Category: News & Announcement

A Middle East operation of Pakistan’s largest bank displayed “significant irregularities” in dealings with politically exposed clients and screening some transactions, according to an inspection by the South Asian nation’s central bank that took place more than a year after the lender was shut out of the U.S. financial system. The findings are contained in a State Bank of Pakistan report, finalized in the first half of 2019, on Habib Bank Ltd.’s operations in the United Arab Emirates. The inspection was conducted after the Financial Action Task Force, a global watchdog…

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QUETTA: Enertech — a Kuwaiti shareholding company fully owned by National Technology Enterprises Company (NTEC) — provided a solar energy project with National Electric Power Regulatory Authority (NEPRA) in Balochistan by breaking record of providing lowest tariff of $3.76/kWh for its 500 MW project. According to a press release, the company provided lowest tariff determined for Independent Power Projects in the history of Pakistan. Enertech Chief Executive Officer Abdullah Al-Mutairi congratulated NEPRA, government of Balochistan — especially Chief Minister Jam Kamal — on achieving the breakthrough. The CEO hailed support of…

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Hong Kong (CNN Business)The small companies that drive China’s economy are worried about how much damage the novel coronavirus outbreak will cause. Without help or a reprieve from the disease, many may have only weeks to survive.While some larger companies are reopening their doors after weeks of lockdowns designed to contain the epidemic, small businesses often can’t comply with the strict health rules now required in many regions and many don’t have the option of letting employees work from home.A survey of 163 companies of all sizes across China found that less than half were able to…

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ISLAMABAD: Pakistan’s first LNG import terminal will give a major boost of 150 million metric cubic feet/day (mmcfd) to its re-gasification capacity as it planned to upgrade existing floating unit to meet the country’s growing energy needs, its top official said on Friday. Engro Elengy Terminal Chief Executive Officer Jahangir Piracha announced the signature of heads of agreement (HOA) with Excelerate and Shell for the expansion of the terminal. The EETL terminal is a joint venture between Engro Corporation and Royal Vopak of the Netherlands. The floating liquefied natural gas…

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Pakistan and Turkey Friday signed a memorandum of understanding (MoU) on intensifying cooperation in the energy sector. The MoU is part of other agreements that were signed during the visit of President of Turkey Recep Tayyip Erdogan to Pakistan. Federal Minister for Energy Omar Ayub Khan and his Turkish Counterpart Fatih Donmez inked the MoU in the presence of Prime Minister Imran Khan and President Erdogan. The MoU in the energy sector proposes cooperation in the area of hydrocarbons, joint ventures in exploration and production (E&P) and sharing of best…

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