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Fuel and Energy: Pakistan


The Economic Co-ordination Committee (ECC) of the Cabinet has decided to impose a 5 percent GST on LNG import and exempt it from Gas Infrastructure Development Cess (GIDC). The ECC meeting chaired by Finance Minister Ishaq Dar on Wednesday considered the proposal of Ministry of Petroleum and Natural Resources on exempting LNG import from GIDC and GST. The ECC accorded exemption from GIDC as it was not applicable on imports as recommended by the committee under the convenor ship of secretary Finance with secretary P&NR and chairman FBR as members.

The government is likely to reduce prices of the petroleum products significantly due to the global reduction in fuel prices, Petroleum Ministry officials said. A decrease of up to Rs 14 per litre is likely to come into effect from November 1; which will allow consumers to enjoy the lowest fuel prices since the four years. In October, the government had slashed the prices by 2.8 percent after oil prices dipped in the international market.
Executing on growing the presence of renewable energy around the world, GE recently announced that it will supply equipment and procurement contractor HydroChina and wind farm customer Sapphire with 33 GE 1.5-82.5 wind turbines for the Sapphire Wind Power farm in Sindh. GE will also provide 10 years of operations and maintenance services as part of the contract.
The joint opposition in Senate on Wednesday threatened to block the proposed sell-off of 10 percent shares of Oil and Gas Development Company Limited (OGDCL) through a protest drive. The opposition benches after staging a strong protest inside the House by raising slogans "No to the rule of injustices!" and "Zalimo Jawab Do, Khoon Ka Hisab Do" over the use of force against OGDCL workers, they later staged a walkout from the House, which led to an adjournment due to a lack of quorum.
The net sales revenue of Oil and Gas Development Company Limited (OGDCL) has increased to Rs 64.395 billion compared to Rs 62.426 billion in the corresponding period of last financial year. According to a press release, the Board of Directors of Oil & Gas Development Company Limited (OGDCL) has announced the financial results for the first quarter ended on September 30, 2014.
According to K-Electric press statement the company has been facilitating commemorative meetings and processions as part of its programme to support local administration for maintaining law and order during the first 10 days of Muharram-ul-Haraam.
Federal Minister for Information and Broadcasting and National Heritage Pervaiz Rashid on Tuesday said that financial constraints were the major reasons behind a delay in the execution of Iran-Pakistan (IP) gas pipeline project as the country does not have enough funds to finance this project.


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Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-19.98 bln
Exports $25.13 bln
Imports $45.11 bln
WeeklyOctober 27, 2014
Reserves $13.464 bln