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…
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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,…
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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…
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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…
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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…
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The U.S. became the world’s No. 1 exporter of liquefied natural gas for the first time ever last month, as deliveries surged to energy-starved Europe. Output from American facilities edged above Qatar in December after a jump in exports from the Sabine Pass and Freeport facilities, according to ship-tracking data compiled by Bloomberg. Cheniere Energy Inc. said last month that…
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Venezuela doubled its crude oil exports to reach an average of 619,000 barrels a day during December despite US sanctions, Bloomberg reported. The US has imposed sanctions prohibiting its citizens from doing business with the Venezuelan oil sector — a move which saw exports from the South American country hit a 77 year low in 2020. The recent increase in…
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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…
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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…
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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)…
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