Author: Admin

PSO Rejects Fotco’s Unilateral Flow-Rate Penalties on Oil Cargoes

Admin
PSO-Head

Karachi: Pakistan State Oil (PSO) has strongly opposed the unilateral imposition of flow-rate penalties by Fauji Terminal and Distribution Company Limited (Fotco) on the import and export of oil cargoes, stating it will not accept the proposed charges. In a letter addressed to Fotco’s chief operating officer, PSO said that, in line with the oil industry’s collective stance, it categorically rejects draft agreements and penalties that lack any “logical, contractual, legal or regulatory basis”. As the largest throughputter at Fotco, PSO warned that the proposed measures would place an unfair…

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Gas Circular Debt Swells to Rs3.2 Trillion on Rising Late Payment Surcharges

Admin
OGRA-GAS

Islamabad: Pakistan’s gas sector circular debt has surged to Rs3.2 trillion, up from Rs2.6 trillion, primarily due to a sharp rise in Late Payment Surcharges (LPS), which now stand at Rs1.45 trillion, officials said. Of the remaining Rs1.75 trillion, around Rs210 billion has accumulated on account of income tax and general sales tax (GST), while the actual stock of circular debt is estimated at about Rs15 billion. The government is considering waiving off the LPS, arguing that both gas suppliers—mainly exploration and production (E&P) companies—and buyers, the Sui gas companies,…

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Small-Scale Rainforest Clearing Driving Major Climate Damage, Study Finds

Admin

Paris: While images of massive fires and large-scale logging in the Amazon often dominate discussions on deforestation, new research shows that small-scale rainforest clearing is causing a disproportionately large impact on the global climate. A study published in the journal Nature on Wednesday found that forest clearances of less than two hectares, though representing only a small fraction of total deforestation, account for 56 per cent of carbon losses in the world’s tropical rainforests over the past three decades. “These quieter, smaller acts of forest destruction are responsible for most…

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Fortune 500 Chinese Firm Xiamen C&D Shows Strong Interest in Investing in Pakistan

Admin
pak-China

Islamabad: Special Assistant to the Prime Minister (SAPM) Haroon Akhtar Khan on Wednesday held a meeting with representatives of Xiamen C&D, a Fortune 500 Chinese conglomerate, which expressed keen interest in making large-scale investments in Pakistan. The meeting was also attended by Chairman Export Processing Zones Authority (EPZA) Freedoon Akram Sheikh, according to an official statement. During the discussion, Xiamen C&D showed interest in investing in Pakistan’s automobile, steel and iron sectors. Haroon Akhtar Khan described the company as a globally renowned enterprise with a strong footprint across international supply…

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Govt Approves Fresh Mari Gas Allocation for Major Fertiliser Plants

Admin
fertiliser-manufacturers

Islamabad: The federal government has approved the fresh allocation and pricing of natural gas from the Ghazij and Shawal discoveries in the Mari field for key fertiliser manufacturers, Mari Energies Limited informed on Thursday. In a notice to the Pakistan Stock Exchange (PSX), the listed exploration and production company said gas volumes have been earmarked for Fauji Fertilizer Company’s Port Qasim plant, Fatima Fertilizer’s Sheikhupura facility, and Agritech’s Daud Khel unit. Under the approved allocation, FFC’s Port Qasim plant will receive the largest share, with 104 mmcfd of raw gas,…

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