China’s energy crisis is shaping up as the latest shock to global supply chains as factories in the world’s biggest exporter are forced to conserve energy by curbing production. The disruption comes as producers and shippers race to meet demand for everything from clothing to toys for the year-end holiday shopping season, grappling with supply lines that have been upended…
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Byco Petroleum Pakistan Limited (Byco), Pakistan’s largest vertically integrated oil refining company, today reported financial results for the year ending June 30, 2021. Despite tough business conditions, the company earned revenue and gross profit of Rs. 142.1 billion and Rs. 8.1 billion respectively during the twelve months, from Rs. 173.8 and Rs. 2.9 billion last year. The net profit climbed…
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Pakistan government has launched a multi-billion dollar project in the coastal city of Karachi under the China-Pakistan Economic Corridor (CPEC). Karachi Coastal Comprehensive Development Zone (KCCDZ) was described as a game-changer for Pakistan. The direct Chinese investment is expected to be around US$3.5 billion. It is an initiative of the Ministry of Maritime Affairs. Spread over 640 hectares or 1,581…
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The rise of gas prices could act as a catalyst for oil demand and thus more cargoes for oil tankers, should more countries opt for oil-based supplies for their winter needs. A cold winter could also play its part. In its latest weekly report, shipbroker Gibson said that “the current strength in gas prices is having major ramifications for global…
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According to media reports, the sixth review talks with the International Monetary Fund (IMF) have been scheduled for 4 October. If successful, subsequent to approval by the Fund’s Board, 750 million SDRs would be disbursed which are at present regarded as critical to generating the 14.7 billion dollar external funding required at considerably more favourable terms and conditions to meet…
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The pledge by China’s president, Xi Jinping, on Tuesday to cease building new coal-fired power projects outside the country will be welcome news to environmentalists around the world. It came on the anniversary of Xi’s unilateral pledge for China to reach carbon neutrality by 2060. Last year Xi also promised that Chinese emissions would peak by 2030. “China will step up support for…
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The Asian Development Bank’s (ADB) Independent Evaluation Department (IED) has concluded that Investments in Renewable Energy Development Sector has remained less effective and less successful primarily because of design faults, and financial and operational issues of the overall power sector. IED of Asian Development Bank issued a Validation report where it was highlighted that Multiple facilities to the tune of…
Read MorePakistan Friday called for boosting progress towards achievement of a United Nations Sustainable Development Goal (SDG) that calls for ensuring access to affordable energy worldwide. Speaking at a “High-Level Dialogue on Energy 2021”, convened by the UN Secretary-General to build a global roadmap towards the achievement of SDG No.7 by 2030 and net zero emissions by 2050, Foreign Minister Shah…
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Although the team, constituted by the company’s top management around two months ago, was supposed to complete the inquiry by Aug 20, it was unable to do so owing to the non-provision of record and resistance from various officers, Dawn has learnt. “A mafia has been ruling the country’s premier power transmission and despatch agency (NTDC) for the last three…
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The government is in the process of developing policies for selected sectors such as refineries and automobiles. Having well defined policies in any sector is the right approach to give right signal to investors, allowing government to seek investment in desired areas. However, policy formulation is becoming weak in Pakistan, as modus operandi is extremely ad-hoc. Discussions take place with…
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