KARACHI: Fun fact: between 1960 and 1990, Pakistan’s GDP growth was higher than that of South Asia for all but just five years. In the last 30 years, however, it has been higher in only two annual readings, according to World Bank data. A remarkable reversal for a country that posted its highest population growth rate in the 1980s, suggesting…
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In a release Colorado, U.S.-based Transitional Energy announced it has received a $500,000 Advanced Industries Grant from the Office of Economic Development and International Trade (OEDIT). OEDIT provides these grants to proof-of-concept and early stage companies to support the commercialization of innovative technologies and products that support the Colorado economy. Transitional Energy will use these funds to support the development…
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ISLAMABAD: The crucial round of talks between the government and IPPs to turn the MoUs into amended Power Purchase Agreements (PPAs) will start from tomorrow (Tuesday) on Payment Mechanism of dues that has been finalised by top notches of the Power Division and finance ministry with the World Bank, a top official of the Power Division told The News. “As…
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More than 1400 students, engineers and energy-sector professionals from Pakistan, South Asia and across the globe participated in the first ever digital job fair during the pandemic time. This two-day event is organized byWomen In Energy Pakistan (WIE) in partnership with fellow women-led communities,Women Engineers Pakistan, Women In Tech PK, and Code Girls, to promote workforce participation of women in…
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Minister for Planning, Development and Special Initiatives Asad Umar Monday said that review in agreements with Independent Power Producers (IPPs) would help reducing the per unit price of electricity by over Rs 1.4. In 2022, the price would go down by Rs 0.74 while in 2023, it would be cut by Rs 0.66 per unit, the Minister said while talking…
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A short boat ride from the shores of Karachi, stately mangrove trees hug the quiet shores of an island inhabited solely by a few camels that environmentalists say provides vital coastal protection to Pakistan’s largest city. But the calm of Bundle Island is at risk, with Prime Minister Imran Khan determined to turn it into an enormous real-estate project to…
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Australia-based iron ore giant Fortescue Metals Group Ltd plans to start producing renewable energy from wind, solar, hydrogen, and ammonia in 2022 or 2023, with an ultimate goal to have as much as 236 gigawatts (GW) of clean energy capacity, founder and chairman Andrew Forrest told Bloomberg in an interview on Monday. Fortescue Metals Group, set up in 2003, currently…
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Libya’s National Oil Corporation (NOC) will not be transferring the revenues from crude oil sales to the Central Bank of Libya until the bank adopts transparent policies on the spending of those revenues, the Libyan state oil firm said on Monday. NOC was responding to a statement from last week from the Central Bank, which, the oil firm says, provided…
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Tanker owners had a blast in the spring: nations around the world went into lockdown, oil demand slumped, and hundreds of millions of barrels of excessive supply had to be stashed somewhere—offshore. Now, tanker rates are plummeting, and while industry insiders believe there is a light at the end of the tunnel, it is a long tunnel. The tanker market…
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Flagship project of Pak-Russia strategic partnership has been inked last week when a deal was signed for laying the Pakistan Stream Gas Pipeline (PSGP), formerly known as North South Gas Pipeline. Since indigenously produced natural gas contributes only 38% to Pakistan’s energy supply, huge shortfall is bridged by importing gas, especially during demand peaks in winter. Global paradigm is shifting…
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