Engro Fertilizers Limited (PSX: EFERT) is a wholly owned subsidiary of Engro Corporation which is the subsidiary of Dawood Hercules Corporation Limited. The company was incorporated in Pakistan in 2009 and is engaged in the manufacturing, purchasing, marketing, and selling of fertilizers, seeds, and pesticides besides providing logistics services. Pattern of Shareholding As of December 31, 2021, EFERT has an…
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Following a hefty increase in POL prices, the government on Tuesday hiked the rate of indigenous liquefied petroleum gas (LPG), also called a poor man’s fuel, by Rs60/kg which will enhance the price of 11.8kg domestic cylinder by approximately Rs704. As per the notification issued by the Oil and Gas Regulatory Authority (OGRA) the price of indigenous liquefied petroleum gas…
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The Balochistan government has received an amount of $3 million from the Barrick Gold Corporation as part of the new Reko Diq agreement. A company’s press release says after the completion of legal process last month, the Balochistan government and the company agreed on a timetable for the disbursement of the committed funds to the province. Reko Diq Pakistan Country…
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The government has prepared a plan to impose multiple surcharges of over Rs 4/kWh on consumers across the country including those of the KE and conversion of Power Holding Limited’s (PHL) debt of Rs 800 billion to public debt, sources close to Finance Minister told Business Recorder. Sharing the details, sources said PHL outstanding debt stock as of June 2020 was…
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Power Division has proposed revision in National Electric Power Regulatory Authority (Nepra) FCA decision/ notification by way of policy guidelines to recover the pending amount of Rs52 billion from electricity consumers and Rs 10.34 billion as an additional supplementary grant to cover waiver of electricity bills. Power Division in its summary to the ECC has explained that Fuel Charges Adjustments…
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Sindh Labour and Huaman Resources Minister Saeed Ghani has warned that power consumers would show a violent reaction in Karachi if entire localities were deprived of electricity for a prolonged period of time on account of non-payment of power bills. He issued the warning on Tuesday while chairing a meeting along with Karachi Commissioner Muhammad Iqbal Memon on Tuesday to…
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Pakistan’s oil sector on Monday sought urgent revision in the exchange loss adjustments mechanism on import of petroleum products as the letters of credit limits have shrunk by 15-20 percent overnight on account of rupee devaluation. Oil Companies Advisory Council (OCAC), the representative body of refineries and oil marketing companies (OMCS), in a communication to the Petroleum Division stated that…
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The development of C-5, which is the fifth unit of the Chashma Nuclear Power Generating Station, has hit a snag because of the reported refusal by the Ministry of Finance to furnish a sovereign guarantee, sources told Dawn on Monday. The Chinese partner has agreed to provide financing for up to 85 per cent of the $3.7 billion nuclear power…
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The government and the International Monetary Fund (IMF) on Tuesday began discussions on the country’s economic and fiscal policies and the reforms required to complete the much-delayed ninth review of a $7 billion loan programme. A delegation of the international money lender led by IMF Mission Chief Nathan Porter held a meeting with Finance Minister Ishaq Dar and other officials…
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Pakistan could face a crunch in fuel supplies in February as banks have stopped financing and facilitating payments for imports due to depleting foreign exchange reserves, traders and industry sources said. The country is facing a balance of payments crisis and the plummeting value of the rupee is pushing up the price of imported goods. Energy comprises a large chunk…
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