Month: May 2024

OGDCL Reports Rs171 Billion Profit in First Nine Months

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OGDCL-1

Oil and Gas Development Company Ltd (OGDCL) has announced a notable 7.18% increase in its profit after tax (PAT), reaching Rs171.104 billion with earnings per share at Rs39.78 for the first nine months ending March 31, 2023-24. According to a statement released on Wednesday, OGDCL’s net sales revenue stood at Rs348.164 billion. The board declared an interim cash dividend of Rs2 per share or 20% for the quarter ending March 31, in addition to the earlier interim dividend of Rs4.1 per share paid to shareholders.

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China Demands More Fiscal Incentives as Dues from Pakistani Projects Hit Rs529 Billion

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CPEC-Project

Islamabad: Amid mounting concerns over Chinese investments in Pakistan, outstanding dues from Chinese power plants have reached a staggering Rs529 billion, reflecting a strained financial relationship. Beijing is pushing for enhanced fiscal benefits within the China-Pakistan Economic Corridor’s (CPEC) Special Economic Zones (SEZs) to bolster investment. The first meeting of the Cabinet Committee on Chinese Investment Projects (CCoCIP) highlighted Pakistan’s lapses in addressing circular debt issues, leading to discrepancies in power purchase payments to Chinese suppliers. This delay has hindered financial closures for key projects, impacting two Chinese-sponsored power plants…

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Intelligence Agencies Expose Rs227 Billion Petroleum Smuggling Racket

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Billion-Petroleum

Islamabad: Intelligence agencies recently uncovered a massive smuggling operation involving 738 petrol filling stations, corrupt officials, and smugglers, leading to an annual loss of Rs227 billion to the national exchequer. The racket, which includes 533 petrol pumps, 100 officials, and 105 Iranian oil smugglers, has seen a resurgence since the current government took office. Prior crackdowns had reduced smuggling, but it has now escalated, with thousands of vehicles and boats bringing in millions of litres of oil daily. The smuggling routes primarily run through Balochistan, with militant groups reportedly profiting…

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