Month: January 2022

More than 1,500 pension funds, universities and other organizations around the world have announced that they will divest from fossil fuel assets, doubling from five years earlier and underscoring the surge in sustainable investing. These institutions have roughly $40 trillion in assets under management. The threat of divestment is one way to pressure corporations into addressing environmental, social and corporate governance issues. Divesting also shields holdings from the ESG risk of the asset values dropping when other investors pull out. The city of New York announced in late December that…

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German Ambassador to Pakistan Bernhard Schlagheck called on Water and Power Development Authority (WAPDA) Chairman Lt Gen (r) Muzammil Hussain yesterday. Speaking on the occasion, WAPDA chairman thanked Germany for its assistance for hydropower projects through KfW. He said that KfW and WAPDA have a history of strong relationship for development of the two sectors. Elaborating the innovative financial plan, devised for construction of its mega projects, he stated that WAPDA is undertaking a number of water and hydropower projects. The chairman also briefed the ambassador about successful launch of…

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Al Haj Automotive Pvt. Ltd (progressive assemblers and distributors of Proton Vehicles in Pakistan) and Euro Oil recently hosted an event at Royal Swiss Hotel to launch Proton Genuine Oil, powered by Petronas, for exclusive use in Proton Cars in Pakistan. Euro Oil is the exclusive distributor of Petronas in Pakistan. Petronas Lubricants have a strong presence internationally, powering high performance vehicles which include Formula1 cars, Moto GP, Dakar Rally and racing cars. The brand is available in 90 countries worldwide and is a leading name in the lubricant industry,…

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An agreement to this effect was approved between China-Pakistan Economic Corridor (CPEC) Authority and Chinese Ministry of Environment by the Federal Cabinet on Tuesday. This will help to resolve electricity issue in Gwadar. Recently, Planning Minister Asad Umar said solar panels would be provided in Gwadar with Chinese help and the project would be started in March. To support the Pakistani government, China will install 3,200 solar panel units in various houses in Gwadar. “The project is being carried out with direct help of China,” Asad Umar announced. He elaborated…

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The Public Accounts Committee (PAC) on Wednesday expressed concern over the performance of power distribution companies (DISCOs) and directed them to control transmission losses. A meeting of PAC was held under the chairmanship of Anna Tanveer Hussain, wherein they reviewed the audit objections of the Ministry of Energy. The committee members raised the issue of rising electricity bills. Presenting her electricity bill, Jamiat Ulema-e-Islam-Fazl (JUI-F) MNA Shahida Akhtar Ali said that 174 units were used but she was charged Rs8,000. “Why do people get punished for faulty feeders or stolen…

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The total petroleum and lubricant sales clocked-in at 1.51million tonnes in December 2021, depicting a decline of 6 per cent on a year-on-year basis, a research report by Arif Habib Limited showed. The decline in sales volume is attributable to lower Furnace Oil (FO) requirement amid slowdown in FO based power generation, as the sales declined 14 per cent on a month-on-month basis. The FO volumes in December 2021 clocked in at 0.13 million tonnes, down by 47 per cent on a year-on-year basis and 28 per cent on a…

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Two Independent Power Producers (IPPs) namely, Attock Gen Ltd (AGL) and Sapphire Electric Company Ltd (SEL) have served payment notices to GoP, which, according to Managing Director, PPIB will have serious consequences for the CPPA-G besides having adverse effect on GoPs guarantee obligations, well informed sources in PPIB told Business Recorder. PPIB Managing Director in a letter to CEO CPPA-G has stated that pursuant to Section 1.5.1 of the respective guarantees of September 25, 2007 and June 20, 2007 read with Section 16.9 of the respective Power Purchase Agreements (PPAs), Attock…

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Privatisation Commission (PC) has failed to find suitable Financial Advisers for the proposed transaction of power Distribution Companies (Discos) in one year, well informed sources in PC told Business Recorder. Sharing the details, sources said after approval of CCoP/ Cabinet for engaging Private Sector in management of Discos, the Expression of Interest (EoI) for hiring of Financial Advisory Consortium (FAC) for the transaction was floated in the national/ international press in September,202l. In response, only two Consortiums showed their interest but pre-qualification Committee did not find them suitable for the…

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