Tuesday, May 12th, 2015
‘PSO issues first tender to buy LNG’
SINGAPORE: Pakistan State Oil (PSO) has issued its first tender to buy liquefied natural gas (LNG) after it recently completed an import terminal, industry sources said on Monday. The company is seeking four cargoes of 143,000 cubic metres each of LNG for delivery over June to September, a tender document showed. The tender closes on June 9 and is valid until June 18. Energy-starved Pakistan received its first two shipments of LNG at the recently completed import terminal, becoming the latest of a growing list of importers benefiting from aRead More
Accord reached with IMF for release of $506m tranche
ISLAMABAD, 12 MAY, (DNA) – The government reached an agreement with the International Monetary Fund on Monday for the disbursement of a tranche of $506 million next month as part of the $6.8 billion package under the Extended Fund Facility. After the signing of the agreement, Finance Minister Ishaq Dar announced at a press conference the withdrawal of tax exemptions totalling over Rs100 billion, adjustments in energy tariffs and a cut in subsidies during the next financial year.
Asian shares subdued on Greece talks
BRUSSELS: Asian shares experienced mixed fortunes as markets remained nervous over the prospects for a deal on Greece’s debts. On Monday, eurozone finance ministers met in Brussels to discuss the final €7.2bn tranche of Greece’s €240bn EU/IMF bailout. Ministers said Greece had made “progress”, but more work was needed before funds would be released. In Japan, the benchmark Nikkei 225 index closed flat at 19,624.84, erasing earlier losses. But, shares of Sharp rebounded 11% after having plunged 26% on Monday on worries over a possible financial restructuring.