A delegation of Russian businessmen led by Sergey Savchuk, CEO, CC RusWelding called on Board of Investment (BOI) Chairman Atif Bokhari to discuss investment opportunities in Pakistan. The delegation briefed about their projects related to water desalination and conversion of solid waste to energy, which they intend on setting up in Karachi. They also spoke about developing an engineering center…
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Pakistan Refinery Ltd (PRL) is looking to buy a second-hand refinery complex to upgrade its operations and increase output to help meet rising demand for petroleum products as the country emerges from a pandemic-driven slump. The South Asian country currently has five refineries with a total capacity of 417,000 barrels per day (bpd), according to Pakistan’s 2020 economic survey, the…
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Shell Pakistan on Friday organised a webinar to look at the global transformations taking place in the energy sector due to the Covid-19 pandemic and its resultant impact on demand. Head of Shell Scenarios and Vice President of Global Business Environment Jeremy Bentham was the keynote speaker at the event titled “The Energy Transformation Scenarios”. “The COVID-19 pandemic is having…
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Pakistan is set to become the world’s 23rd biggest economy by 2040 based on its predicted gross domestic product (GDP) rank which currently sits at 39th position, according to a United States intelligence report, which is issued every four years. The assessment was included in this year’s Global Trends report by US National Intelligence Council (NIC), which is designed to help policymakers…
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Pakistan needs economic transformation by redefining resource allocation and incentive structure, said Federal Minister for Planning, Development and Special Initiatives Asad Umar. Addressing a seminar on Friday, Umar said that deeper understanding and new levers are needed to trigger growth, and the most important function of the government is to provide policy signalling, a framework for competitiveness and supportive regulatory…
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The country’s development and defence budgets have shrunk significantly over the past two years and spending at a reduced level will remain almost flat in the medium term, that is until 2026, in line with fiscal consolidation measures under the ongoing International Monetary Fund (IMF) programme. Documents released by the IMF after revival of its programme about two weeks ago…
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The National Electric Power Regulatory Authority (Nepra) on Friday approved reduction from 17 to 12-13 per cent in the Return on Equity (RoE), Return on Equity during Construction (RoEDC), Operation & Maintenance and Insurance components of a total of 12 renewable independent power producers (IPPs) under renegotiated tariff contracts with the government. The regulator said the reduction in tariffs will…
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A year after the COVID-19 pandemic, the construction sector has shown robust growth and contributed to the revival of economic activity in Pakistan. The housing and real estate activity has taken off on the back of an incentive package and low-cost housing projects announced by the government. Till October last year, a total of 127 projects had been registered at…
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The Safety Day was observed all over the country on Thursday to highlight the issues of Electricity/Wapda workers. The Safety Day was observed under the aegis of All-Pakistan Wapda Hydro Electric Workers Union CBA for the safety of field staff working on electricity lines, grid stations and power houses. Recently, two linemen died of electrocution on Faisalabad Road sub division…
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ISLAMABAD: The federal government has assured the International Monetary Fund (IMF) that it will further increase power base tariff by Rs 1.39 per unit from June 1, 2021 in addition to quarterly and monthly adjustments while acknowledging that adjustments of energy tariffs brought them closer to cost recovery. This was disclosed in the second to fifth staff reviews under the…
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