Category: Shortcode

ECC Approves Rs. 7.5 Billion Ramazan Relief Package

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ECC-Approves

The Economic Coordination Committee (ECC) of the Cabinet sanctioned the proposed Ramazan Relief Package-2024, totaling Rs. 7,492.75 million, aimed at providing relief to the public during the upcoming holy month of Ramazan. This subsidy will benefit targeted beneficiaries of the Benazir Income Support Programme (BISP), as outlined in the 2023-24 budget. Chaired by Federal Minister for Finance, Revenue, and Economic Affairs, Dr. Shamshad Akhtar, the ECC meeting saw the participation of key ministers and officials from relevant ministries. Among the decisions made, the ECC approved a summary from the Ministry…

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OGDCL Commences Production from Chak 63-2 Well, Significantly Boosting Pakistan’s Energy Independence

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OGDCL

In a significant development for Pakistan’s energy sector, the Oil and Gas Development Company Limited (OGDCL) has announced the successful commencement of production from the Chak 63-2 well in the Chak 63 Development and Production Lease (D&PL) located in Sanghar, Sindh. Currently, the well is contributing 525 barrels per day (BPD) of oil, with 2.25 million standard cubic feet per day (MMSCFD) of gas being processed at the OGDCL Sinjhoro Gas Processing Plant. Additionally, an impressive 7.0 metric tons per day (MTD) of liquefied petroleum gas (LPG) is being recovered.…

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ECC Delays Decision on Recovering Rs100bn from Gas Consumers

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gas-supply

The Economic Coordination Committee (ECC) of the Cabinet, chaired by caretaker Finance Minister Dr. Shamshad Akhtar, faced a deadlock in determining how to retrieve an additional Rs100 billion from gas consumers over the remaining months of the fiscal year. This decision was made during a meeting where an already allocated subsidy package of Rs7.5 billion for the upcoming Ramazan was approved. The ECC deliberated on a Petroleum Division’s summary proposing an increase in gas rates ranging from Rs70 to Rs300 per unit (mmBtu) for various consumer categories, including residential users.…

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JJVL Urges Deregulation in Proposed LPG Policy for Enhanced Competition and Investment

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LPG-Air-Mix-Plant

In a bid to revolutionize the Liquefied Petroleum Gas (LPG) sector, Jamshoro Joint Venture Limited (JJVL) has advocated for the deregulation of base-stock prices of local and imported LPG in the forthcoming LPG Policy. This move aims to empower market dynamics to dictate pricing, fostering healthy competition and encouraging investment in the sector, according to JJVL. Under this proposed policy, JJVL proposes granting producers and importers the autonomy to determine prices in accordance with prevailing market conditions. This, they argue, would pave the way for fair competition, a feature that…

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Pakistan Petroleum Limited Successfully Tests Gas Well in Adam D&PL Area, Boosting Energy Sector Amid Crisis

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PPL-achieves

Pakistan Petroleum Limited (PPL) announced on Tuesday the successful drilling and testing of a gas well in the Adam D&PL Area, located in the Hala Block of Sindh province. The company disclosed this development in a notice to the Pakistan Stock Exchange (PSX). Operating with a 65 percent stake in the block, PPL described the Adam-2 well as a challenging endeavor fraught with risks and uncertainties. The well was drilled to a depth of 3,421 meters and tested to produce approximately 6 million standard cubic feet per day (MMSCFD) of…

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