News Update: Pakistans current account deficit in the first two months of 2014-15 has more than doubled to $1.37 billion on a year-on-year basis, according to data released by the State Bank of Pakistan (SBP). The current account deficit widened by $792 million in July-August over the same two month period of the preceding fiscal year when it stood at $580 million. Hascol Petroleum Limited (HPL) has imported pyrolysis gasoline or pygas, a by-product of chemical ethylene, declaring it as standard petrol, The Express Tribune has learnt. Pygas, which is rich in benzene, cannot be sold at fuel pumps. However, some foreign companies do use it as a blending component to go with petrol. But it has never before been imported by Pakistan, according to Pakistan Customs. Power consumption increased sharply during, last ten years especially in the financial hub of the country. Keeping in view the shortage of gas and increasing fuel prices, K-Electric has embarked upon a plan to utilize coal resources to overcome these challenges, said Osama Qureshi Chief of Staff CEO K-Electric. The National Assemblys Standing Committee on Finance and Economic Affairs on Friday constituted a sub-committee to probe the financial embezzlement worth of Rs 12 billion occurred in National Bank of Pakistans Dhaka branch and to present report in 45 days.
Posted on: Mon, 22 Sep 2014 04:38:42 +0000
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