Category: Shortcode

Intelligence Agencies Expose Rs227 Billion Petroleum Smuggling Racket

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Billion-Petroleum

Islamabad: Intelligence agencies recently uncovered a massive smuggling operation involving 738 petrol filling stations, corrupt officials, and smugglers, leading to an annual loss of Rs227 billion to the national exchequer. The racket, which includes 533 petrol pumps, 100 officials, and 105 Iranian oil smugglers, has seen a resurgence since the current government took office. Prior crackdowns had reduced smuggling, but it has now escalated, with thousands of vehicles and boats bringing in millions of litres of oil daily. The smuggling routes primarily run through Balochistan, with militant groups reportedly profiting…

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SPAR6C Workshop in Lahore Pave the Way for Sustainable Waste Management and Carbon Finance

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Lahore, April 29-30, 2024:  An influential workshop concluded today in Lahore, bringing together 75 participants, including top officials from Provincial Planning and Development Departments, CEOs of key waste management companies, and senior managers from national and international banks. The two-day event focused on enhancing carbon finance opportunities and implementing data-driven solutions for solid waste management in Pakistan. Organized by the Supporting Preparedness for Article 6 Cooperation (SPAR6C) project, which is being implemented by the Global Green Growth Institute (GGGI) and led locally by the UNEP Copenhagen Climate Centre and supported…

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G7 Agrees to Exit Coal by Mid-2030s in Push for Fossil Fuel Transition

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Fuel-Transition

TURIN, (Reuters) – Energy ministers from the Group of Seven (G7) major democracies have reached a landmark agreement to phase out coal-fired power plants by the first half of the 2030s, marking a significant stride towards a global transition away from fossil fuels. Italian Energy Minister Gilberto Pichetto Fratin, chairing the G7 ministerial meeting in Turin, confirmed a technical agreement with plans to finalize the political deal on Tuesday. The upcoming final communique from the ministers will outline the G7’s commitments to decarbonize their economies, including the phased shutdown of…

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Mari Petroleum Plans Rs2.5 Billion Investment in Mineral Mining Subsidiary

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Mari-Petroleum

Mari Petroleum Company Limited (MARI), a prominent player in Pakistan’s energy and exploration sector, has announced its intention to invest up to Rs2.5 billion in its subsidiary, Mari Mining Company (Pvt) Ltd (MMC), through equity injection. The Board of Directors of MARI approved this investment, as revealed in a notice to the Pakistan Stock Exchange (PSX) on Monday. This investment, to be made in tranches over two years, will involve subscribing to MMC shares via a right issue. MMC, a wholly-owned subsidiary of MARI established in July 2023, focuses on…

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NTDC Under Scrutiny for Alleged Irregular Contract Awards and Internal Conflicts

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Power-control

The National Transmission and Despatch Company (NTDC) has come under scrutiny for alleged irregularities in contract awards and internal conflicts, creating concerns within the Power Division. The Senate Standing Committee on Power has interrogated top officials from both the Power Division and NTDC multiple times regarding the awarding of contracts to ineligible bidders. Senior officials from the Power Division revealed that several top NTDC management members have strong connections with domestic and international contractors, often securing sub-contracts in projects. This has raised questions about transparency and fair practices within the…

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