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May 17, 2018 12:00 AM Ministry mounts Rs62.21mln plan for mining sector reforms

ISLAMABAD: Ministry of planning, development and reform has started a new initiative to improve productivity in mines and mineral sector and boost exports, Associated Press of Pakistan (APP) reported on Wednesday. Cluster Development Based Mineral Transformation Plan, costing Rs62.21 million, has been launched under Vision-2025 and would increase value 4

May 16, 2018 12:00 AM Oil output rises to 90,337 barrels/day in July-April

KARACHI: Oil production marginally rose 1.9 percent to 90,337 barrels/day (bpd) during the first 10 months of the current fiscal year of 2018, official data showed on Tuesday. Local oil output stood at 88,635 bpd in the corresponding period a year earlier, the Pakistan Petroleum Information Service’s data showed. Gas production, however, fell one percent 5

May 10, 2018 12:00 AM Saudi Arabia can boost oil output

DUBAI: Saudi Arabia is monitoring the impact of the U.S. withdrawal from the Iran nuclear deal on oil supplies and is ready to offset any shortage but it will not act alone to fill in the gap, an OPEC source familiar with the kingdom´s oil thinking told Reuters. On Tuesday, U.S. President Donald Trump abandoned a nuclear deal with Iran and announced 2

May 5, 2018 12:00 AM PM visits 720MW Karot Hydropower Project

KAROT: Prime Minister Shahid Khaqan Abbasi on Friday visited the Karot Hydropower Project, being constructed on the Jhelum River to add 720 megawatt to national grid. The project is the fourth among the five cascade hydropower projects being developed along the Jhelum River. During a briefing given to the prime minister by a representative of the Chinese 1

May 1, 2018 12:00 AM ADIA eyes renewable technologies

DUBAI: Abu Dhabi Investment Authority (ADIA), the world´s third-biggest sovereign wealth fund, said it may invest more in renewable energy, as climate change fears prompt fund managers even in the oil-rich Middle East to look beyond fossil fuels. "The world´s energy industry is in the early stages of a fundamental shift from fossil fuels to a more sustainable 9

April 17, 2018 12:00 AM Gas production drops to 3,828 mmcfd in Mar

KARACHI: Natural gas production dropped 5.8 percent to 3,828 million metric cubic feet/day (mmcfd) in March as compared to the same month a year earlier, a brokerage said on Monday. “The decline can be attributed to annual turnaround at Uch-II plant and some turbine issues at Qadirpur gas fields,” Faizan Ahmed, an analyst at JS Global Capital said. Production 5

April 15, 2018 12:00 AM Inam bags gold for Pakistan at CW Games

GOLD COAST, Australia: The premier wrestler Mohammad Inam finally made Pakistan proud when he extended a terrific performance by beating Melvin Bibo of Nigeria in the 86 kilogramme men’s freestyle wrestling competitions final to win the first gold medal for the country on the penultimate day of the 21st Commonwealth Games here at Carrara Stadium wrestling 6

April 13, 2018 12:00 AM OPEC sees oil markets tightening

LONDON/NEW DELHI: The global oil stocks surplus is close to evaporating, OPEC said on Thursday, citing healthy energy demand and its own supply cuts while revising up its forecast for production from rivals who have benefited from higher oil prices. U.S. shale oil output has been booming over the past year since OPEC reduced its own production in tandem 7

April 11, 2018 12:00 AM FBR approves Audit Policy 2017

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday announced it has approved the audit policy for 2017 that pertains to the tax year 2016. “[Under the approved policy] the criteria for selection of audit cases for all taxes including income tax, general sales tax, and federal excise duty, would be parametric,” the board said in a statement. The board 5

April 8, 2018 12:00 AM German industrial output slumps

BERLIN: German industrial output fell by the most in more than two years in February and the sector is losing momentum, the Economy Ministry said, as factories in Europe´s largest economy throttle back in the face of the rising threat of protectionism. Output fell by 1.6 percent after rising by a revised 0.1 percent in January, data from the Economy 5