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OGRA revises prices of RLNG by $0.73 per mmbtu

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Monday notified revised prices of Regasified Liquefied Natural Gas (RLNG) for the SSGC and SNGPL for the current month. According to a notification, there is $ 0.73 per mmbtu (Million British Thermal Unit) increase in the sale price of imported RLNG on the system of Sui Southern Gas Pipelines Company (SSGC) ... Read More »

OGDCL settles gas supply issue within 5-km radius of Dhoke Hussain field

PESHAWAR: The Oil and Gas Development Company Limited (OGDCL) has resolved the commodity provision issue within five kilometers radius of Dhoke Hussain field, situated in Kohat district of Khyber Pakhtnunkhwa, in consultation with local representatives and administration. “Now, the issue stands resolved and the company will soon start commercial production from the Togh Well-1 after completing the process of laying ... Read More »

FATF to judge Pakistan’s exit from grey list from Feb 16

ISLAMABAD: Pakistan is expected to exit the Financial Action Task Force’s (FATF) grey list soon after winning a “largely-compliant” rating from the global illicit financing watchdog on the implementation of its 27 action points, which might help the government get more time from the watchdog for full compliance. The meeting is set to take place in Paris from February 16. ... Read More »

Govt-IMF discuss Rs200b new taxes, hike in power, gas tariffs

ISLAMABAD: Talks between Pakistani officials and an International Monetary Fund (IMF) delegation are under way with the meeting expected to focus on imposition of new taxes worth Rs200 billion, among other issues. An IMF mission is currently on a visit to Pakistan to review the economy’s performance in line with the conditions related to the Fund’s loan programme. The successful ... Read More »

MCB Bank submits SOQ for privatization process of SME Bank

KARACHI: MCB Bank Limited on Monday submitted a statement of qualification (SOQ) for participating in privatization of SME Bank Limited. In a notice to Pakistan Stock Exchange (PSX), the MCB Bank said that Privatization Commission, government of Pakistan advertized in December 2019 the privatization of SME Bank Limited via sale of 93.88 percent shares therein to strategic buyer. Accordingly, MCB ... Read More »

NAB chairman warns of stern action against unrehearsed prosecutors

ISLAMABAD: National Bureau Accountability (NAB) Chairman Justice (R) Javed Iqbal warned that a strong action will be taken against prosecutors and investigation officers who will present the NAB cases unprepared. The directive sent to all the Director-Generals (DGs) by the anti-graft watchdog chairman stated that it would ensure that the NAB prosecutors and the investigating officers are present in the ... Read More »

China lauds Pakistan’s efforts, thanks ‘iron brother’ for supplying medical aid for coronavirus

BEIJING: Chinese Deputy Director-General of Asian Affairs Yao Wen welcomed Pakistan’s efforts during the ongoing coronavirus outbreak in the country. “China has the confidence, capacity and determination to win against and control this epidemic,” Wen said during a joint briefing by the Embassy of Pakistan in Beijing and China’s Ministry of Foreign Affairs. Wen apprised the audience about the thorough ... Read More »

PM Imran approves summary to ban sugar exports

ISLAMABAD: Prime Minister (PM) Imran Khan on Friday approved a summary to ban sugar exports. The move comes in the wake to address the shortfall between the demand and supply of the sugar in the country. With this decision the export of 350,000 tons of sugar will be halted. The summary, after approval of from the prime minister has been ... Read More »

Govt launches ‘Zindagi App’ to create awareness about hazards of narcotics

ISLAMABAD: Minister of State for States and Frontier Region Shehryar Khan Afridi informed the National Assembly that the present government had given a national anti-narcotics policy to check the menace of drug abuse. Responding to question during question hour, he said a “Zindagi App” had also been launched to create awareness amongst the youth about the hazards of narcotics. The ... Read More »

Timesaco keen to invest $600m in transport sector of Karachi

ISLAMABAD: A Chinese technology company Timesaco is set to invest over $600 million in the country’s pathetic public transportation sector with aim to restructure and digitise it by replicating the Chinese model. After launching “Tatu Mobility which is a transportation infrastructure network to promote the e-transportation sector business in Rawalpindi and Islamabad, Timesaco is now mulling to move to Karachi ... Read More »

KP govt to spend Rs90b on development projects

PESHAWAR: The Khyber Pakhtunkhwa (KP) government on Friday approved various important development projects for multiple districts worth Rs90 billion. As per details, the provincial government has fixed Rs70 billion for the Swat Motorway which will be extended to Fateh Pur. The development projects also include the construction of roads in tribal districts. Other development projects include the development of schools, ... Read More »

Exports decline by $61m to $1.973b in January

ISLAMABAD: Exports of the country decreased in the month of January 2020 by $61 million to $1.973 billion when compared with the corresponding month of 2019, local media reported. Exports in January 2020 showed a negative growth of 3.4 percent. The sources concerned said that transporters strike against hike in fines led to a decline in exports as no containers ... Read More »

Pakistan Citizen Portal introduces new category for corruption & irregularities

ISLAMABAD: Government on Thursday introduced a new category in Pakistan Citizen Portal to tackle corruption and irregularities. Category is further divided into six sub-categories. According to details, new category has been introduced on the directions of Prime Minister Imran Khan. According to sources, the new category is further divided into six categories which include financial corruption, fraud, defiance of merit, ... Read More »

Govt notifies rules for Secured Transactions Registry

ISLAMABAD: The federal government has notified the Financial Institutions about Secured Transactions Registry (STR) Rules, 2019, enabling the establishment of a secured transactions registry for entities other than companies. The STR will facilitate small-scale borrowers in obtaining secured credit by pledging their movable assets. The rules issued under section 70 of the Financial Institutions (Secured Transactions) Act, 2016 primarily cover ... Read More »

No plan to ban YouTube channels:  PEMRA

ISLAMABAD: The Pakistan Electronic Media Regulatory Authority (PEMRA) chairman on Thursday clarified that they are not planning to ban any YouTube channel. Talking to media chairman Mirza Aslam Baig said that PEMRA has only sought suggestions for the regulation of YouTube channels. He said that PEMRA was working on new channels license, which will be completed in three to four ... Read More »

1,263MW LNG plant to cause losses worth Rs202b

ISLAMABAD: The Power Division has informed the government that running the 1,263-megawatt LNG-based power project near Trimmu Barrage on expensive imported gas, while ignoring other cheaper fuel options, would result in cumulative loss of Rs202 billion up to 2025. Pakistan has a long-term supply contract of 500mmcfd LNG with Qatar and the first review is due in 2025. At present, ... Read More »

New LPG policy likely to be introduced soon

ISLAMABAD: The government is likely to introduce a new LPG policy in a bid to slash taxes on imported LPG, marketing and distribution margins, local media reported on Thursday. The new policy will link locally produced LPG with 90 percent of Saudi Aramco contract price (CP). On January 1, 2019, the LPG Pricing Committee held a meeting and the Petroleum ... Read More »

Iranian envoy, Hafeez Shaikh discuss ways to enhance trade ties

ISLAMABAD: Iranian ambassador to Pakistan Syed Muhammad Ali Hosseini called on Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh. Matters of mutual interest, bilateral cooperation, trade, investment, regional peace and other issues were discussed in the meeting. On the occasion, Hafeez Shaikh said that Pakistan desired to further enhance the volume of bilateral trade between the two neighboring ... Read More »

SBP auctions investment bonds worth over Rs59b

KARACHI: State Bank of Pakistan (SBP) has sold out Pakistan Investment Bonds (PIBs) for 3, 5 and 10-year tenor during an auction held on Tuesday. The auction was organised by Domestic Markets and Monetary Management Department of the central bank today which settled the coupon rates for 3, 5 and 10-year tenor bonds up to 9.0 per cent, 9.5 per ... Read More »

NESPAK acquires 87 projects worth Rs 11.14b

LAHORE: National Engineering Services Pakistan (NESPAK) has made record business during fiscal year 2018-19 by acquiring 87 new projects worth Rs 11.14 billion showing an increase of 11 per cent when compared with Rs. 10.07 billion projects of FY 2017-18. NESPAK Managing Director Dr. Tahir Masood told media here that out of these 87 projects, 76 were domestic and 11 ... Read More »