Day: July 19, 2024

KCCI urges govt to revisit, rationalize anti-business taxation measures, energy tariffs

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KCCI-Import

Stop pleasing IMF by compromising exports: Iftikhar Sheikh KARACHI: Keeping in view the perpetually intensifying hardships being suffered by small traders, industrialists, exporters, salaried class, daily wagers and many other segments due to harsh taxation measures, unbridled discretionary powers to FBR and unbearably high energy tariffs, President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh vociferously appealed the government to revisit all the highly unjust taxation measures and bring down gas and electricity tariffs which were leading to descending exports, closure of small businesses as well as industries…

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CM Sindh orders scrutiny of SHS, solar parks plan for free electricity to low-income consumers

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New-Project

KARACHI (July 19): Sindh Chief Minister Syed Murad Ali Shah, presiding over a meeting, has decided to implement the PPP Chairman Bilawal Bhutto’s program to provide free-of-cost electricity to consumers living off-grid and to those using 50 to 100 MW electricity by implementing the solar energy solution. This decision was taken in a meeting held at the CM House in which different proposals were discussed. Minister P&D and Energy Nasir Shah, CM Advisor for Cooperative Societies Ahsan Mazari, Chief Secretary Asif Hyder Shah, PSCM Agha Wasif, Secretary Energy Musadiq Khan,…

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Lack of Interest in Offshore Oil and Gas Drilling by Foreign Firms

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oil-gas

ISLAMABAD: The National Assembly’s Standing Committee on Energy (Petroleum Division) was informed on Thursday about the dwindling interest of international companies in offshore oil and gas exploration in Pakistan. This follows the dry well result of Kekra-1 in 2019. Chaired by Syed Mustafa Mehmood, the committee session focused on understanding the reasons behind this decline. Petroleum Minister Musadik Malik explained that major oil and gas companies are exiting Pakistan, primarily due to challenges in ease of doing business and security concerns. “Companies face significant security costs in exploration areas, impacting…

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Ahsan Iqbal Urges Swift Action on CPEC 2.0

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New-CPEC

ISLAMABAD: Minister for Planning, Development, and Special Initiatives, Professor Ahsan Iqbal, chaired a meeting on Thursday to review the progress of China-Pakistan Economic Corridor (CPEC) projects, particularly the decisions made during Prime Minister Shehbaz Sharif’s recent visit to China. “There is complete agreement between the leaderships of China and Pakistan on the second phase of CPEC, also known as CPEC 2.0,” stated Iqbal. Highlighting his recent visit to China, Iqbal noted the continuation of discussions initiated by the Prime Minister with Chinese leaders, focusing on strategic implementation to ensure the…

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Govt to Consult UAE on $1.3 Billion PARCO Investment for Hydrocracker Unit

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PARCO-Project

ISLAMABAD: The Cabinet Committee on Energy (CCOE) has decided to engage with the United Arab Emirates (UAE) regarding a planned $1.3 billion investment in Pak Arab Refinery Limited (PARCO). The investment aims to establish a hydrocracker unit to convert furnace oil into petrol and diesel. During a recent CCOE meeting, economic managers emphasized the importance of sending a delegation to the UAE for consultation. They also discussed extending the deadline for refineries to sign agreements for upgrading their plants under the new refinery policy. Three refineries—Attock Refinery Limited, National Refinery…

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