Category: Shortcode

Pakistan’s economy on edge of precipice, warns World Bank

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ISLAMABAD: Pakistan is in its tipping point crisis where it should decide to remain a laggard with 40 per cent population living below the poverty line under elite capture and policy decisions driven by strong vested interests of military, political and business leaders or change course to take off for a brighter future. This candid warning came from the World Bank ahead of the new election cycle for the upcoming government to make early choices while making it clear that international lenders and development partners could only advise with international…

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Nepra allows Rs3.28 tariff hike for six months

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Nepra-tariff

ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Friday allowed the federal government to increase electricity rates by Rs3.28 per unit for all consumers across the country for six months — October 2023 to March 2024 — with additional revenue impact going beyond Rs200bn. The increase has been allowed under quarterly tariff adjustment (QTA) mechanism to finance the additional impact of capacity charges due to currency devaluation, interest rate hike and other factors. The power division of energy ministry had originally sought Rs6.20 per unit adjustment for the fourth…

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Change in gas prices to be announced soon: energy minister

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gas-prices

Caretaker Minister for Energy Muhammad Ali on Thursday said gas prices in the country had consistently been a matter of concern, underlining that forthcoming announcements would detail the impending changes in the price of the commodity. The minister made these remarks during a visit to the Lahore Chamber of Commerce and Industry (LCCI). Caretaker Federal Minister for Commerce, Industries, and Production, Gohar Ejaz, was also attended the event. The Oil and Gas Regulatory Authority (Ogra) had in June this year asked the government to increase gas tariff by 45 per cent to…

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Barrick says big miners eyeing its Pakistan copper project

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TORONTO: Barrick Gold’s top executive says it’s not just Saudi Arabia interested in his company’s massive copper project in Pakistan — some major mining companies are, too, Bloomberg News reported. The Canadian miner’s $7-billion Reko Diq project in Balochistan — a region bordering Afghanistan and Iran — boasts one of the world’s largest copper deposits and could become a major source of the wiring metal. Barrick is the only mining company that hasn’t shied away from the project’s risky geography, after Chilean miner Antofagasta Plc sold its stake in the…

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Govt pushes for Qatari LNG project amid pipeline bottleneck

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LNG

ISLAMABAD: Pakistan is seeking to revive a stalled $200 million Qatari investment in a liquefied natural gas (LNG) terminal project that has faced bureaucratic hurdles for five years over the allocation of pipeline capacity, officials said on Thursday. The Energas terminal, which is to be operated on a business-to-business (BtB) model with no government guarantee on RLNG takeoff, will have the capacity to re-gasify up to 1,000 million cubic feet per day (mmcfd) of LNG. In addition, Pakistan Port Gas Limited’s LNG terminal-2 and Tabeer LNG terminal owned by Japan’s…

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