China is in the middle of a huge power crunch as extreme weather, surging demand for energy and strict limits on coal usage deliver a triple blow to the nation’s electricity grid. It’s a problem that could last for months, straining the country’s economic recovery and weighing on global trade. Several Chinese provinces have said they are facing a power…
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The National Electric Power Regulatory Authority (Nepra) on Tuesday said that government had not taken it into confidence while taking the decision to shut down the LNG terminal. The regulator is likely to reduce power tariff by 28.66 paisa per unit for the month of May under Fuel Charges Adjustment (FCA). Presiding over hearing on the petition of Central Power Purchasing Agency…
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The Ministry of Energy has blamed an LNG terminal operator for installing an old Floating Storage and Regasification Unit (FSRU) on a new terminal, which has been damaged and has to be shut down for seven days. In a statement, the Ministry of Energy said that a used FSRU was installed by the previous government in March 2015. It was…
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Bestway Cement and Reon Energy Limited today energized 14.3 MW captive Solar Power Project at Farooqia, Khyber Pakhtunkhwa. The Solar Photovoltaic Plant is part of around a 50 MW project deal dispersed across Bestway’s four locations i.e., Farooqia, Chakwal, Kallar Kahar and Hattar. The deal between Bestway and Reon is the largest distributed energy project in the region to date. The project is owned and financed by Bestway. The Solar PV project is expected to produce approximately 78,385 MWh (Megawatt hours) annually. The output energy will be used on-site resulting in substantial…
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Hubco, Pakistan’s largest IPP has announced the appointment of Kamran Kamal as its new CEO. Kamran has succeeded Khalid Mansoor who led the company for eight years. Kamran has already been a part of Hubco for the past 6 years as the CEO of Laraib Energy Limited, a hydel subsidiary of the Company. Previously, he held the position of Vice President China Power Hub…
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Chevron Corporation CVX CFO Pierre Breber recently stated at a Reuters conference that the firm has no intentions to downsize its oil and gas operations in favor of wind and solar energy. Breber said during the press meet that the firm will spend $3 billion over the next seven years on technology to eliminate hazardous emissions from its activities instead…
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The local steel industry has claimed that the shortage of raw material in the international market was one of the major reasons behind the increase in the cost of steel, adding that the current situation is beyond the control of steel makers. According to Pakistan Association of Large Steel Producers (PALSP), during the last and current fiscal year (FY20 and…
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The petroleum division on Tuesday said it is beefing up supply of furnace oil through enhanced capacity utilisation of local refineries and arranging import of about 250,000 tonnes of oil to meet energy shortfalls next month. In a statement it said that for the period of fuel shortage arising out of dry docking of an LNG (liquefied natural gas) terminal,…
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The Petroleum Division has chalked out a plan to control the shortage of Liquefied Natural Gas (LNG) under which Terminal-II will provide a maximum 600 Million Cubic Feet per Day (MMCFD) re-gasified LNG during the closure of Terminal-1. In a statement on Tuesday, the division said that normal supplies from the first terminal will resume from July 5, and the…
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Pakistan and the Islamic Development Bank (IDB) on Monday signed a $4.5 billion framework agreement for a commercial loan to finance oil and gas imports amid only 55% utilisation of a similar three-year facility. The International Islamic Trade Finance Corporation (ITFC) signed the three-year framework agreement for a cumulative amount of $4.5 billion with Pakistan in order to provide financing…
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