Category: News & Announcement

With revenues tumbling in the wake of Covid-19 outbreak, the government has decided to get rid of unutilised and dead assets of state-run oil and gas companies to boost state income. Sources told The Express Tribune that the government had formed a think tank, headed by Special Assistant to Prime Minister on Petroleum Nadeem Babar, to identify and highlight the impact of Covid-19 on the exploration and production (E&P) sector and suggest recommendations to dispose of the unutilised and dead assets. In a letter dated May 14, 2020, the Prime…

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ISLAMABAD: Prime Minister Imran Khan on Thursday directed Special Assistant on Petroleum Nadeem Babar to further accelerate the process of reforms in the petroleum sector. Babar was appointed on Wednesday last by Economic Coordination Committee (ECC) as head of a body that would explore various call options for hedging prices of petroleum products imported by Pakistan. As per the details, the body would explore call option for 15 million barrels of oil for one or two years divided into 12 equal monthly amounts for different stock price above current Brent, as…

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KARACHI: The Competition Commission of Pakistan (CCP) has taken notice of the public concerns and complaints regarding the shortage of petroleum products in country and initiated an enquiry to see whether such a shortage is the result of any anti-competitive activity. The CCP is empowered under the Competition Act, 2010 to ensure that businesses do not engage in anti-competitive activities including abuse of dominant position or cartelization that may result in the shortage of supplies or unreasonable increase in prices of products. Sudden shortage of fuel across country at a…

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ISLAMABAD:  The International Monetary Fund (IMF) has urged Pakistan to freeze salaries of government employees and adhere to the fiscal consolidation path by showing a nominal primary deficit in the new budget – the two demands that Islamabad finds hard to digest. The IMF is insisting that Pakistan should continue to follow the fiscal consolidation path due to a high and unsustainable public debt that is set to hit 90% of the total value of national economy. The outbreak of the deadly novel coronavirus has exposed vulnerabilities of Pakistan’s economy…

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The coronavirus pandemic’s economic downturn may have set off a sudden plunge in global greenhouse gas emissions, but another crucial metric for determining the severity of global warming — the amount of greenhouse gases actually in the air — just hit a record high. According to readings from the Scripps Institution of Oceanography and the National Oceanic and Atmospheric Administration (NOAA), the amount of CO2 in the air in May 2020 hit an average of slightly greater than 417 parts per million (ppm). This is the highest monthly average value ever recorded,…

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