Category: Highlights

Commitment for CPEC success renewed

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New-CPEC

ISLAMABAD: Pakis­tan and China on Monday renewed their commitment for the success of China-Pakistan Economic Corridor (CPEC) as the two sides expressed their desire for enhanced cooperation in the areas of information technology, economy, agriculture, and human resource development. Both sides expressed this resolve during a series of meetings of visiting China’s Vice Foreign Minister Sun Weidong with President Arif Alvi, caretaker Prime Minister Anwaarul Haq Kakar, caretaker Foreign Minister Jalil Abbas Jilani and Chief of the Army Staff (COAS) Gen Syed Asim Munir. President Alvi, in his meeting with…

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Financial close: PPIB board grants 4-month extension to Turkish firm

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PPIB-Zorlu

ISLAMABAD: The Board of Private Power and Infrastructure Board (PPIB) has granted extension of four months to Turkish firm M/s Zorlu Solar Pakistan Limited (ZSPL) in financial close without doubling the Performance Guarantee (PG), well-informed sources told Business Recorder. ZSPL, in its letter of November 16, 2023 requested the PPIB for grant of four-month extension in the FC date under the Tripartite Letter of Support (TLoS) due to factors beyond the control of the ZSPL that have adversely affected its ability to achieve FC, and progress made by ZSPL to achieve…

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Under IMF radar: FBR declines $50m tax exemption for TAPI gas project

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TAPI-gas

ISLAMABAD: The tax collecting agency of the country is evasive from including the Turkmenistan–Afghanistan–Pakistan–India (TAPI) gas pipeline project in the Foreign Investment Promotion and Protection (FIPPA) Act 2022 as it would cost the tax exemption of $40-50 million which is not possible since the country is very much in the discipline of IMF, senior officials of the Energy Ministry told ‘The News’ on Monday. “FBR has already refused to give tax exemptions to local refineries on the amount of the incentives from the ESCROW account to be given by the…

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OGDCL ANNOUNCES CRUDE OIL DISCOVERY AT SONO-9 WELL IN HYDERABAD

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OGDCL

ISLAMABAD, January 23, 2024: Oil & Gas Development Company Limited (OGDCL) is actively pursuing its production enhancement roadmap. We are pleased to share that the development well Sono-9 in Sono Development & Production Lease (D&P.L) has been successfully tested, completed, and brought into the production stream using OGDCL’s in-house expertise. The well was drilled to a depth of 2350 meters, targeting the hydrocarbon potential in the Upper Sand (1B) of the Lower Goru formation. OGDCL holds a 100% stake as the operator in Sono D&P.L. Sono-9 well is located in…

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President confers PEC Excellence Award upon Chairman WAPDA

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PEC-WAPDA

January 22, 2024: The President, Islamic Republic of Pakistan Dr. Arif Alvi conferred the PEC Excellence Award upon Chairman WAPDA Engr Lt Gen Sajjad Ghani (Retd) in recognition of his outstanding contribution in the field of civil engineering, leadership and dedication to the national cause. The excellence award was bestowed upon him in the category of ‘Lifetime Achievement Award’ for distinguished National Service. The award ceremony was held at the Aiwan-e-Sadr today under the aegis of Pakistan Engineering Council (PEC).   As Chairman WAPDA, Engr Lt Gen Sajjad Ghani (Retd) has…

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