Category: Shortcode

Hascol’s debt restructuring expected ‘in next few months’

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Hascols-debt

KARACHI: Troubled oil marketing company Hascol Petroleum Ltd said on Thursday the restructuring of its bank loans will conclude in the “next few months”. A statement attributed to the company’s chairman, Alan Duncan, said a corporate revival plan is “on track” and will likely lead to the injection of required fresh capital by a potential investor. Even though the statement didn’t mention the name of the potential investor, the company chairman seems to be referring to Taj Gasoline Ltd, a private oil marketing company operating 61 retail sites in Sindh.…

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Saudi, Kuwait reaffirm rights of Durra gas field

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Russia-gas

CAIRO: Saudi Arabia and Kuwait reaffirmed that they jointly own rights to natural resources in the Gulf’s Durra gas field, Saudi state news agency SPA, reported early on Thursday, citing a statement from the Saudi foreign ministry. The foreign ministry also said both countries are renewing calls for Iran to engage in negotiations on the demarcation of the eastern border of the Gulf’s maritime “Divided Area,” SPA said. Saudi Arabia and Kuwait will negotiate as one party, with Iran acting as the other side in the talks “in accordance with…

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Pakistan, Iran chalk out $5bn trade plan

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Pakistan-Iran

ISLAMABAD: Pakistan and Iran expressed the resolve to increase bilateral trade to $5 billion under a five-year [2023-2028] trade cooperation plan and emphasized the need for activating more formats of cooperation in areas of economy trade, combating terrorism, and creation of jobs under the existing mechanisms between China, Pakistan, Iran, and Turkey for joint cooperation and mutual interest. The understanding was reached during delegation-level talks between Pakistan and Iran, in which, Pakistan’s side was led by Foreign Minister Bilawal Bhutto-Zardari and visiting Iranian Foreign Minister Hossein Amir Abdollahian led his…

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Rs976bn set aside for power sector, PD official tells NA panel

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Matiari-Lahore

ISLAMABAD: Power Division Secretary Rashid Mehmood Langrial has stated that the government has allocated Rs976 billion for the power sector. While briefing the National Assembly’s Standing Committee on Energy (Power Division), he said those consumers who are consuming up to 200 units are protected. The committee members expressed their serious concern over the increase in power tariff, adding that electricity bills are beyond the affordability of the consumers. Saira Bano stated people are unable to pay electricity bills, adding that the per unit electricity prices have been increased exorbitantly. Base…

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Pakistan-Russia oil trade in doubt as refineries lose appetite

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fuel-oil

KARACHI: Pakistan might not import another cargo of Russian crude oil as neither country has made any moves for the purpose nor have the local refineries shown any interest, The News learnt on Wednesday. With the current government’s tenure expiring in less than a week, the government has not given any indication that it would be placing another order with the Russian government for URAL. As per a previous announcement of State Minister for Petroleum Dr Musadik Malik, Pakistan planned to import 100,000 tonnes of crude oil every month. However,…

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