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Oil and Gas Development Company Ltd announced on the Pakistan Stock Exchange on Monday that the TAL joint venture — in which the energy explorer has a 30 per cent working interest — has discovered gas condensate from Lockhart formation in Tolanj West-2 development well in the Kohat district of Khyber Pakhtunkhwa. Other partners in the joint venture are MOL Pakistan Oil and Gas Company (operator), Pakistan Petroleum Ltd, Pakistan Oilfields Ltd and Government Holdings Ltd. The Lockhart formation (exploratory target) was tested successfully at the rate of 8.3 million…

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Pakistan State Oil Company (PSO), which is the largest gas importer and fuel retailer, is going to build an import terminal for liquefied natural gas (LNG) at $500 million, Bloomberg News reported on Monday. The import terminal will be located near Karachi and will take four years to complete, the international news agency quoted PSO CEO Syed Muhammad Taha as saying. The company has an understanding with a few large customers and has begun preliminary preparations for the project that will include Pakistan’s first LNG storage facility, he said. Pakistan…

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Khawaza Khela-Madyan Transmission Line of PESCO Restored NTDC extended support to PESCO for early completion & Restoration of power supply to flood-hit areas of Swat NTDC Headquarter WAPDA House Lahore (20 Sep 2022) The rehabilitation work on 132 kV Khawaza Khela-Madyan transmission line has been completed and power supply to the flood-hit areas of Swat (KPK) has been restored, today.The NTDC spokesman said that the said transmission line is the asset of PESCO, however, on the directions of the Honourable Prime Minister of Pakistan, Mian Muhammad Shehbaz Sharif, Minister for…

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Pakistan can import oil from Russia on deferred payment as both countries are in talks to discuss the possibility, a senior government functionary revealed on Sunday after the recent meeting between Prime Minister Shehbaz Sharif and Russian President Vladimir Putin on the sidelines of Shanghai Cooperation Organisation (SCO) in Samarkand. The official, who was part of the prime minister’s delegation, told The Express Tribune that PM Shehbaz at least held three meetings with President Putin. “One was formal and the rest were informal,” the official, who requested anonymity because of…

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The government’s plan to inject 10,000 MW of electricity through solar power projects is under threat following opposition from power distribution companies interested in maintaining their monopoly. In order to retain their monopoly, Power Distribution Companies (Discos) are placing hurdles in implementing the net metering system for domestic consumers who have installed solar power systems. Prime Minister Shehbaz Sharif, and other cabinet members, had expressed serious concerns when this issue was taken up in a recent meeting. Furthermore, there were reports that power distribution companies had bound domestic consumers who…

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