The Khyber Pakhtunkhwa (KP) government has recently decided to set up a provincial grid company, a decision being widely hailed as a move in the right direction by high ups in the province. If the plan is successful, KP will become only the second province to be granted a provincial grid company license, with Sindh being the first. Before getting…
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ISLAMABAD: Amid tight demand-supply conditions of high-speed diesel during the wheat harvesting season, the government has asked the oil marketing companies and refineries to beef up supplies of major transport fuels ahead of Eidul Fitr. In an advisory issued on the weekend, the petroleum division directed “all OMCs to enhance their logistics movement from Karachi to upcountry locations so that…
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The COVID-19 pandemic is casting a shadow over the world of a possible economic recession which could be even worse than the one a decade ago, scholars said during the 2020 Tsinghua PBCSF Global Finance Forum held in Beijing on Saturday, calling for global approach and preparation for a long and bumpy recovery. “I don’t think we are at the…
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Pakistan will soon start production of the antiviral drug remdesivir, which has shown promise in treating the novel coronavirus, the country’s top health official and a pharmaceutical company’s chief executive announced on Friday. Production should start “within weeks,” said Osman Khalid Waheed, the chief executive of Ferozsons Laboratories Ltd, which will produce the drug. He spoke at a news conference…
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KARACHI: Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Siraj Kassam Teli has urged the Sindh Government to completely do away with the ongoing lockdown at least during the last week of Ramadan ul Mubarak in which all the shops and shopping malls be permitted to operate 24-hours a day, which would not only…
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ISLAMABAD: The National Power Regulatory Authority (Nepra) sees cash injection to ease circular debt in the power sector as a stopgap measure and ineffective until privatisation is promoted to break monopoly of state-run entities and rid consumers of higher energy costs. Nepra said measures such as injection of cash in the sector would only provide temporary support as long as…
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The circular debt, higher transmission losses and inefficiency of power firms continued to haunt the power sector in financial year 2018-19, reveals a report released by the National Electric Power Regulatory Authority (Nepra). The power sector regulator, in its annual Industry Report 2019, called for retiring all inefficient state-run power plants and privatising all power distribution companies. Nepra observed that…
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Russia is seeking direct award of a construction contract for the $13 billion Diamer Bhasha Dam in a government-to-government deal without resorting to international competitive bidding, sources say. Faced with water and power shortages, Pakistan is looking for funds from China and Russia, who in turn want a government-to-government deal without international bidding. The government’s search for funds came after…
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The Global Wind Energy Council (GWEC) has published its first quarter wind auction database under its Market Intelligence’s services. The database reveals that from January to April 2020, a total of 3.35 GW of wind power capacity was auctioned, with 2.1 GW in Europe and the remaining 1.2 GW in Asia. It also stated that during the same period in…
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With an aim to provide relief to cash strapped power distribution companies (Discoms), the government has taken a slew of measures to help them, including providing a rebate for the lockdown period amidst the coronavirus pandemic. The power ministry’s move is in line with the Finance Minister Nirmala Sitharaman’s announcement on May 13, 2020, under the Atmanirbhar Bharat special economic…
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