01172017Tue
Last update: Tue, 17 Jan 2017 10pm

Industries & Sectors

Pakistan - Industries & Sectors

Hydropower projects encounter troubled sales tax waters MUSHTAQ GHUMMANISLAMABAD: The federal government is likely to grant blanket exemption from levy of billions of rupee sales tax on construction and related services for hydropower projects being constructed under the China Pakistan Economic Corridor (CPEC) arrangements, well-informed sources in PPIB told Business Recorder.China Three Gorges South Asia Investment Ltd (CSAIL), a subsidiary of China Three Gorges Corporation, currently developing two hydropower projects in Pakistan, which are under the CPEC ie 720 MW Karot Hydropower project and 1124 MW Kohala Hydropower project, has approached PPIB for resolution of sales tax issue which, according to the firm, is the most critical impediment hampering the progress of hydropower projects by CSAIL under the CPEC.The following hydropower projects were included in the list of prioritised projects in the CPEC agreement: (i) 870MW Suki-Kinari Hydropower project; (ii) 720MW Karot Hydropower project; and (iii) 1100MW Kohala hydropower project. The sources said, out of the three ...

Pakistan - Industries & Sectors

China to build power transmission lines in Pakistan ISLAMABAD: China's State Grid Corporation has signed a deal with Pakistan's Ministry of Water and Power to invest in and build a power transmission line in Pakistan, the State-Owned Assets Supervision and Administration Commission said in a statement on Wednesday.According to Global Times, Beijing, State Grid under the deal, will invest $1.5 billion in the 4,000 megawatt power transmission line. The project is part of the China-Pakistan Economic Corridor initiative, which drew $55 billion in ...

Pakistan - Industries & Sectors

Zubair says 2 parties willing to acquire PSM on long-term lease MUSHTAQ GHUMMANISLAMABAD: Cabinet Committee on Privatisation (CCoP), which is scheduled to meet on January 18, will consider the sell-off of Pakistan Steel Mills (PSM) as two potential buyers are willing to acquire the unit on a very long term lease. This was stated by Chairman Privatisation, Muhammad Zubair at a meeting of National Assembly's Standing Committee on Industries and Production presided over by his younger brother, Asad Umar."We have prepared a lease-based transaction structure of ...

Pakistan - Industries & Sectors

PM orders maximum relief for gas consumers ISLAMABAD: Prime Minister Muhammad Nawaz Sharif on Wednesday directed the Ministry of Petroleum and Natural Resources to ensure maximum relief to gas consumers.Talking to Minister for Petroleum and Natural Resources Shahid Khaqan Abbassi here at the PM House, Prime Minister Sharif also directed enhanced coordination regarding energy projects in the country.The Minister apprised the Prime Minister on various ongoing projects and initiatives undertaken by the Ministry of Petroleum and Natural Resources, especially in the field ...

Pakistan - Industries & Sectors

5 PFC trade delegations to explore European market this month LAHORE: The Pakistan Furniture Council, an apex body of furniture sector, will send five high-level delegations comprising leading furniture exporters and importers to European countries for promotion of trade links through mutual collaboration in areas of common interests in the second week of this January.Chairing monthly meeting of PFC Executive Committee here on Wednesday, the Council Chief Executive Mian Kashif Ashfaq said the PFC would send delegations, one each to Italy, Portugal, Germany, Denmark and ...

Pakistan - Industries & Sectors

E&P companies drilled 319 new wells, made 91 finds ISLAMABAD: Oil and Gas Exploration and Production (E&P) companies operating in different parts of the country drilled 319 wells and made 91 finds during the last three years."In a period of three years, around 319 wells were drilled in different potential areas, out of which 148 were exploratory and 158 appraisal/developmental, that resulted in 91 discoveries," official sources in the Ministry of Petroleum and Natural Resources told APP.During the years 2013-14, 2014-15 and 2015-16, the ...

Pakistan - Industries & Sectors

FBR reduces sales tax on petroleum products RECORDER REPORTISLAMABAD: The Federal Board of Revenue (FBR) has reduced sales tax on different petroleum products from January 1, 2017 including high speed diesel oil, kerosene and light diesel oil.According to an SRO.1180(I)/2016 issued by the FBR, sales tax on motor spirit remains unchanged at 14.5 percent.Sales tax rate on kerosene has been reduced from two percent to zero percent from January 1.Sales tax on high speed diesel oil has been decreased from 31 to ...