Category: Shortcode

PLL Secures Second LNG Cargo from SOCAR under Government-to-Government Framework Agreement

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Ministry of Energy (Petroleum Division) and Pakistan LNG Limited (PLL) are pleased to announce the successful procurement of a second LNG cargo from the State Oil Company of the Azerbaijan Republic (SOCAR) under the Government-to-Government Framework Agreement between PLL and SOCAR. The cargo is scheduled for delivery in February 2024, further strengthening the energy partnership between Pakistan and Azerbaijan. In July 2023, PLL and SOCAR signed a landmark Framework Agreement under the Government-to-Government arrangement, marking a significant milestone in the bilateral energy cooperation between the two countries. The Framework Agreement…

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Petrol price slashed by Rs8 for next fortnight

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The caretaker government on Monday decreased the price of petrol by Rs8 per litre for the next fortnight. In a notification issued today, the Finance Division said the government decided to reduce the price of petrol for the fortnight starting from January 16 as recomme­nded by the Oil and Gas Regulatory Authority. According to the announcement, the ex-depot price of petrol was cut to Rs259.34 per litre against the previous rate of Rs267.34 per litre. There was no change in the price of high-speed diesel while no changes were mentioned…

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Caretaker govt bans power sector union activities

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ISLAMABAD: Ahead of the proposed induction of the private sector for divestment and management contracts, the caretaker government has prohibited all forms of union activities in the power sector. This decision encompasses all public sector power companies, including those in the business of generation, transmission, distribution and sale of electricity, bringing them under the scope of the “Pakistan Essential Service (Maintenance) Act (Pesma) 1952”. A formal decision was taken by the federal cabinet through circulation on a summary moved by the interior ministry at the request of the power division,…

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PM Kakar to invite global funding under SIFC at Davos

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ISLAMABAD: On the sidelines of the 54th annual meeting of the World Economic Forum (WEF) being held in Switzerland, caretaker Prime Minister Anwaarul Haq Kakar will invite international community to invest in Pakistan under the Special Investment Facilitation Council (SIFC) initiative. The prime minister arrived in Switzerland on Sunday to participate in the Davos event, which will continue till January 19. He was welcomed in Zurich by Pakistan’s permanent representative to Geneva, Bilal Ahmed, and Swiss Ambassador Amir Shaukat as well as other senior diplomatic officials. According to a Foreign Office spokesperson,…

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Economic future fraught with uncertainty: WEF

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ISLAMABAD: As the World Economic Forum began its annual session in Davos on Monday, the Chief Economists Outlook report says global economic prospects remain subdued and fraught with uncertainty. The global economy continues to grapple with headwinds from tight financial conditions, geopolitical rifts and rapid advances in generative artificial intelligence, says the report released by World Economic Forum. More than half of chief economists expect the global economy to weaken this year, while 43 per cent foresee unchanged or stronger conditions. A strong majority also believes labour markets (77pc) and…

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