Business

SSGC issues statement on ‘gas loadshedding plan for Karachi, other areas’

Published

1 year ago

Farwa

The Sui Southern Gas Company (SSGC) has denied the media reports claiming that a gas loadshedding plan had been notified during the afternoon hours in the southern parts of the country.

In a statement on Thursday, the gas utility said there is no truth to the reports on media and social media that the company had notified gas shutdown hours in the afternoon.

SSGC denies fake news of gas closure schedule.#MediaAlert #SSGC pic.twitter.com/9upnyRLMNv
— SSGC Official (@SSGC_Official) May 18, 2023

It said the underground gas line pack was affected due to low pressure which impacted the gas supply in some areas of Karachi and was restored by 6pm on Wednesday.

The statement further mentioned that a 10% annual depletion in the country’s gas reserves has further decreased amount of gas received by the SSGC due to which demand and supply gap has increased even in summer.

Due to the aforementioned reasons, the gas utility said a sudden drop in gas pressure may be experienced by consumers as it happened the previous day.

However, speaking to Geo.tv residents of Gulistan-e-Jouhar, North Karachi and other areas rejected the SSGC claims saying that they had been experiencing gas loadshedding for the last couple of days.

In April this year, Minister of State for Petroleum Musadik Malik said that the masses cannot get gas 24/7, attributing a drop in the commodity’s reserves depleting as a major reason.

Pakistan is highly reliant on natural gas for energy, and with rising demand and insufficient supply, loadshedding has become a daily occurrence in many parts of the country.

Business

Pakistan’s textile exports rose by 9.51% to $4.520 billion.

Published

5 mins ago

Farwa

Pakistan’s textile exports had a 9.51 percent increase in the first quarter of the current financial year (2024-25) compared to the same quarter of the previous year.

The Pakistan Bureau of Statistics (PBS) reported that textile exports from the country amounted to US $4.520 billion during July-September (2024-25), compared to US $4.127 billion during the same period in the previous year (2023-24).

The textile goods that facilitated trade expansion comprised cotton fabric, whose exports rose by 10.20 percent to $523.63 million from $475.187 million, and knitwear, which experienced a 14.13 percent increase in exports to $1,268.908 million from $1,111.818 million.

Other commodities that experienced trade growth included bed wear, with exports increasing by 13.31 percent to $794.972 million from $701.570 million; towels, which rose by 7.04 percent to $261.316 million from $244.134 million; and tents, canvas, and tarpaulin, which grew by 5.43 percent to $28.796 million this year compared to $27.312 million last year.

The export of readymade garments increased by 23.17 percent to $996.831 million from $809.316 million; art, silk, and synthetic textiles rose by 15.79 percent to $96.482 million; made-up articles (excluding towels and bed wear) grew by 12.10 percent to $191.050 million from $170.422 million; and the export of other textile materials surged by 8.73 percent to $187.145 million from $172.112 million.

The textile commodities that had negative trade growth were cotton yarn, with exports decreasing by 48.45 percent, from $315.404 million to $162.579 million, while raw cotton exports fell by 100 percent from 6.621 million to zero during the reviewed months.

The export of yarn, excluding cotton yarn, decreased by 15.15 percent, from $10.096 million to $8.566 million.

In September 2024, textile exports experienced a year-on-year growth of 17.92 percent compared to the same month in the previous year.

Textile exports from the country in September 2024 amounted to US $1,604.481 million, compared to US $1,360.902 million in September 2023.

Textile exports from the country experienced a nominal decline of 2.40 percent in September 2024, compared to the $1,644.333 million reported in August 2024, according to PBS statistics.

Business

PIA is designated as the official airline of IDEAS 2004.

Published

10 mins ago

Farwa

PIA has been designated as the official airline of IDEAS 2024. The PIA will utilise its aircraft for the promotion of IDEAS 2024.

In this context, the emblems of IDEAS 2024 have been affixed to two Boeing 777 aircraft and two Airbus planes of Pakistan International Airlines.

The International Defence Exhibition and Seminar (IDEAS) 2024 is scheduled to commence from November 19 to 22 at the Karachi Expo Centre.

The government of Pakistan places significant value on IDEAS. The show draws several delegates and is perceived as a means to promote their local arms trade.

The inaugural IDEAS launch took place in 2000, serving as a platform to promote Pakistan’s indigenous arms manufacturing industry while allowing international suppliers to provide solutions for the needs of Pakistan’s tri-services.

The event, consistently held at the Karachi Expo Centre, attracted forty-five foreign delegations in its inaugural year.

Business

Gold prices in Pakistan approach an all-time high.

Published

1 day ago

Farwa

Following a substantial surge the prior day, gold prices in Pakistan are ascending to unprecedented levels with an additional gain on Thursday, coinciding with a rise in global precious metal rates.

The price of 24-karat gold in the local market rose by Rs700 per tola, reaching Rs277,900, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Likewise, the cost of 10 grams of 24-karat gold increased by Rs600, currently priced at Rs238,254.

Globally, gold prices exhibited an upward trend, increasing by $7 throughout the day. The APGJSA reports that the international gold price was $2,682 per ounce.

Notwithstanding the increase in gold prices, the silver market exhibited stability, with the price of silver maintained at Rs3,050 per tola.

In the previous month, gold prices in Pakistan reached an unprecedented high of Rs 277,000 a tola, driven by substantial gains in the worldwide market.