Author: Admin

Pakistan Confronts Climate Change Challenges at Sustainable Development Conference

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New-0002

ISLAMABAD: Acting President and Senate Chairman Syed Yousuf Raza Gilani highlighted Pakistan’s struggle with climate change, describing it as a significant obstacle to sustainable development. Speaking at the 27th Sustainable Development Conference (SDC), organized by the Sustainable Development Policy Institute (SDPI) with the Ministry of Climate Change, he emphasized Pakistan’s progress in climate governance. This year’s conference theme, “From Fragility to Resilience: Enhancing Sustainable Development,” set the stage for discussions on resilience, poverty alleviation, energy efficiency, and sustainable agriculture. Gilani commended Pakistan’s policy efforts in tackling climate resilience and sustainable…

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Russian oil and gas revenue jumps 57% m/m in October

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russain oil

MOSCOW: Proceeds from oil and gas sales for Russia’s federal budget in October jumped about 57% from September to 1.21 trillion roubles ($12.35 billion), finance ministry data showed on Tuesday, thanks to the once-a-quarter payment of profit-based oil tax. That’s against a forecast of 1.17 trillion roubles based on Reuters calculations, and down from 1.63 trillion roubles in October 2023. Oil and gas revenue has been the most important source of cash for the Kremlin, accounting for about a third to a half of total federal budget proceeds over the…

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Iran oil prices to China at multi-year high after exports fall

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oil price

SINGAPORE: Discounts on Iranian crude oil sold to China are at their tightest in around five years as lower exports drive up prices amid concerns that Middle East tensions may disrupt supply, trading sources said. The discounts are the narrowest since Chinese independent refiners, known as teapots, stepped in as buyers in late 2019, filling a vacuum left by the country’s state refiners wary of sanctions reinstated on Iran by the United States a year earlier. Higher prices or a reduction in Iranian oil flows, which make up 10% of…

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Pakistan Petroleum Limited Secures 10-Year Lease Extension for Sui Gas Field

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Gas-Prices

KARACHI: Pakistan Petroleum Limited (PPL) announced the approval of a 10-year Development and Production Lease (D&PL) for the Sui gas field, securing exclusive operational rights over a 455.80 sq. km area until May 31, 2025. This extension, effective from June 1, 2015, follows the expiration of the original 60-year Sui Mining Lease in 2015 and was granted under the Pakistan Onshore Petroleum (Exploration & Production) Rules, 2013. According to PPL’s filing with the Pakistan Stock Exchange, total liabilities related to the lease, including Lease Extension Bonus, Production Bonus, and Social…

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ECC Approves Key Circular Debt and Financial Measures for Fiscal Year 2024-25

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circular-debt

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Senator Muhammad Aurangzeb, approved the Circular Debt Management Plan for FY 2024-25 on Monday, aiming to reduce power sector liabilities and improve financial stability. The ECC discussed various significant agenda items, including: Circular Debt Management: The Power Division presented the debt management plan for approval to tackle the mounting circular debt, targeting fiscal sustainability in the energy sector. PSO-SOCAR Agreement: Approval was granted for the Sale Purchase Agreement (SPA) between Pakistan State Oil (PSO) and SOCAR Azerbaijan…

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