Author: Admin

Oil prices fall on supply glut fears

Admin
oil price

NEW YORK: Oil prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an OPEC+ decision to delay output hikes and extend deep production cuts to the end of 2026. Brent crude futures settled at $71.12 a barrel, shedding 97 cents, or 1.4%. US West Texas Intermediate crude futures settled at $67.20 a barrel, falling $1.10, or 1.6%. For the week, Brent prices lost more than 2.5%, while WTI saw a drop of 1.2%. A rising…

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14th Annual Fire Safety & Security Convention and Awards to be held on December 12th in Karachi

Admin
Fire-Safety

Karachi – The National Forum for Environment & Health (NFEH), in collaboration with the Fire Protection Industry of Pakistan (FPIP), is all set to host the 14th Annual Fire, Safety & Security Convention on December 12th, 2024 at the Movenpick Hotel, Karachi. The highly anticipated event aims to raise awareness about fire safety practices, celebrate excellence in the industry, and provide a collaborative platform for key stakeholders to discuss innovative fire safety solutions. The Chief Guest, Mr. Syed Nasir Hussain Shah, Minister of Energy, Sindh, and Mr. Javed Bilwani, President…

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NPPMCL Requests SBP to Expedite $4.7 Million Payment to GE for Power Plant Maintenance

Admin
IPPs-Project

ISLAMABAD: The National Power Parks Management Company (Private) Limited (NPPMCL) has urged the State Bank of Pakistan (SBP) to expedite the remittance of $4.7 million to General Electric (GE) for Long-Term Service Agreements (LTSAs) tied to the operation and maintenance of two RLNG-based power plants. In a letter addressed to the SBP Governor, NPPMCL CEO Akram Kamal emphasized the critical nature of the LTSAs for the 1223 MW Balloki power plant in Kasur and the 1230 MW Haveli Bahadur Shah plant in Jhang. These agreements, secured through international competitive bidding,…

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FBR Expands Single Sales Tax Return to Oil, Gas, and Microfinance Sectors

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FBR-Tex

ISLAMABAD: The Federal Board of Revenue (FBR) and all Provincial Revenue Authorities/Boards have unanimously agreed to extend the Single Sales Tax Return (SSTR) system to include oil and gas exploration and production companies, as well as microfinance banks. According to details shared by the FBR on Friday, taxpayers from these two sectors must now file their sales tax returns through the SSTR starting with the tax period of November 2024, due in December 2024. Streamlining Tax ComplianceThe SSTR, accessible via the Single Portal at www.iris.fbr.gov.pk, was initially launched for the…

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Senate Panel Orders Probe into Delayed Jamshoro Power Plant Unit

Admin
coal power plants

ISLAMABAD: The Senate Standing Committee on Economic Affairs has ordered an inquiry into the nearly five-year delay in completing the first 660 MW unit of the 1320 MW Jamshoro Power Plant. Work on the project, which began in 2014, was initially scheduled for completion in 2019 but is now expected to achieve its Commercial Operation Date (COD) later this month. Chairing the meeting, Senator Saif Ullah Abro noted that the project’s cost has escalated to Rs 1.74 billion ($680 million). The Committee attributed the delay to inefficiencies in the Power…

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