Category: News & Announcement

CAIRO: United Arab Emirates’ energy minister Suhail Al Mazrouei said on Saturday that an OPEC+ decision to cut oil supply will have a major impact on rebalancing the oil market amid the coronavirus outbreak. “The group’s decision to cut supply will be the largest ever cut in the history which will help balancing the oil supply and demand,” Al Mazrouei said on Twitter. The minister thanked Saudi Arabia, which had called for the meeting, during which OPEC led by Saudi Arabia and its allies led by Russia, which together makes up…

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IYADH, (UrduPoint / Pakistan Point News / WAM – 11th Apr, 2020) His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense of Saudi Arabia, received today a telephone call from President Vladimir Putin of Russia, SPA reported. During the phone conversation, they reviewed the efforts being exerted to stabilise and maintain energy markets to support the growth of the global economy. They also stressed the importance of the cooperation of all producing countries in this regard.

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ISLAMABAD, Apr 11 (APP):The Sui Northern Gas Pipelines Limited (SNGPL) has allocated an amount of Rs 38 million to support the government efforts to contain the spread of novel coronavirus (COVID-19) that took thousands of lives across the world in just few months. The SNGPL Board has directed the company to deposit Rs19 million in the Prime Minister’s Relief Fund, and committed Rs 19 million to National Disaster Management Authority (NDMA) for the procurement of medical supplies to fight the virus, said a press release of Petroleum Division. The Petroleum…

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ISLAMABAD-Petroleum Division (Ministry of Energy) has extended its unfailing support to government of Pakistan in the fight to curb COVID-19 pandemic in country. The SNGPL (Sui Northern Gas Pipeline Limited Co.) has allocated Rs38 million for relief activities across the country. The Board of Company has directed the company to deposit Rs19 million in Prime Minister’s Relief Fund for Pandemic and committed Rs 19 million to NDMA for procurement of medical supplies. OGDCL, Oil and Gas Development Company Limited has already deposited the amount of Rs 53 million in Prime…

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The State Bank of Pakistan (SBP) has proposed that it will be responsible for only price stability and has sought to abolish the dual objective of controlling inflation and supporting economic growth – a policy shift that former central bankers argue does not suit Pakistan. The central bank has moved the proposal as part of amendments to the SBP Act of 1956 but the term “price stability” has been kept vague to avoid full responsibility, said sources in the Ministry of Finance. They said the draft forwarded by the central…

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