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China to invest in Pakistan Steel Mill

admin — Fri, 10 Jul 2009 15:31:38 +0000

Geo News: China Metallurgical Group Corporation (MCC) has shown its interest to invest 2.2 billion US Dollars for the expansion and revamping of Pakistan Steel Mills (PSM). A twelve member delegation of MCC headed by Ms Huan met here on Thursday with the Federal Minister for Industries and Production Mian Manzoor Ahmad Wattoo and discussed various proposals in detail. According to MCC, they will set up a new plant within 2 years as the first phase of the expansion project. The construction of the new plant will cost around 1.2 billion dollars and on completion it will be capable of producing 2 million tons of steel per annum. In the second phase the MCC will revamp and modernize the existing PSM plant. The second phase according to MCC will take another 2 years to complete and would cost around 1 billion dollars. They said that the revamping will raise PSM’s production capacity to 3 million tons per year which today stands at 1.1 million tons per years. The minister took keen interest in MCC’s proposals and appreciated Ms Huan and her team for taking interest in the PSM project. He assured Ms Huan that he and his team will deeply study their proposals and would take a final decision on this project very soon. The MCC which already has conducted technical investigation of the PSM in 1992 and has produced a 500 page report on the expansion of PSM in 2005 is China’s leading multidisciplinary multinational company. The MCC is known for its experience in scientific research, industrial engineering practice and international trading capabilities. According to MCC website, the group is a major driving force behind the growth of China’s steel industry, and a reputable contractor of a number of key projects both at home and abroad.

Hike in prices of Atta, rice, tea, pulses in Peshawar

admin — Sat, 04 Jul 2009 22:18:32 +0000

PESHAWAR: The effects of rise in prices of petroleum products are now becoming visible in Peshawar markets following Karachi. Geo News reported, prices of groceries have been increased in Peshawar following the hike in prices of petroleum products. The major items witnessing rise in prices include rice, pulses, Atta and tea.

Gas price decreases 2pc to 4pc, OGRA

admin — Wed, 01 Jul 2009 14:16:02 +0000

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has announced 2 to 4 per cent decrease in gas prices while the notification in this regard has been issued late on Tuesday, Geo news reported. According to notification issued from OGRA, the cut in gas prices will be applicable with effect from Wednesday, July 01, 2009 while this slashing will remain effective from July 2009 to December this year. 2 per cent gas prices were reduced for domestic consumers while 4 per cent were reduced for industries while no reduction took place for Comprised Natural Gas (CNG) and Commercial consumers, notification said. Six per cent gas prices have been inflated for fertilizer sector, it added saying that the change in gas prices will remain effective for the period of six months here due to occurrence of shuffle in oil and gas prices in international market.

Govt to earn 43pc per liter from new petroleum prices

admin — Tue, 30 Jun 2009 14:09:41 +0000

ISLAMABAD: The government will receive approximately 43 percent per litre profit after the enforcement of new petroleum prices, Geo News reported Tuesday. According to Dr. Asim Hussain, Advisor to Prime Minster on Petroleum and Natural Resources, the petrol per liter price has been proposed to rise by 10.55 percent and diesel price to rise 12.5 percent per liter. Dr Asim said if the government decides as it was recommended, then the petroleum price would rise to Rs62.13 per liter, diesel Rs62.65 per liter with an addition of Rs6.90. After the enforcement of new petrol price, its ex-refinery price will be Rs36.59 per liter with Rs10/lit fixed carbon tax, Rs3.37 under head of intra-country transportation, Rs2/lit commission of dealers, Rs1.60/lit commission for oil marketing companies and Rs8.57/lit General Sales Tax (GST) would be charged at the rate of 16 percent. After the enforcement of new prices, per liter petrol price including all expenses would be Rs43.56 and the government taxes applicable on it would be Rs18.57/lit, which is 43 percent of the petrol price.

Pakistan mango crops affected by Speedy winds in interior Sindh

admin — Fri, 19 Jun 2009 22:21:48 +0000

KARACHI: The speedy winds blew yesterday in interior Sindh had damaged the mango crops. Chairman All Pakistan Fruits Exporters Association Abdul Wahid told Geo News that harvest is ready but speedy winds blew yesterday has damaged the part of crop. He said at least 25, 000 ton mangoes had been exported from May 20 to June 16.

WB approves $135 mln loan for Pakistan

admin — Fri, 19 Jun 2009 22:16:59 +0000

WASHINGTON: The World Bank (WB) has given approval, allowing for Pakistan the aid of dollar 135 million as loan to be spent on two separate projects including the anti-polio drive and social welfare programs, Geo news reported early on Friday. This was stated in a statement released from WB here.

Pak-Iran gas pipeline project formally signed

admin — Sat, 06 Jun 2009 03:56:41 +0000

ANKARA: The gas pipeline project between neighboring Pakistan and Iran has been formally signed here late on Friday, Geo news reported. The agreement was signed between Iranian National Oil Company (INOC) and Pakistani Interstate Gas Company (PIGC). The Managing Director (MD) of PIGC Hassan Nawab told Geo news the agreement is governed through third country law so it was bound to be signed in a third country and has been signed here in Turkey. He said the work on the project has commenced from today (Friday) and will be completed by 2013 whereby Pakistan will receive 750 cubic million gas on daily basis which will be enough for generation of 4000 megawatt electricity. “The gas pipeline will begin from Gawadar near Iranian border having 800 kilometer length”, he maintained adding, “The determination of gas price will be linked with contemporary oil prices at international market but will be less than 25 per cent as compared to crude oil prices”. The estimated cost of the project will be US $1.2 billion, he added.

Pak, ADB signed Neelum-Jhelum project investment pact

admin — Sat, 06 Jun 2009 03:46:08 +0000

ISLAMABAD: Pakistan and Islamic Development Bank (IDB) have signed $140 million investment pact for Neelum-Jhelum power project. Sources of Economic Affairs Ministry told Geo News that Memorandum of Understanding (MOU) has been signed in IDB executive board meeting. Pakistani ambassador has signed the MOU in Turkmenistan’s city Ashkabad.

Gadani ship breaking hit by suspension of oxygen gas supply

admin — Sat, 30 May 2009 20:36:18 +0000

GADANI: The suspension of oxygen gas supply by the DOC Company has severely hit the ship breaking industry here, throwing thousands of workers out of employment, while as many as 78 scrap ships worth billions of rupees are waiting at the docks for necessary dismantling. Additional collector customs, Ali Sher told Geo News that about 5.75 lacs tons of scrap ships standing anchored at the docks, but for lack of supply of oxygen gas, Gadani workers were under-employed, as they were compelled doing only those works, which could be done manually. Gadani labour leaders have demanded immediate restoration of the supply of oxygen gas, saving the labourers from wages loss and facing starvation.

Power rates-hike by at least 10 pc in new budget

admin — Fri, 29 May 2009 14:39:57 +0000

ISLAMABAD: The government has decided at least 10 percent power tariffs increase in the upcoming financial budge-2009-10. Federal ministry of water and power spokesman told Geo News that power costing government Rs8.37 per unit, while the customers were being charged on average at Rs5.60. Thus the subsidy on power given to the people during the current fiscal year amounted to Rs120 billion and now saving power sector from further loss, power tariffs would be enhanced by at least 10 percent in the upcoming budget, the spokesman said.