Category: Highlights

KARAK: The ruling Pakistan Tehreek-i-Insaf MNA Shahid Khattak has claimed that Rs12 billion oil and gas royalty funds would be spent on development projects in the Karak district in the next five years, including Rs1.3 billion during the current financial year. Talking to mediapersons here the other day, he said a high-level meeting held a few days ago chaired by provincial finance minister Taimor Saleem Jhagra had decided to utilise royalty funds on development of Kohat division. He claimed that oil and gas royalty funds would be spent with the…

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The biggest challenge for the exploration and production sector in 2020 has been very weak oil prices – down almost 25 percent in FY20 year-on-year. In addition, falling oil and gas production volumes amid depleting resources have been a key concern for the domestic E&P sector. And hence market expectations for PPL’s performance in FY20 had been tainted by weak market dynamics. Against the backdrop, there is some good news and not-so-good news for Pakistan Petroleum Limited (PSX: PPL) than what had been anticipated. PPL’s financial performance has been affected…

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Tesla is in talks with Canada’s Giga Metals to potentially help it develop a nickel mine and buy the low-emissions nickel production for its batteries, Reuters reported on Friday, quoting three sources with knowledge of the discussions. Tesla’s CEO Elon Musk has recently asked miners to mine more nickel, preferably in an environmentally-friendly way, as Tesla and other automakers are ramping up production of electric vehicles and unveiling new models. “I’d just like to reemphasize, any mining companies out there, please mine more nickel, OK?” Musk said on Tesla’s Q2 earnings call at the…

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ISLAMABAD: Pakistan has delayed its plan to hedge petroleum prices as experts have advised the government to stay away from materialising its hedging strategy while prices of petroleum products remain volatile. In a cabinet meeting held in March this year, Pakistan had decided to come up with an oil hedging plan in the wake of a tug of war between Saudi Arabia and Russia over global oil production, coupled with the rapid spread of the coronavirus, which sent crude prices crashing to a 17-year low in the global market. Sources…

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KARACHI: The Sindh High Court has stayed the collection of Gas Infrastructure Development Cess (GIDC) on feedstock supply from fertiliser plants established under Fertilizer Policy 2001. Fertiliser manufacturers had challenged the imposition of GIDC on gas supplied under a fixed price gas sale and purchase agreement dated April 11, 2007. The government in order to encourage investment in new fertiliser plants had announced the Fertiliser Policy 2001, in which it guaranteed that feed stock gas to new plants including Enven and Fatima Fertilizers would be provided at a fixed price…

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