KARACHI: The government has exceeded its annual petroleum development levy (PDL) collection target, amassing Rs907 billion in the first 11 months of the current fiscal year, against a target of Rs869 billion. This surge comes as demand for petroleum products peaked to a nine-month high of 1.4 million tons in May 2024 due to a price reduction, bringing total consumption to 13.8 million tons from July to May 2023-24, according to Topline Research. Topline Research analyst Myesha Sohail noted that the monthly average tax collection of Rs80-85 billion could push…
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PRL and Saudi ED Investment Group to Establish Joint Venture
ISLAMABAD: Pakistan Refinery Limited (PRL) and Saudi Arabia’s ED Investment Group are in advanced discussions to establish a joint project, according to sources informed by Business Recorder. This development follows the Prime Minister’s visit to Saudi Arabia in April 2024. At a recent meeting chaired by Federal Minister for Petroleum Dr. Musadik Masood Malik, updates on the progress of the visit were reviewed. Attendees included representatives from various divisions such as Petroleum, Power, Resources, Railways, SIFC, PPIB, PSO, PRL, WAPDA, and the Pakistan Embassy. Zahid Mir of PRL reported ongoing…
Read MoreWorld Bank to Extend Closing Date of $390m IBRD Loan for T4HP and T5HP
ISLAMABAD: The World Bank is set to restructure the Tarbela Fourth Extension Hydropower Project (T4HP) to extend the closing date of the $390 million International Bank for Reconstruction and Development (IBRD) loan to September 30, 2027. This loan is also financing the Tarbela Fifth Extension Hydropower Project (T5HP). According to official documents, the results framework has been updated to incorporate indicators from the World Bank Group’s Corporate Scorecard approach. The project includes: IBRD Loan-81440 ($400 million, fully disbursed and closed) and IDA Credit-50790 (SDR 179 million, fully disbursed and closed),…
Read MorePakistan Among Most Vulnerable to Climate Change: President Zardari
ISLAMABAD: President Asif Ali Zardari emphasized that Pakistan is one of the countries most severely impacted by climate change. In his message on World Environment Day, Zardari highlighted the country’s exposure to various climate phenomena such as floods, droughts, heatwaves, and forest fires. “Today, we commemorate World Environment Day to raise awareness about land degradation, desertification, and droughts,” said Zardari. He noted Pakistan’s commitment to addressing environmental challenges through initiatives like the Green Pakistan Programme, which has achieved significant progress in afforestation and ecosystem restoration. Zardari also mentioned the National…
Read MoreSindh Investment Dept, Swiss Business Council agree to promote trade, facilitate Swiss investment in Sindh
KARACHI: Sindh Investment Department (SID) and Swiss Business Council (SBC) have signed an MoU to promote trade and investment in the province. SID, Government of Sindh’s primary investment has been active in facilitating investments and this partnership with Swiss Business Council aims to create the requisite nexuses crucial to further tap the trade and investment opportunities in Pakistan and Switzerland whilst encouraging links and cooperation in economic, cultural, and educational fields.Talking on the occasion, Georg Steiner, Ambassador of Switzerland to Pakistan, emphasized the importance of a collaborative approach in fostering…
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