Category: Shortcode

Shanghai Electric extends deadline for K-Electric deal by 90 days

Admin
circular-debt-K-electric-ceo

KARACHI: China’s Shanghai Electric Power Company Limited (SEP) has extended its deadline to buy a majority stake in K-Electric Limited (KEL) by 90 days, the brokerage house managing the deal said on Monday. SEP, which agreed to acquire 66.40 percent of KEL’s shares for $1.77 billion in 2016, has faced delays in obtaining regulatory approvals from both China and Pakistan. The brokerage house, Arif Habib Limited (AHL), said in a notice to the Pakistan Stock Exchange (PSX) that SEP had requested more time to make the public announcement of the…

Read More

Saudia Secures 9th Global Position in On-Time Performance Review for 2023

Admin
Saudia-Secures

Jeddah, January 22, 2024: Saudia, the national flag carrier of Saudi Arabia, ranked 9th among global airlines in the On-Time Performance for the year 2023, according to the annual report by the independent aviation monitoring website Cirium. This follows outstanding performances throughout the year 2023, in which Saudia has secured a place in the top 10 for six consecutive months. Saudia’s exceptional performance in global OTP rankings is driven by the Saudi Aviation Strategy objectives which aim to turn Saudi Arabia into a leader in the global industry by enhancing the…

Read More

Iran’s FM to visit Pakistan on Jan 29 following restoration of diplomatic ties

Admin
Pakistan-Iran

ISLAMABAD – Iran’s foreign minister Hossein Amir Abdollahian will arrive in Pakistan on January 29 as Islamabad and Tehran decided to restore diplomatic ties, the Foreign Office (FO) said on Monday. The development comes amid the de-escalation of ties between the neighboring countries following an Iranian air raid in Balochistan, after which Islamabad hits back at Iran’s Sistan-Baluchestan province. In a statement, the Foreign Office said a telephone conversation between two foreign ministers of Pakistan and Iran was held and it has been mutually agreed that ambassadors may return to…

Read More

PPL-funded Women Vocational Training Centre in Punjab commences operations

Admin
funded-Women

Karachi: January 22, 2024: The Pakistan Petroleum Limited-financed Women Vocational Training Centre (WVTC) in District Okara, Punjab has commenced operations. An amount of Rs. 50 million has been allotted by PPL for the project over a five-year period with the first tranche of Rs. 10 million already handed over to Behbud Association of Pakistan (BAP), the implementing partner. The project will impart vocational training to around 3,000 women, enabling them to earn livelihood through sale of their products. PPL, as one of the largest national corporate donors, remains steadfast in pursuing socio-economic empowerment opportunities for underprivileged women…

Read More

Govt to persuade KSA, Sinopec to materialise $10bn green refinery project

Admin
refinery

ISLAMABAD: For the first time, Pakistan has initiated diplomatic endeavours to effectively persuade the Kingdom of Saudi Arabia (KSA) and Sinopec — one of the biggest Chinese companies known for installing refineries — to help materialise the dream of setting up $10 billion state-of-the-art and deep conversion refinery with the capacity to refine crude oil of 300,000 barrels per day (BPD). “Pakistan’s ambassador in Saudi Arabia has been asked to approach the authorities in KSA to facilitate in taking the project forward. The Foreign Office has also been directed to…

Read More