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Finance Minister Ishaq Dar on Saturday directed all relevant departments for early completion of the remaining steps to ensure the revival of the multi-billion-dollar Reko Diq project before the Dec 15 deadline. The apex committee on the Reko Diq project chaired by Finance Minister Ishaq Dar reviewed the progress on the implementation of agreed steps so far for the completion of the Reko Diq arrangement as agreed. An official announcement said Mr Dar highlighted the importance of early completion of the remaining steps under the agreed arrangement and stressed to…

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The government has planned to fully deregulate its petroleum products market by 2027 after the country’s oil refineries make necessary technical upgradation in 2026, according to the draft of the upcoming Pakistan Oil Refining Policy. The Oil and Gas Regulatory Authority (Ogra) is in the process of consultation with oil marketing companies and refineries. Petroleum product rates are currently determined by the government which fortnightly revisits them to keep them consistent with the price fluctuations in the international market. Full deregulation till 2027 will be finalized in consultation with all…

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Federal Minister for Finance and Revenue Ishaq Dar said that a delegation from Pakistan, led by Minister of State for Petroleum Musadik Malik, will leave for Russia on November 28 (Monday) to negotiate a potential oil deal with Moscow. “The government has authorised the Ministry of Petroleum, and on Monday, our team will leave for Russia for negotiations,” said Dar while talking to 24 News on Friday night. “I had a meeting with the Petroleum Minister and he confirmed the development to me. We should pray that the visit is…

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A delegation comprising personnel of Austria-based companies led by Mr. Johannies Brunner, Commercial Counsellor of Advantage Austria visited NESPAK House, Lahore and held a meeting with Dr. Tahir Masood, Managing Director and senior NESPAK officials on Friday. Other Austrian delegates included Mag. Dr. Michael Premstaller from Premstaller Geotechnik, Mr. Florian Krail, Key Account Manager for Large Scale Projects of Doka and Mr. Usman Mohiuddin, Consultant from Advantage Austria. Premstaller and Doca deal in building related large scale projects while Advantage Austria is the trade promotion organisation of the Austrian Federal…

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The prices of residual fuel oil (RFO), re-gasified liquefied natural gas (RLNG) and coal have increased from 250 percent to 300 percent in just one year, making these expensive for power generation. The price of RFO during the month of September 2022 was Rs172,000/tonne, which was Rs76,000/tonne during the same period of September 2021. Similarly, the price of RLNG was Rs4,000/MMBTU in September 2022, which was Rs1,600/MMBTU during the said period last year, while the price of coal was Rs65,000/tonne in September 2022, which was Rs20,000/tonne in September 2021. Pakistan’s…

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