ISLAMABAD: Pakistan will be having a mammoth monetary benefit of Rs10-11 trillion in the next 25-30 years time, once the PTI government succeeds to get the Power Purchase Agreements (PPAs), having capacity to generate 22,000 MW of electricity, amended with material changes in consultation with the IPPs. So far, the government has signed MoUs with 53 IPPs, which will yield…
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The federal cabinet was briefed that over 2 trillion rupee subsidies, amounting to 4.5 percent of Gross Domestic Product (GDP), were budgeted for the current year. This amount includes grants to different sectors as well as potential losses on account of the energy sector circular debt (estimated at 2.3 trillion rupees at last count), guarantees and non-productive loans. The budget…
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When it broke earlier this year the ongoing pandemic was thought to stall the ongoing changes in global relations. Some people were hoping that the China’s march towards a leading role in international economy and politics as well as the newly evolving alliance between Russia and China would not be sustainable. But reality was different, the contrast between the dismal…
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A new World Bank study launched today suggests that Pakistan should quickly implement a major scale-up of solar and wind generation. The Variable Renewable Energy (VRE) Integration and Planning Study finds that Pakistan needs to urgently implement a major expansion of solar and wind (“variable renewable energy”, or VRE), to achieve a share of at least 30% of total capacity by 2030.…
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The Council of Common Interests (CCI) on Wednesday unanimously approved a project to costing around Rs350 billion curb malnutrition-induced stunting in the country. The project, “Tackling Malnutrition-Induced Stunting in Pakistan”, is spread over a span of five years (FY 2020-25). The participants of the 43rd meeting of the CCI, chaired by Prime Minister Imran Khan and attended by the chief…
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ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Wednesday issued four notifications, determining the sale price of imported Regasified Liquefied Natural Gas (RLNG) for the months of August, September, October and November. According to a notification issued for the current month, the authority has fixed per Million British Thermal Unit (MMBTU) RLNG price at $7.6584 on the system of…
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Amid fast depletion of existing hydrocarbon deposits and increased energy demand, the Petroleum Division has constituted a team to conduct a forensic audit of the dry/shut-in wells drilled in different parts of the country by exploration & production (E&P) companies. According to sources, a four-member core committee has been constituted under the chairmanship of Dr Naseem Ahmed (ex-ED/MD OGDCL) to…
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In a landmark decision, the Oil and Gas Regulatory Authority (Ogra) on Wednesday decided to slash the unaccounted-for-gas (UFG) benchmark for liquefied natural gas (LNG) consumers, a move that would lead to a major reduction in prices. UFG is defined as losses and leakages of gas in systems of gas distribution companies, which they charge from the consumers. Earlier, Ogra…
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In a bid to qualify for the third loan tranche of International Monetary Fund (IMF) programme, Pakistan will have to amend two laws to give autonomy to the central bank and legal mandate to the power sector regulator for notifying new electricity prices. “Amendments to the National Electric Power Regulatory Authority (Nepra) Act and the State Bank of Pakistan (SBP)…
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The World Bank’s International Center for Settlement of Investment Disputes (ICSID) last year ordered Pakistan to pay damages of $5.84 billion to Tethyan Copper – a joint venture between Chile’s Antofagasta and Canada’s Barrick Gold – for blocking Tethyan from developing the Reko Diq copper asset after it had already sunk more than $220 million into the project in Balochistan.…
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