Category: News & Announcement

ISLAMABAD: The meeting on strategy on how to merge state-owned LNG entities was held here on Thursday with secretary Petroleum Division in the chair but it surprisingly decided not to merge the Pakistan LNG Limited (PLL) and Pakistan LNG Terminal Limited ostensibly against the federal government’s decision taken six months back in favor of merger of the two entities. The federal cabinet had decided the merger of two entities based on the facts that their many functions overlap with each other and more importantly their expenses are unjustified and the…

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Pakistan Business Council (PBC) has recommended further reduction in the Policy Rate from the current 11 percent to 7 percent in order to boost economic activities in the backdrop of ailing economy because of the COVID-19 pandemic. In its latest report ‘COVID-19 Crisis: Business Response & How to Sustain Employment in Pakistan’ issued here on Thursday, the business advocacy body has highlighted the role that business is playing to help alleviate the impact of the COVID-19 crisis and outlined the way forward to sustain employment. PBC has recommended reduction in…

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ISLAMABAD:  The government is moving to place coal pricing within the purview of Oil and Gas Regulatory Authority (Ogra) as it plans to revisit the imported coal supply agreement in a bid to cut prices. Currently, pricing of petroleum products, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) falls within the domain of Ogra and coal pricing would be a new addition for the regulator. At present, the National Electric Power Regulatory Authority (Nepra) approves the coal supply agreement and determines the fuel cost component based on current coal…

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ISLAMABAD: The federal government reacted strongly to a law proposed by the Sindh government to provide economic relief to its people and warned the provincial government not to trespass the centre’s domain. An official said the provincial government had proposed an ordinance to waive full electricity bills with monthly consumption of less than 260 units and for gradual discount for higher consumption to provide relief to consumers within its service territories. Two distribution companies owned by the federal government, namely Sukkur Electric Supply Company and Hyderabad Electric Supply Company, besides…

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DUBAI: Opec and it allies held talks on Thursday on record oil output curbs of 15 million to 20m barrels per day (bpd), or 15 to 20 per cent of global supplies, to support prices hammered by the coronavirus crisis, Opec and Russian sources said. They said the cuts included contributions of up to 5m bpd from producers outside their group known as Opec+ and could be made gradually, potentially overcoming resistance from the United States, whose involvement is seen as vital to win broad backing for an agreement. Talks…

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