ISLAMABAD: The government has deferred the constitution of an inquiry commission and release of the report on the power sector for two months in what appears to be an attempt to convince the Independent Power Producers (IPPs) to settle the issue through negotiations. According to documents, “In order to provide a chance of meaningful negotiations with the Independent Power Producers (IPPS),…
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The uneasy truce that settled over oil markets this month as some of the world’s largest producers began cutting output belies the raging competition among exporters seeking to preserve their share of a diminished market. Saudi Arabia, the world’s biggest exporter, appears to be winning the fight for sales as it slashes prices for its crude. Producers globally are struggling…
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ISLAMABAD: The Economic Coordination Commit-tee (ECC) of the Cabinet will meets on Wednesday (today) to consider a heavy agenda including more than Rs1.1 trillion worth of restructuring of the power sector debt. To be presided over by Finance Adviser Dr Abdul Hafeez Shaikh, the ECC is also expected to set an intervention price for cotton crop 2020-21, take stock of…
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ISLAMABAD: Mystery shrouds the exploration of shale oil and gas reserves in the country as drilling has been suspended by Oil and Gas Development Company (OGDC). Earlier, OGDC had entered into a joint venture with Italy’s Eni and ExxonMobil of the US and undertook offshore drilling near the Karachi coast. However, the effort failed to bear fruit and did not find…
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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet which is scheduled to meet Wednesday (May 6) will approve conversion of Rs 136.5 billion debts of Power Holding Company Limited (PHPL) into public debt as per agreement with World Bank, sources in the Finance Division told Business Recorder. PHPL is a wholly-owned government entity, established for the purpose of securing…
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ISLAMABAD: The second phase of the China-Pakistan Economic Corridor (CPEC) would focus on industrial cooperation to explore business opportunities in textile, industry, agriculture, science and technology, tourism and other areas. This was decided in a meeting held between Board of Investment (BOI) Chairman Atif R Bokhari and Ambassador of China to Pakistan Yao Jing here on Tuesday. Chinese Ambassador Yao Jing…
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The National Transmission and Despatch Company (NTDC) spokesman has said that rehabilitation work on eight collapsed towers has been completed while power supply to three transmission lines — 220 kV Uch-Shikarpur, 220 kV Uch-Sibbi and 220 kV Guddu-Sibbi, has been restored. The towers were damaged due to heavy rains and windstorm during the third week of April in the Chattar…
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After re-classification of hydro power as a renewable energy technology, the Indian government is planning to mandate procurement from hydro power projects. According to media reports, the Indian government has proposed an amendment to the Electricity Act calling for the implementation of hydropower purchase obligation (HPO). If implemented, this new amendment will required electricity retailers to purchase a minimum percentage…
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ISLAMABAD: The government has reportedly decided to put on ice the inquiry commission on Independent Power Producers (IPPs) tasked to conduct a thorough probe and the release of the inquiry report for at least two months aimed at using the report as bargaining chip for a better deal on power tariff , well-informed sources told Business Recorder. The decision was…
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While the ongoing Covid-19 pandemic has engulfed an unprepared world there is the possibility of a silver lining in how we respond. As humans retreat under forced lockdowns, nature has made an eager and speedy comeback — rehabilitating, reenergising and reclaiming lost space while at the same time compelling us to recognise our extreme vulnerability to the destruction of the…
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