Category: News & Announcement

It is expected that this historic intervention when concluded will see crude oil prices rebound by at least $15 per barrel in the short term ABUJA, Nigeria, April 10, 2020/ — Nigeria has joined other OPEC+ counterparts in a historic curtailment of crude oil production to rebalance and stabilize the global oil markets. Nigeria is participating in the pursuit of our commitment to the framework of the Declaration of Cooperation entered on 10th December 2016 and further endorsed in subsequent meetings as well as the Charter of Cooperation signed in…

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ISLAMABAD: The inquiry committee has recommended to recover Rs 100 billion immediately from the owners of power plants and review the signed agreements for installation of a power plant in the country, Pakistan Today reliably learnt on Saturday. According to sources, a nine-member committee has submitted a detailed inquiry report to Prime Minister Imran Khan regarding more than Rs 100 billion losses of the power sector. They said that this 278-page inquiry report has disclosed that the cost of the installation of power plants by independent power producers (IPPs), and…

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The World Health Organization (WHO) has warned malicious elements operating in Pakistan against unauthorized use of its logo and emblem on domestic products to make illegal gains. It has threatened to initiate legal proceedings against those involved in the act. Following the outbreak of Coronavirus in Wuhan in December last year, numerous private companies started using WHO’s logo on their products suggesting that the international public health agency has endorsed the products to be beneficial in the fight against COVID-19. In reality, these companies only wanted to boost their sales…

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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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