August 19, 2020 -

Investigative team that saved Pakistan from $1.2bn penalty in Karkey case awarded Sitara e Imtiaz

August 19, 2020May 21, 2023 Admin

Sitara-e-Imtiaz, the highest civilian award, has been announced for the team comprising officers from the military whose efforts made the country proud internationally and saved the nation from a penalty of $1.2 billion. As per details, Brig Rana Arfan Shakeel Ramay, Lt Col Farooq Shahbaz, and International Dispute Unit Head Ahmed Irfan Aslam worked hard in gathering information from Swiss,…

HUBCO’s Narowal Energy Limited signs MoU with govt

August 19, 2020May 21, 2023 Admin

The Narowal Energy Limited_ a wholly-owned subsidiary of The Hub Power Company Limited (Hubco) under the 2002 Power Policy and the Committee for Negotiations with Independent Power Producers- constituted by the Federal Government has executed a Memorandum of Understanding (MoU). HUBCO informed that under the terms of the MoU the ROE/ROEDC rate shall be changed from current 15pc in US$…

RWE launches 2bn euro share issue to fund renewables drive

August 19, 2020May 21, 2023 Admin

BERLIN: German utility group RWE launched a bumper share issue to back its expansion into renewable energy, with part of the proceeds to pay for its $480 million purchase of wind turbine maker Nordex’s project development pipeline. The capital increase, representing an increase of 10% in RWE’s equity, will be placed with institutional investors via an accelerated bookbuilding process, RWE…

Is solar power the right choice for Pakistan?

August 19, 2020May 21, 2023 Admin

KARACHI: Pakistan has achieved surplus power production and projects in the pipeline will be more than sufficient to meet future demand. Therefore, authorities may divert the investment allocated to solar power projects to the transmission and distribution infrastructure. “Pakistan’s power production has become surplus. However, the country is still facing hours-long outages due to the crippling transmission and distribution network,”…

Kick-starting economy a challenge for Pakistan

August 19, 2020May 21, 2023 Admin

Pakistan’s economy has passed through a rough patch in the outgoing fiscal year. Some media commentators and analysts are of the view that there are early signs of recovery in the economy. There is a lot of noise about the accountability drive and the government has been pressurising the mainstream political parties on and off. On the economic front, the…

Euro-V fuel to help reduce pollution in Pakistan

August 19, 2020May 21, 2023 Admin

ISLAMABAD: Prime Minister Imran Khan is keen on addressing the challenges related to climate change and the introduction of Euro-V standard fuel in a short span of time shows the government’s commitment to reduce air pollution for a clean environment, said Petroleum Minister Omar Ayub Khan. At an event organised by Pakistan State Oil (PSO) to mark the upgrading of…

Pakistan reduces profit margins of IPPs

August 19, 2020May 21, 2023 Admin

KARACHI: The government has achieved a major breakthrough by reducing the price of electricity for end-consumers as power producers have agreed in principle to limit their profit margins and will no more be entitled to capacity payments in case power generation is not needed in future. In case the independent power producers (IPPs) earn a higher profit than the one…

‘Pakistan should benefit from emergency trade relaxations’

August 19, 2020May 21, 2023 Admin

KARACHI: The country should take full benefit of the relaxations under arrangement of special and emergency clauses allowed by the global trading system under World Trade Organisation, said Federation of Pakistan Chambers of Commerce and Industry Vice President Sheikh Sultan Rehman. Speaking at a webinar on “Covid-19: Trade and Trade Related Measures”, he said that the trade and trade facilitated…

Govt’s agreements with IPPs do not address circular debt, says Senate panel

August 19, 2020May 21, 2023 Admin

ISLAMABAD: A Senate panel was informed on Tuesday that latest memorandums of understanding (MOU) with power producers did not include circular debt. The committee was also informed that K-Electric had caused a loss of Rs144 billion to the federal government and is holding back Rs44bn of consumers’ money through stay orders. This was the crux of a meeting of the…