Category: Shortcode

Pakistan Engages Three Global Law Firms for Arbitration Battle with Iran in Paris

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iran-gas-pipeline

ISLAMABAD: Pakistan has enlisted three renowned international law firms — White & Case, Three Crowns, and Willkie Farr & Gallagher — along with a leading Australia-based oil and gas legal expert, to defend its position in the Court of Arbitration in Paris. This legal move responds to a case filed by Iran over Pakistan’s failure to complete its portion of the Iran-Pakistan (IP) gas pipeline and initiate intake of 750mmcfd gas. The legal team was formally designated to the arbitration tribunal on October 18, 2024, according to senior officials in…

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JICA and NTDC Set to Develop Action Plan for Punjab Transmission Project

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Power-control

ISLAMABAD: The Japan International Cooperation Agency (JICA) and National Transmission and Despatch Company (NTDC) will prepare a joint action plan with defined timelines for the Punjab Transmission Line and Grid Station Project, according to sources. The plan emerged from a recent meeting in the Economic Affairs Division (EAD) aimed at reviewing the progress of Japan-supported development projects. JICA raised concerns over delays in procuring items for NTDC warehouses, critical for flood relief and replenished through a JPY 300 million undisbursed loan. It was agreed that NTDC and JICA would meet…

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Govt Faces International Backlash Over Deals with IPPs

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Power-sector

ISLAMABAD: The government is reportedly receiving concerns from various foreign governments over perceived one-sided agreements with certain Independent Power Producers (IPPs), sources reveal. According to sources, the German government has conveyed the reservations of Rousch Power Project Limited (RPPL), a company owned by the family of former Commerce Minister Abdul Razak Dawood. Under the Negotiated Settlement Agreement (NSA), it was agreed that: (i) as a Build-Own-Operate-Transfer (BOOT) project, RPPL will transfer its power complex to Pakistan or a designated entity for one USD, payable in PKR at the current exchange…

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Refineries Face Tax Adjustment Ban, Increased Costs Following New Amendment

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Refineries-Face

KARACHI: The government has barred oil refineries from adjusting input tax on crude oil purchases against sales tax on refined products, such as petrol, high-speed diesel, light diesel oil, and kerosene—a restriction that is expected to drive up refining costs. In its quarterly report to the Pakistan Stock Exchange (PSX) for the period ending September 30, 2024, Pakistan Refinery Limited (PRL) noted that the Finance Act 2024 classified certain petroleum products as exempt from sales tax, preventing refineries from offsetting input tax costs. The amendment, PRL reported, poses a challenge…

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WAPDA Chairman Reviews Progress on Tarbela 5th Extension Project

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WAPDA-Chairman

ISLAMABAD: WAPDA Chairman Lt Gen Sajjad Ghani (Retd) reviewed ongoing developments at the 1,530 MW Tarbela 5th Extension Project during an extensive site visit on Tuesday, as per a press release. The chairman inspected crucial project areas, including the raised intake structure, tunnel, and powerhouse construction sites, and observed the ongoing work. In an on-site briefing, the chairman was updated on key project milestones, including the completion of temporary support work in the tunnel, paving the way for construction on the connecting tunnel. Equipment installations, such as draft tubes for…

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