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Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar on Monday presided over back-to-back meetings on the issue of circular debt to formulate strategy aimed at bringing down the total stock of power and gas sector. The Finance Minister presided over a follow-up meeting on reforms in energy sector on Monday to discuss ways and means to arrest the circular debt within two days. The meeting discussed in detail viable proposals presented for introducing reforms in power and gas sectors to bring about efficiency and minimize wastage and provide relief…

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OGDCL-Fatimid lay foundation of thalassemia center in D.I. Khan December 16, 2022 ISLAMABAD, December 16, 2022: While continuing with its mission to ensure health facilities to the local communities, the Oil and Gas Development Company Limited (OGDCL), in collaboration with the Fatimid Foundation, has laid the foundation of a thalassemia center in Dera Ismail Khan.The OGDCL CSR department is striving to improve the livelihood of the communities through welfare initiatives in various sectors. Keeping in view locals’ demands for health facilities, CSR has given maximum importance to health in recent…

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Banking giant HSBC on Wednesday said it would end financing for new oil and gas fields, a decision welcomed by environmentalists who nevertheless urged greater action from banks and government. In an annual update of its climate transition plans, the London-headquartered bank said it “will no longer provide new lending or capital markets finance for the specific purpose of projects pertaining to new oil and gas fields and related infrastructure”. HSBC added in a statement that it was “committed to supporting and financing the transition to a secure net zero…

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The Power Division has expressed willingness to do away with the role of collection of taxes and surcharges on electricity except General Sales Tax (GST) to avert criticism of consumers due to heavy bills. This intention was conveyed by the Minister for Power, Khurram Dastgir Khan at a meeting of National Assembly Standing Committee on Power during discussion on a calling attention notice of Maulana Abdul Akbar Chitrali, MNA, regarding collection of TV fee on electricity bills of mosques across the country. The mover further argued that since mosques do…

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The government is likely to slightly increase prices of petroleum products to collect more revenue from oil consumers in the next fortnight from November 16 to 30, 2022. “Prices of petroleum products may be increased by Rs3 to Rs4 per litre,” an official of the Petroleum Division said. He added that the government was expected to adjust taxes on petroleum products to increase revenue collection in line with the commitment to the International Monetary Fund (IMF). It has already raised the petroleum levy on petrol and high octane blending component…

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