Author: Admin

IMF blames Dar, Shau­kat Tarin for derailing programme

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IMF-blames

ISLAMABAD: Describing the failed four-year Extended Fund Facility (EFF) as a “missed opportunity”, the IMF blamed both the PTI and PDM, particularly under the economic stewardship of Shau­kat Tarin and Ishaq Dar, for irresponsible budgetary expansion and exchange rate interventions, respectively. The IMF staff report released after the signing of the $3 billion Standby Arrange­ment detailed step-wise ‘stop and go’ cycles of the $6.5bn EFF that repeatedly went off the track over almost four years. The fund separated the programme period broadly into three phases: first, an early phase with considerable success in…

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Petroleum dealers to meet Musadik today

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Petroleum-dealers

KARACHI: Petroleum dealers will meet Minister of State for Petroleum Musadik Malik on Monday (today) for an agreement on increasing their profit margin. The dealers are seeking a bigger share in the petroleum revenue and had threatened to shut petrol stations across the country if their demands are not met. On Friday, the strike was deferred for two days after a meeting between the Pakistan Petroleum Dealers Association (PPDA) officials and Mr Malik reached an agreement to increase the dealers’ profit margin. While talking to Dawn on Sunday, a PPDA…

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Bifurcation of PESCO into two Discos approved

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IPPs-dues

ISLAMABAD: Prime Minister Shehbaz Sharif has approved bifurcation of Peshawar Electric Supply Company (PESCO) into two Distribution Companies (Discos) i.e. Pesco and HAZECO, official sources told Business Recorder. Sharing the details, sources said, in 1998, pursuant to the strategic plan for WAPDA, approved by the Council of Common Interest in 1993, WAPDA’s Power Wing was restructured by creating independent power generation, transmission, and distribution companies. In 1998, initially eight distribution companies were created of which PESCO was tasked with carrying out the power distribution business all over the province of Khyber…

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Five export-oriented sectors: SNGPL directed to supply gas/RLNG without any subsidy

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export-oriented

ISLAMABAD: Ministry of Energy (Petroleum Division) has directed Sui Northern Gas Pipeline Limited (SNGPL) to supply gas/RLNG to five export-oriented sectors without any subsidy. In a letter to Managing Director, SNGPL, Directorate General of Gas (Petroleum) Division has informed that no subsidy has been budgeted for five-export-oriented sectors during the current financial year by the government, therefore, SNGPL may raise invoices as per already approved mechanism of the ECC of the Cabinet to provide blend of 50:50 of system gas and RLNG during nine months (March to November) and 100…

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Exclusive: Russia, Saudi oppose G20 proposal to triple green energy capacity

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fuel-oil

BAMBOLIM, India, July 21 (Reuters) – Major fossil fuel producers, including Saudi Arabia and Russia, on Friday opposed a proposal to triple G20 countries’ renewable energy capacity by 2030, three sources said. China, the world’s biggest emitter of carbon dioxide, as well as coal exporters South Africa and Indonesia, also opposed the plan. India, as current holder of the G20 presidency, took a neutral stand on the issue, said the sources – two of whom attended the G20 meeting. The other was briefed on the talks. All declined to be…

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