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Tag Archives: news

50,000MW power generation: Engro powergen issued LoI for 660MW coal power project at Thar

ISLAMABAD: What is being described as milestone, the Private Power and Infrastructure Board (PPIB) issued Letter of Interest (LoI) to Engro Powergen Limited (EPGL) for the establishment of 660MW Thar coal power project. PPIB Managing Director Shah Jahan Mirza and EPGL CEO Shamsuddin Shaikh signed the document at a ceremony which was witnessed by Federal Minister for Water and Power ... Read More »

$80 to $100 price difference: 70pc EU buyers place 40,000 tonnes rice orders to Indian

LAHORE: Apart from other obstacles, the difference of around $80 to $100 per tonne in the export price of rice, foreign buyers mainly from EU have diverted their import orders of around 40,000 tonnes rice to India. As per details, 70 percent of the international buyers from EU countries have diverted orders from Pakistan to the Indian millers mainly due ... Read More »

Ire over SRO 608 brewing: RCCI gear up for countrywide strike

ISLAMABAD: What is being described as government’s failure, the Rawalpindi Chamber of Commerce &Industry (RCCI) will approach all Pakistan chambers’ presidents and presidents of All Pakistan Traders Associations to give a unanimous call for a countrywide strike against SRO 608, sales tax and withholding tax reforms. The decision was made a meeting of the RCCI chaired by its President Syed ... Read More »

Midday: KSE tumbles a little, still manages 11pts

KARACHI: In its journey to scaling new heights of its history, the buoyant Karachi Stock Exchange benchmark 100-index tumbled a little and lost most of early gains to come down to 32019.90 points after reaching 32225 points. The KSE, however, managed to hold 11.50 points or 0.40 percent till midday trading on Wednesday. Earlier, trading in the market started on ... Read More »

Environmental, health hazards: SEPA moves SHC against KPT’s operation of coal terminal

KARACHI: The Sindh Environmental Protection Agency (SEPA) moved the Sindh High Court (SHC) against the Karachi Port Trust (KPT) for handling coal at its terminal in Shireen Jinnah Colony in violation of environmental laws, posing serious health hazards to public health. The SEPA director general Naeem Ahmed Mughal submitted a report to a division bench of the SHC, submitting that ... Read More »

In a meeting with Dar, USAID hints at bring $43m investment in energy sector

ISLAMABAD: The USAID attaches great importance to the development of Pakistan and that it will be bringing in investment to the tune of $43 million in energy sector in Pakistan. USAID Assistant Administrator for AfPak Affairs Donald Larry Sampler stated this during a meeting with Finance Minister Ishaq Dar here. He was accompanied by US Ambassador in Pakistan Richard G ... Read More »

Committee dragging feet: Govt in a fix over exempting textiles from gas outages

ISLAMABAD: The committee formed under the chair of Finance Minister Ishaq Dar to determined a mechanism for gas supply to textile sector remained indecisive and Petroleum Minister Shahid Khaqan Abbasi opposed the government proposed plan to supply gas to the sector. As per details, the committee, formed by Prime Minister Nawaz Sharif, comprising Water and Power Minister Khawaja Asif, Minister ... Read More »

46 gas fields to generate 1,000MW: Summary for CCI prepared to slash LPG prices: Abbasi

ISLAMABAD: The Ministry of Petroleum and Natural Resources has prepared a summary regarding regularistaion of Liquid Petroleum Gas (LPG) prices which will be tabled in next meeting of the Council of Common Interest (CCI) and its approval will help bring down prices of LPG substantially. Talking to journalists, Minister for Petroleum and Natural Resources Khaqan Ababsi informed that his ministry ... Read More »

Afghan president’s visit resurrects TAPI project

ISLAMABAD: The recent visit of Afghan President Ashraf Ghani to Pakistan has brightened the hope for the revival of stalled Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project. It has been learnt that a team of the Sui Northern Gas Pipelines Limited (SNGPL) has reached Turkmenistan to discuss the long-delayed gas pipeline project, ahead of the visit of SNGPL managing director and top ... Read More »

Apparently govt gives in: PM sets up body to end gas shortage to textile

ISLAMABAD: Following the suspension of four months gas load management plan for textiles in Punjab province, Prime Minister Nawaz Sharif constituted a high-level committee under the chair of Finance Minister Ishaq Dar to settle the issue of gas shortage for textile during winter. The committee has been assigned to devise a mechanism for sustainable gas supply to textile industry of ... Read More »

Midday: Stocks set to scale new heights of 32,000 as KSE gains 333pts

KARACHI: The bull-run kept the Karachi Stock exchange afloat and fuelled its passion in the quest to scale new heights of 32,000 points as buoyant KSE-100 index consolidated it gains to 333 points or 1.06 percent to climb up to 31677.14 points till midday trading on Monday. The trade volume remained considerably high at 64, 102,480, reflecting the market’s resolve ... Read More »

Rs1.5 bln embezzlement: FIA nails ex-KMC director; another accused already nabbed

KARACHI: In its efforts to unfold the saga around Rs1.5 billion embezzlement, former Karachi Metropolitan Corporation (KMC) education director was nailed by the Federal Investigation Agency (FIA) who had secured a pre-arrest bail some days back. It is to be noted that the FIA had arrested former KMC budget director Nasir Mehmood Ishaque in the scam that also involved senior ... Read More »

Opening: Confident KSE keeps eyes on 32,000 level, begins week with 173pts

KARACHI: Stocks seem to have not given in its quest to scale new heights and appeared confident in its journey to highest-ever psychological barrier of 32,000 points as KSE 100-index gained 173 points or 0.55 percent to reach 31,517.86 points in early trading on Monday. The market started the week in a fashion and picked up the thread from weekend ... Read More »

40,000MW power by 2020, Nigeria eyes 7,200MW from renewable energy sources

ABUJA: Under the Nigerian government plan to generate 40,000MW power by 2020, about 7,200 megawatts of electricity will be produced from solar and other renewable energy sources. The government expects the power generation to peak at 40,000MW by 2020, with more capacities from Mambilla, Zungeru large hydros, grid power from solar, wind and coal-to-power initiative. It said that 18 percent ... Read More »

Flawed load management plan, Finance Ministry overstepped Petroleum Ministry’s domain: PEW

ISLAMABAD: The government’s electricity and gas load management plan which prefers textile sector to the masses is flawed and faulty besides showing a major policy shift aims at pleasing the influential textile sector. But it will hardly work for a month only. Pakistan Economy Watch (PEW) Dr Murtaza Mughal pointed out that the government’s new plan for energy load management ... Read More »

MoU signed: Tevta, LCCI to gear up for curricula upgrade

LAHORE: To produce international standard manpower, the Technical Education and Vocational Training Authority (TEVTA) and Lahore Chamber of Commerce and Industry (LCCI) will sign a memorandum of understanding (MoU) to upgrade its curriculum. Addressing members of LCCI, Tevta chairman Irfan Qaiser Sheikh said that the authority suggested forming a Tevta-LCCI liaison committee and upgradation of all Tevta labs through extra-funding. ... Read More »

Rs4.5m package: Bahria Town, Sindh police join hands for rehab of families of martyred cops

KARACHI: In a pleasant move to rehabilitate the families of martyred police officials, the Bahria Town and Sindh Police have joined hands for the provision of Rs4.5 million relief package for the bereaved family of every police official martyr in the line of duty in Karachi. The development came after the announcement of Bahria Town Chairman Malik Riaz Hussain regarding ... Read More »

Private sector’s role underlined as Corn hybrid seeds increased production manifold

ISLAMABAD: Advising farmers to opt for quality corn hybrid seeds to increase per acre yield, experts emphasized the need for encouraging private sector to introduce new seed varieties. The experts pointed out that farmers had gradually shifted high-yielding seeds after the introduction of hybrid maize. They regretted that in Pakistan, most of the farmers failed to get the desired production ... Read More »

Trade down by 38pc: Falling world cotton prices fuel rate cut hopes

KARACHI: Amid wait and see policy by the traders, the cotton trade turnover declined to 14,600 bales (155 kgs each) 38 percent to a week low as a deceased in price of the commodity is likely in a couple of days in local market. As per reports of the Karachi Cotton Exchange, the fall in price of cotton at world ... Read More »

Ball is in Petroleum Ministry’s court now: SNGPL defers decision to suspend gas to industry for 4 months

ISLAMABAD: What is being described as better weather conditions, the Sui Northern Gas Company (SNGPL) deferred its decision to suspend gas supply to industry in Punjab for four months, which was scheduled to be implemented from November 15 (Saturday). According to the gas utility, now the Ministry of Petroleum would take a final decision in this regard on November 17. ... Read More »