Year: 2025

Nestlé Pakistan extends 63000 liters of water to Pakistan Red Crescent Society for flood relief efforts under employee donation drive

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flood relief efforts

ISLAMABAD: Nestlé Pakistan extended donation of 63,000 liters of drinking water, under the employees’ voluntary program Nestlé Cares, to support Pakistan Red Crescent Society’s (PRCS) relief efforts for flood affected vulnerable communities. Talking at the event, Jason Avanceña, CEO, Nestlé Pakistan said, “Our contribution to PRCS is a result of an internal voluntary donation drive by employees under our Nestlé Care’s program, that was matched 1:1 by the company. Staying true to our values of being a force for good, Nestlé and its employees care deeply for the communities affected…

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PHL Moves to Redeem Rs400bn Pakistan Energy Sukuk Ahead of Schedule

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PHL-Project

KARACHI: Power Holding Limited (PHL) has approved the early redemption of Pakistan Energy Sukuk–I (PESC-I) and Sukuk–II (PESC-II), amounting to nearly Rs400 billion, subject to approvals from certificate holders and regulators. In a notice to the Pakistan Stock Exchange (PSX) on Wednesday, PHL said its board, in an emergent meeting, authorised management to initiate the redemption process. The move would enable the settlement of Rs200 billion under PESC-I, issued in March 2019, and Rs199.97 billion under PESC-II, floated in May 2020. The company stated the decision complies with Pakistan Energy…

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Iran Defies Snapback Threat, Vows Oil Sales to China Will Continue

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Iran-China

DUBAI: Iran’s Oil Minister Mohsen Paknejad said Wednesday that Tehran will continue selling oil to China even if United Nations sanctions are reimposed under the snapback mechanism. His remarks came as European powers push to resolve a standoff over Iran’s nuclear program at the sidelines of the UN General Assembly. Foreign ministers of France, Britain, and Germany (the E3), along with EU foreign policy chief Kaja Kallas, met with Iran’s top diplomat on Tuesday to prevent the reimposition of sanctions. The E3 triggered the 30-day snapback process on August 28,…

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Govt Secures Rs1.23tr Circular Debt Deal Without Extra Burden on Consumers

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New-DEBT

ISLAMABAD: The government on Thursday announced the successful conclusion of a landmark Rs1.225 trillion circular debt resolution plan, assuring that the arrangement will not impose any additional burden on power consumers. Repayments, it clarified, will be serviced through the already levied surcharge of Rs3.23 per unit. In a statement, the Ministry of Finance said the breakthrough was achieved through coordinated efforts of the Prime Minister’s Task Force on Power, the Ministry of Energy, the State Bank of Pakistan, the Pakistan Banks Association, and 18 commercial banks. The agreement covers the…

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PSO Flags Supply Chain Risks Over Unplanned Diesel Allocations

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PSO-Head

KARACHI: Pakistan State Oil (PSO) has raised alarm over what it described as “extraordinary and unplanned” allocations of high-speed diesel (HSD), warning that the practice is severely disrupting its supply chain planning and exposing the market to risks. In a letter to the Oil and Gas Regulatory Authority (Ogra), the state-owned oil marketing company said it would not accept volumes beyond its regular October allocation, accusing refineries and oil marketing companies (OMCs) of creating distortions by failing to lift their commitments and producing more than declared levels. PSO said it…

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