Rs 36 billion and a contingent payment of Rs 24 billion, totaling Rs 60 billion, according to sources familiar with the matter. During a meeting of the Council of Common Interests (CCI) on January 29, 2024, the Petroleum Division was directed to…

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QatarEnergy and Petronet LNG Ink Record LNG Deal to Bolster India’s Energy Mix

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Qatar-Energy

In a significant development, QatarEnergy and India’s Petronet LNG have sealed their largest-ever single deal for liquefied natural gas (LNG) supplies, underlining India’s intensified efforts to utilize LNG for emissions reduction. The agreement entails Qatar supplying 7.5 million metric tons per year of LNG to Petronet LNG on a delivered ex-ship basis (DES) from 2028 to 2048, according to a statement by Petronet LNG. As the world’s second-largest LNG exporter, Qatar aims to amplify its presence in Asian and European markets amid mounting competition, particularly from leading supplier, the US.…

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Caretakers make record borrowing from banks

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Anwaarul-Haq

KARACHI: The caretaker government of Prime Minister Anwaarul Haq Kakar has made a record borrowing of almost Rs4 trillion from banks so far. The economy, already crushed under a huge debt burden, may witness an unprecedented increase in borrowings at the end of 2023-24 on June 30 as the amount has already surpassed the total borrowed in the entire FY23. The State Bank of Pakistan’s data showed that the government borrowed Rs3.99tr from July 1 to Jan 19, 2023-24 against Rs1.398tr in the same period last year, reflecting an increase of 185…

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Senate Committee Banned export of Minerals$10 bn Worth of Minerals & Marbles Can Be Exported . FPCCI

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fpcci-afghanistan

Karachi: Atif Ikram Sheikh, President FPCCI, has strongly opposed the proposed ban on raw minerals and marble as approved by Senate Standing Committee on Commerce; and, which includes both metallic and non-metallic minerals. This is contradictory to the vision of Special Investment Facilitation Council (SIFC), which has made mines and minerals as one of their only five focus areas, he added. Atif Ikram Sheikh categorically mentioned that Pakistan can easily reach a level of $10 billion in exports in minerals and marble, if a facilitative and incentivizing regime for the…

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