By Staff Reporter
KARACHI: The Asian Development Bank (ADB) has approved three projects worth $658.8 million to help Pakistan achieve its goal of more inclusive and sustainable growth and development, the bank said on Wednesday.
Energy
Power companies overcharged customers by up to 100pc, regulator says
By Staff Reporter
ISLAMABAD: Pakistan’s electricity regulator has accused the country’s power distribution companies of overcharging customers by as much as 100 percent, in a report that exposed widespread malpractices and over-billing in the power sector.
Pakistan awards six exploration blocks, four get no bids
By Staff Reporter
ISLAMABAD: The government awarded six onshore oil and gas exploration blocks to local and foreign companies on Friday, but four other blocks received no bids despite an extension of the deadline, the Petroleum Division said.
Gas prices push inflation to 29.2pc in November
By Staff Reporter
ISLAMABAD: The consumer price inflation rate jumped to 29.2 percent in November, as a steep hike in gas prices fuelled the housing and utility costs, official data showed on Friday.
ADB lends Pakistan $250 million for power transmission project
By Staff Reporter
ISLAMABAD: The Asian Development Bank (ADB) on Friday approved $250 million in loans that will help deliver reliable electricity in Pakistan by expanding and improving the power transmission network in the country’s Punjab and Khyber Pakhtunkhwa provinces.
Inflation slows to 26.9pc in October, lowest in 10 months
By Staff Reporter
ISLAMABAD: Pakistan’s annual inflation rate eased to 26.9 percent in October, the lowest level in 10 months, as food and fuel prices dropped sharply, official data showed on Wednesday.
Shell ends century in Pakistan with sale to Saudi firm
By Staff Reporter
KARACHI: Shell Petroleum Company Limited (SPCo), the parent company of Shell Pakistan Limited (SPL), has agreed to sell its domestic operations to Saudi Arabia’s Wafi Energy LLC, a fuel retailer, for an undisclosed amount, the companies said on Wednesday.
Fuel prices unchanged after gas rates hike
By Staff Reporter
ISLAMABAD: The caretaker government decided to keep the prices of petrol and high-speed diesel unchanged for the first half of November, a day after it raised the tariffs on natural gas for most consumers and industries.
Saudi WAFI Energy eyes majority stake in Shell Pakistan
By Staff Reporter
KARACHI: WAFI Energy LLC, one of the leading fuel station companies in Saudi Arabia, has announced its intention to acquire up to 77.42 percent shares and control of Shell Pakistan Limited (SHEL), a subsidiary of the global oil giant Shell Plc.
Pakistan sees growth pickup, inflation drop ahead of IMF talks
By Staff Reporter
ISLAMABAD: The Finance Ministry said on Tuesday it expects the economy to remain positive in the current fiscal year, as it projected a decline in inflation and a rise in growth ahead of talks with the International Monetary Fund (IMF).