Sui Southern Gas Company Limited (SSGC) is awaiting the government’s approval signal to create a cost-effective gas import substitution of over $1 billion a year. This strategy involves reutilising closed wells and encouraging exploration firms to discover tight gas. The move comes as imported gas (Liquefied natural gas) has become unaffordable due to massive rupee devaluation in recent times.
Federal cabinet members remained divided on Tuesday over a proposed increase of up to 69% in gas prices, amid warnings that any delay beyond Thursday could cost Pakistan $1.2 billion, the last loan tranche from the International Monetary Fund. The Economic Coordination Committee (ECC) of the cabinet had to defer approval after supposedly pro-IMF programme cabinet members also spoke against the
The interim government spent Rs191 billion on development projects during the first seven months of this fiscal year – a sum that is over Rs300 billion or 61% less than the target and underscores the implications of tough economic conditions. The Ministry of Planning reported on Tuesday that the development expenditures amounted to just under Rs191 billion during July-January period of the curr
Bitcoin spiked above $50,000 on Tuesday for the first time in more than two years as investors grow optimistic that US approval of broader trading in the unit will ramp up demand. The cryptocurrency has enjoyed a strong run in recent months, fuelled by expectations US lawmakers would allow the creation of exchange-traded funds (ETFs) that track the price and let the public invest in crypto with
The State Bank of Pakistan (SBP) on Tuesday suspended the licences of three prominent exchange companies. “The authorisation of AA Exchange Company (Pvt) Ltd, Glaxy Exchange Company (Pvt) Ltd and Al-Hameed International Money Exchange (Pvt) Ltd has been suspended with immediate effect on account of serious violation of regulations and instructions,” said the SBP circular. “All the aforementi