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Russia has cut its oil production by some 100,000 barrels a day, Energy Minister Alexander Novak said Saturday ahead of a key meeting in Vienna. Under a landmark deal in November last year, the Opec oil cartel agreed to reduce production in order to boost prices. Non-Opec countries - notably Russia, but not the United States - followed suit and agreed in December to make cuts.

The rate of advance tax on the import of Liquefied Natural Gas (LNG) by a private company is 5.5 percent and by government designated buyer like Pakistan State Oil (PSO) is one percent of the import value as increased by customs duty, sales tax and federal excise duty.
Oil and Gas Development Authority (Ogra) granted licence for establishment of Oil Marketing Company (OMC) to 21 companies during the first six months of the current fiscal year. According to the Ogra's biannually report, the authority is expecting that establishment of these companies will bring a minimum investment of Rs 10.5 billion in the next three years.
The Supreme Court has ordered the Punjab government to recommend name for a member of National Electric Power Regulatory Authority (Nepra) so that its board could be completed. According to the Nepra Act 1997, the Authority comprises chairman and four members from all the four provinces. The absence of even one of its members renders the Nepra incomplete.
An Appellate Bench of the Securities and Exchange Commission of Pakistan (SECP) has ruled that the public sector companies are required to publish, circulate and file statements of compliance (SOC) and review reports from the auditor under Public Sector Companies (Corporate Governance) Rules, 2013. According to an order issued by an Appellate Bench-IV of the SECP, the bench has upheld the order issued by the SECP against the fund.
The Engineering Development Board (EDB) is reportedly dysfunctional due to massive shakeup in the organisation's administrative structure without taking the Ministry of Industries and Production (MoI&P) on board, well-informed sources in the Ministry told Business Recorder. The overall performance of the organisation, sources said, is deteriorating day by day due to lack of a well defined hierarchy and inappropriate organisational structure.
Prime Minister Nawaz Sharif's name was not on the list of speakers at the World Economic Forum (WEF) in Davos, Switzerland, which concluded on Friday but the Foreign Office insisted that his participation at the forum was significant in many ways. The Prime Minister, who travelled to Switzerland to participate in the WEF annual meeting from January 17 to 20, 2017, has now reached London and is scheduled to return to Islamabad on January 24, 2017.