Category: Shortcode

Taj Gasoline eyes 41 percent stake in cash-strapped Hascol

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cash-strapped

KARACHI: Taj Gasoline (Private) Limited on Wednesday announced an intention to acquire at least 41 percent stake in Hascol Petroleum Limited. In a notice to the Pakistan Stock Exchange, AKD Securities Limited, manager to the offer by Taj, made the announcement. “On behalf of the acquirer, we are pleased to submit a public announcement of intention to acquire at least 41 percent of the issued and paid-up share capital and control of Hascol Petroleum Limited,” the notice read. Taj Gasoline is an oil marketing company with a network of retail…

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SSGC suspends gas supply to industries to combat Biparjoy

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gas-supply

KARACHI: The Sui Southern Gas Company (SSGC) on Wednesday suspended gas supply to all industries in a bid to combat the possible adverse impact of Cyclone Biparjoy. In a statement, the company said it had stopped gas supplies to all industries including their units for power generation, fertiliser sector and CNG stations. “This decision has been taken in the backdrop of possible striking of cyclone Biparjoy and considering the shortage of natural gas and RLNG,” the company said. The firm added the gas supply had been suspended from 7:00 am…

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KPT to take over PICT as 21-year concession expires

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Port-Trust

ISLAMABAD: The Cabinet Comm­ittee on Inter-Governmental Commercial Transactions (CCoIGCT) on Monday empowered the Karachi Port Trust (KPT) to take over the operations of the Container Terminal (Berths 6 to 9 at East Wharf) when its 21-year agreement expires on June 17 with the existing concessionaire — Pakistan International Container Terminal (PICT). The meeting of the committee presided over by Finance Minister Ishaq Dar was given a presentation on the subject. The meeting was informed that KPT had entered into a 21-year contract with the PICT over the operations of the…

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Rs151 billion ‘subsidy’ to shield power users from line losses

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K-Electric-tariff

• Dastgir reveals plan to dole out Rs315bn to ‘equalise’ K-Electric tariff with rest of country• Minister claims IMF okay with budgeted Rs894bn power package LAHORE: In a bid to offset the burden shouldered by power consumers due to the line losses of distribution companies (Discos), the government has decided to introduce a ‘budgeted’ subsidy to the tune of Rs151 billion to provide relief to customers across the country, except Karachi. For the port city, however, a Rs315bn package has been prepared that is aimed at making tariffs uniform by…

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Authorities on high alert as cyclone nears Sindh’s coastline

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high-alert

KARACHI: The Pakistan Meteorological Department (PMD) on Sunday said Cyclone Biparjoy over east central Arabian Sea had further intensified into an “extremely severe cyclonic storm (ESCS)”. It added that it had moved northward during the last 12 hours and was now near latitude 18.1N and longitude 67.5E. The PDMA said the cyclone was at a distance of about 760km south of Karachi, 740km south of Thatta and 840km southeast of Ormara. It continued that the system was “most likely to track further northward until June 14 morning”. Then, it would…

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