The government had to relax contractual conditions and shift about Rs50 billion worth of budgetary allocations for electricity subsidies to an escrow account for automatic partial payments to Chinese Independent Power Producers (IPPs) to pacify M/s Sinosure, a Chinese insurance company, into facilitating future projects in Pakistan. This was one of the key outstanding issues hampering the signi
China will continue to support Pakistan in stabilising its financial situation, state media quoted China’s President Xi Jinping as saying on Wednesday. China and Pakistan should move forward more effectively with the construction of the China-Pakistan Economic Corridor (CPEC), as well as accelerate the construction of infrastructure for the Gwadar Sea Port, state media reported Xi as saying.
Oil prices rose in early trade on Wednesday after industry data showed a surprise drop in United States crude stockpiles, suggesting demand is holding up despite steep interest rate hikes dampening global growth. Brent crude futures picked up 17 cents, or 0.1 per cent, to $94.82 a barrel at 0014 GMT, while US West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.3pc, to $88.63 a barre
Entrepreneurs are getting increasingly pessimistic about the conditions of their businesses owing to the country’s political and economic situation, according to a Gallup Pakistan survey conducted in the ongoing quarter of 2022. The Gallup Business Confidence Index showed 65 per cent of business owners believe their businesses are facing bad conditions. Industrial machines businesses are doi
The Oil and Gas Regulatory Authority (Ogra) has increased the price of liquefied petroleum gas (LPG) by Rs2 per kg. The decision comes as an energy crisis looms with the onset of winter. According to a notification issued by Ogra on Tuesday, owing to Rs2,529 increase (per tonne), the domestic cylinder rate has been increased by Rs35 and that of commercial cylinder by Rs134. The new rates of LPG