Cement
sector seeks tax reduction on coal import:
Amidst
rising prices of coal in the international market, the manufacturers have put
their price increase plan on-hold in the hope that the government will consider
reduction in duties on import of coal. Moreover, the international coal prices
have also retraced to $83/ton level after touching a high of $100/ton in
November 2016, convincing the industry not to pass-on coal price hike to the
customers. All Pakistan Cement Manufacturers Association (APCMA) has said that
coal is a widely used fuel in the production of cement and its increasing
prices during last few months has a significant impact on input cost whereas
recent increase in the oil prices has further increased the cost of cement
production.
SNGPL,
SSGCL to launch 60 LPG-air mix plants:
Sui
Northern Gas Pipeline Limited (SNGPL) and Sui Southern Gas Company Limited
(SSGCL) would set up over 60 Liquefied Petroleum Gas (LPG)-air mix plants in
selected areas where natural gas supply does not exist. “The Economic
Coordination Committee (ECC) has recently approved setting up of LPG-air mix
plants at Murree (Kurbagla, Dewal, Company Bagh and Tret), Awaran and Bella,”
official sources told APP. The sources said the plants would be established at
an estimated cost of Rs1,353.29 million to be funded by the respective
gas companies – SSGCL and SNGPL - through their own resources. The sources
further said that the companies would set up 30 more air mix plants each on
their respective transmission network in the areas of Azad Jammu and Kashmir,
Chitral, Gilgit-Baltistan and backward areas of Balochistan. The setting up of
the LPG-air mix plants would save these areas from the rapid deforestation in
these areas.
Oil
prices rise in anticipation of tighter 2017 market:
Oil
prices rose on Monday in anticipation of tighter crude supply going into 2017
following the decision by OPEC and other producers to cut output to prop up
prices. Brent crude futures, the international benchmark for oil prices, were
trading at $55.57 per barrel at 0401 GMT, up 36 cents, or 0.7 percent, from
their last close. U.S. West Texas Intermediate (WTI) crude oil futures were up
43 cents, or 0.8 percent, at $52.33 a barrel.
Chinese
company to be awarded mega power project:
The
government is all set to award 600KV (4,000MW) HVDC (High Voltage Direct
Current) 878-kilometres Matiari-Lahore Transmission Line Project of $2.1
billion to China Electric Power Equipment & Technology Co Ltd (CET) at
wheeling tariff of 0.74 cents per unit without evaluation of its technical and
financial evaluation, as the project is part of CPEC, well informed sources
told Business Recorder. The government of Pakistan had announced the policy
framework for private sector transmission projects in 2015 to attract private
sector investment for augmentation of transmission network in the country to
transmit electricity from the upcoming power projects. Giving the background,
the sources said that National Transmission and Despatch Company Limited (NTDC)
and State Grid Corporation of China (SGCC) entered into a co-operation
agreement on April 20, 2015 for implementation of (i) Matiari-Lahore
Transmission and Transformation Project; (ii) and Matiari/Port Qasim-Faisalabad
Transmission and Transformation Project shall be implemented under agreement on
China-Pakistan Economic Corridor between China and Pakistan and the
Transmission Line Policy 2015. Under the agreement, SSGC has nominated its
subsidiary ie China Electric Power Equipment & Technology Co. Ltd (CET) to
develop the transmission line projects on BOOT model and it has also been
agreed that CET would also be the EPC contractor for transmission projects.
Recovery
of money through bank account: notices issued
Lahore
High Court (LHC) has issued notices to President of Pakistan, Special Assistant
to Prime Minister on Revenue Haroon Akhtar, FBR officials and Government of
Punjab in a petition challenging the illegal recovery of money through bank
account of a former employee of one of organisations of Punjab government.
Sources told Business Recorder that LHC in a constitutional petition against
the President of Pakistan, SA to Prime Minister, FBR employees, a private bank
and a Punjab government organisation has issued notices to them. In this case,
President has accepted the representation filed by the FBR under section 32 of
the Federal Tax Ombudsman Ordinance, 2000 against an order passed by Federal
Tax Ombudsman (FTO).
Agreement:
EU sees Japan free-trade deal in early 2017
The
European Union (EU) said on Saturday it is close to an agreement with Japan on
a free-trade deal that has taken on greater significance after President-elect
Donald Trump announced US plans to withdraw from a separate pact with Pacific
nations. In a statement, the EU’s chief trade negotiator with Tokyo said a deal
was possible by early next year if Japan opens up to EU farm goods and Europe
can agree to granting unfettered access to Japanese cars.
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