FrieslandCampina, formerly known as Engro foods, is going to set up a solar park on 15 acres of land with a capacity of producing 2.5mw of electricity as a part of its efforts to put all its operations at Sahiwal plant on clean and green energy. Currently the plant, producing both milk and ice-cream, is generating power through furnace oil/gas…
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Oil producer Oman warned Thursday that crude prices could soar to $200 a barrel as it criticised the International Energy Agency’s ambitions of halting new fossil fuel projects to combat climate change. The IEA called in May on for a halt to new investment in oil, gas and coal extraction in order to boost chances of holding down the dangerous…
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The transition to a lower-carbon economy offers huge economic potential and the middle East and North Africa (MENA) region has the experience and resources to unlock this potential, according to Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC). Speaking at the Ministerial…
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The Independent Evaluation Office (IEO) of the International Monetary Fund (IMF) stated that case studies highlight the need for more cautious assumptions on feasibility and growth payouts of structural reforms in Pakistan. KARACHI: Minister for Industries and Production Makhdoom Khusro Bakhtiar on Thursday met with the KE’s senior management at the company’s Bin Qasim Power Complex in Karachi to review…
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The IEO has released its report “Growth and adjustment in IMF-supported programmes”, which assesses how well IMF-supported programmes have helped to sustain economic growth, while delivering adjustment needed for external viability. It focuses on the IMF financing arrangements over the period 2008-19, under both the General Resources Account (GRA) and the Poverty Reduction and Growth Trust (PRGT). While the evaluation…
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Many publications report on a new scientific study showing that most fossil fuel reserves owned today by countries and companies must not be extracted if the world is to achieve its climate targets. According to the Guardian, 90% of coal and 60% of oil and gas reserves should remain in the ground if there is to be “even a 50%…
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The Indicative Generation Capacity Expansion Plan 2021-30, approved by the Council of Common Interests (CCI), has already run into troubles with Sindh considering raising it at the next joint session of parliament and, if needed, going to court about it. But that much was expected when the government pressed for giving hydel projects the lead in the country’s energy mix…
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Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar on Wednesday told officials of the Petroleum Division to ensure supply of re-gasified liquefied natural gas (RLNG)/ locally produced gas to fertiliser plants to enable them to meet the urea production target. “This will ensure timely availability of fertilisers to farmers and enhance the agricultural output to meet the requirement of…
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Industries and Production Minister Makhdum Khusro Bakhtiar has said that addition of 900MW in power generation capacity for Karachi is a gift for people and the industries. He said Prime Minister Imran Khan will inaugurate K-Electric’s Bin Qasim Power Station III project as soon as it’s completed. Mr Bakhtiar on Thursday met members of the KE’s senior management at the…
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The Oil Marketing Companies (OMCs) have decried their ‘unending audits’ ordered by the government as anti-investment and demanded improved security and better vigilance to check the menace of oil smuggling reportedly causing over Rs250 billion per annum revenue loss. Reacting to a letter from the Ministry of Energy Petroleum Division to 25 OMCs, including refineries, for audit of their 2020-21…
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