Exploration and production (E&P) companies are poised to invest $33.3 million over the next three years in eight blocks to search for hydrocarbon reserves in an attempt to overcome the energy crisis in the country. These companies on Wednesday inked petroleum concession agreements (PCAs) with the government and got exploration licences. The exploration blocks awarded to Oil and Gas Developme
Fitch Ratings has recommended Pakistan to remain under the International Monetary Fund’s (IMF) loan programme for the next few years as the bailout packages have supported economic stabilisation and pushed up credit rating. It anticipated that Pakistan’s economy would outperform other regions amid global economic slowdown in the ongoing fiscal year. In its APAC credit outlook conference on W
The Inland Revenue Service (IRS) has approached the Election Commission of Pakistan, urging the electoral body to prevent the interim government from what it deems an “illegal and unconstitutional” restructuring of the Federal Board of Revenue (FBR). The petition was filed during the inaugural meeting of a sub-committee of the federal cabinet, which remained inconclusive on Wednesday. A day ear
Despite easing import restrictions on opening letters of credit, Honda Atlas Cars Ltd (HACL) company’s profit plunged to Rs143m in October-December 2023 from Rs810m in the same period last year. In a stock filing on Wednesday, the auto assembler informed that its sales posted a steep drop to Rs12bn in the three months from Rs23bn in the same period ending December 2022. HACL did not declare
The Oil and Gas Regulatory Authority (Ogra) on Wednesday granted a 10-year licence for the sale of natural gas and regasified liquefied natural gas (RLNG) to a subsidiary of Sui Southern Gas Company Ltd (SSGCL) called SSGC-Alternate Energy (Pvt) Ltd. The SSGC established the subsidiary — SSGC-AE — about two years ago with the main objective of renewable energy business to diversify its existing