ISLAMABAD: With sub-optimal utilisation of earlier $4.5 billion worth of three-year financing framework, Pakistan and the International Islamic Trade Finance Corporation (ITFC) on Wednesday signed a $1.1bn trade financing facility for the current year. Under the Annual Financing Plan, “ITFC will mobilise trade financing of $1.1bn during the year 2021”, said an official statement after the signing ceremony. The financing…
Read MoreYear: 2021
Coal accounts for 32pc of total power generation in January
LAHORE: Coal-based power generation in January rose to the seven-month high of 2,560 gigawatt hours (GWh) as total generation from different fuels increased by 3.7 per cent to 8,079 GWh from 7,794 GWh a year ago and by 2.5 per cent from 7,880 GWh from the previous month. Coal power generation in the country peaked at 2,581 GWh in July…
Read MoreTraders, including Trafigura, supply Mexico with emergency LNG – sources
MEXICO CITY/NEW YORK (Reuters) – Oil trading firms, including Trafigura, are supplying Mexico with emergency cargoes of liquefied natural gas (LNG) to overcome a power crisis caused by interrupted U.S. natural gas supplies, three sources close to the purchases said. Mexico’s state-run power company Comision Federal de Electricidad (CFE) last week resorted to LNG imports as natural gas supplies from…
Read MoreReon announces completion of solar project
Reon Energy Limited on Monday announced completion of its 3.73MW captive solar power project for G&T Group in Karachi and Balochistan. The solar photovoltaic plant is the largest bi-facial PV rooftops in the country. The 3.73MW photovoltaic project is expected to produce approximately 6,152MWh (megawatt hours) annually. The project is dispersed across several locations, including Gatron in Hub, Mustaqim Dyeing…
Read MoreScatec and Nizam Energy close financing for solar plant in Pakistan
Renewable developer Scatec and local partner Nizam Energy have secured a $100m financial closure for a solar project in Pakistan. The closure comes after the Dutch development bank FMO, Faysal Bank, Bank of Punjab, and PAK Kuwait Investment signed credit agreements for the non-recourse debt financing agreement. The credit facilities will cover up to 75% of the total cost of…
Read MorePakistan attracts over 50% of BRI’s renewable
he Green Belt and Road Initiative Center has released China BRI Investment Report 2020 which says overall Pakistan attracted more than 50% of renewable energy investments (47% of which in hydropower). According to Gwadar Pro, the highlights of this report is that renewable energy investments (solar, wind, hydro) constitute the majority of Chinese overseas energy investments – increasing their share…
Read MorePower generation up 4pc in Jan
KARACHI: Total electric power generation in January 2021 surged 4.0 percent to 8,079GWh compared with 7,794GWh in January 2020, data issued by National Electric Power Regulatory Authority (NEPRA) suggested on Monday. “In light of the shortage of domestic natural gas and the surge in RLNG prices globally, the return of furnace oil (FO) in Pakistan’s power sector was not only…
Read MoreMari Petroleum’s profit jumps to Rs7.33b
Owing to a notable decline in other expenses and a modest rise in revenue, Mari Petroleum’s profit rose up from 0.68% to Rs7.33 billion in the quarter ended December 31, 2020. Mari Petroleum is an integrated exploration and production company, currently managing and operating Pakistan’s largest gas reservoir (in terms of remaining reserves) at Mari Gas Field, Daharki, Sindh. It…
Read MoreCurrent account deficit at $229m
Pakistan recorded a current account deficit – higher foreign expenditures compared to income – for the second successive month in January at $229 million mainly due to increase in import of food items, industrial raw material and machinery. The growth in imports – mainly of industrial goods and machinery – indicates expansion in businesses and growth in economic activities in…
Read MoreOil rises with storm-hit US output set for slow return
Oil prices rose on Monday as the slow return of US crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the Covid-19 pandemic. Brent crude was up $0.51, or 0.8%, at $63.42 a barrel by 0945 GMT, after gaining nearly 1% last week. US oil rose…
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