Ali Rathore Appointed as CEO of Engro Fertilizers Limited


Engro Fertilizers Limited (EFERT) announced Ali Rathore’s appointment as its new Chief Executive Officer (CEO), effective April 26, 2024, for an 11-month term. The decision was approved by the company’s Board of Directors and shared in a notice to the Pakistan Stock Exchange (PSX). Ali Rathore, who currently serves as the Chief Financial Officer (CFO) of Engro Fertilizers Limited, brings…

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Petrol Goes Up By 5% in 2 WeeksStatus Quo in Petroleum Prices Should’ve Been MaintainedAtif Ikram Sheikh


Karachi (PR): Mr. Atif Ikram Sheikh, President FPCCI, has maintained that the government should have kept the petroleum prices unchanged – given the slide in international oil prices by $1 per barrel on the back of relative calm in West Asian region after Iran – Israel conflict did not go out of hand as expected; and, the demand destruction due…

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Government Allows Exchange Rate Adjustment for PSO Fuel Prices


The federal government has approved Pakistan State Oil (PSO) to make a per litre exchange rate adjustment of Rs1.34 on petrol and 26 paisa on high-speed diesel (HSD) for the fortnight starting April 16, 2024. According to documents obtained by Business Recorder, this adjustment marks an increase of Rs1.01 per litre for petrol compared to the previous fortnight, while HSD…

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NTDC Claims $13 Million Liquidated Damages from SEL for Delay in Achieving COD


The National Transmission and Despatch Company (NTDC) has asserted its right to Liquidated Damages (LDs) exceeding $13 million from Siddiqsons Energy Limited (SEL) due to delays in achieving Commercial Operation Date (COD). Sources familiar with the matter revealed that NTDC is entitled to LDs as per the Power Purchase Agreement (PPA) and a decision by the Cabinet Committee on Energy…

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PFREIF Accuses Power Division of Misguiding SIFC on Renewable Energy Projects


The Pakistan Foreign Renewable Energy Investors Forum (PFREIF) has raised concerns about the Power Division’s handling of thirteen “withheld” renewable energy projects, accusing it of misleading the Special Investment Facilitation Council (SIFC). In a letter addressed to the Prime Minister and Chief of Army Staff, the President of PFREIF, Mustafa Abdullah, commended SIFC’s decision to allow 300MW solar projects at…

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Pakistan Seeks Three-Year IMF Programme for Economic Reform


Pakistan is actively engaging with the International Monetary Fund (IMF) for a new multi-billion dollar loan agreement to support its economic reform agenda. Finance Minister Muhammad Aurangzeb has indicated that Pakistan will request a three-year programme during discussions with the IMF. Aurangzeb, currently in Washington for the IMF and World Bank spring meetings, highlighted the country’s need for structural reforms…

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World Future Energy Summit Opens with Collective Call for Collaboration on ‘Pathway to 1.5°C’


• Her Highness Sheikh Shamma bint Sultan bin Khalifa Al Nahyan, president and CEO of the UAE’s Independent Climate Change Accelerators, warns “action cannot take place if we work in silos”• IRENA’s latest capacity data shows the world is falling short of 1,100GW annual renewable power requirement, despite 2023 marking the largest surge of renewable power generation to date Abu…

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