Category: Shortcode

The reconstitution of Board of Directors (BoDs) of three distribution companies (Discos) has been challenged in the court of law, said the sources. The sources said the reconstitution of the Boards of Faisalabad, Islamabad and Lahore electric supply companies (Fesco, Iesco and Lesco) on the ground that they were constituted for a period of three years back in December 2020 by Pakistan Tehreek-e-Insaf (PTI) government and the present government cannot remove them before the expiry of this period. Reliable sources said the petition was filed by one member of Fesco…

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Pakistan and Saudi Arabia are said to have agreed to activate the agreement on financing and providing crude oil and petroleum products and exploring possibilities of supply of LNG to Pakistan, well informed sources in Board of Investment (BoI) told Business Recorder. This was agreed during a first virtual meeting of the Joint Economic Sub-committee of the Saudi-Pakistan Supreme Coordination Council. Pakistani team was headed by Finance Minister Senator Ishaq Dar whereas Saudi side was led by Prince Abdulaziz bin Salman bin Abdulaziz, Minister for Energy. Sharing details, sources said while…

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KE’s financial results for Q1 FY 23 showed a considerable decline owing to the impact of multiple macroeconomic and geopolitical factors. The company reported losses per share of PKR 0.59 in Q1FY23 compared to earnings per share of PKR 0.11 for same period last fiscal. Gross profitability also decreased while the units dispatched to Karachi shrank by 8.9%. EBITDA decreased from PKR 11.8 billion to a loss of PKR 2.6 billion. Tough economic conditions including but not limited to a depreciating rupee, increased inflation, high prices of fuel and non-availability…

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Shell Pakistan promotes biker and rickshaw refuelling safety to its consumers and has launched a safety campaign, named “Ehtiyaat Bunay Hifaazat” (precaution means protection), aimed at creating awareness amongst 2wheelers and 3wheelers of the risks of staying seated on their vehicles while fuelling. An industry level event was organised and attended by representatives of the Oil and Gas Regulatory Authority (OGRA), the Oil Companies Advisory Council (OCAC), and Oil Marketing Companies (OMCs) in Pakistan to jointly collaborate and progress. In Pakistan, there are approximately 25 million 2wheelers and one million…

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Pakistan on Thursday urged China to put $18.5 billion worth of five projects on the fast track, as it feared that any further delay would cause collapse of the rail system in one year and delay 3,100 megawatts of electricity generation. The plea was made by Minister for Planning and Development Ahsan Iqbal during the 11th Joint Cooperation Committee (JCC) meeting. Iqbal has chaired eight out of the total 11 JCC sessions. China-Pakistan Economic Corridor’s (CPEC) JCC meeting ended without any new announcement and it discussed the “missed opportunities” and…

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