The government on Friday increased the defence budget for the outgoing fiscal year by nearly 6% to over Rs1.45 trillion in a bid to meet the needs of the armed forces, including their enhanced salary requirements. The decision to increase the defence budget by another Rs80 billion was taken by the Economic Coordination Committee (ECC) of the Cabinet that in…
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The business community has asked the government to exempt the industrial zones from electricity loadshedding, as the power crisis, all over the country, has worsened and the total shortfall has crossed the level of more than 6,500MW. Pakistan Industrial and Traders Associations Front senior vice chairman Nasir Hameed and vice chairman Javed Siddiqi, in a joint statement, said that all…
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Rapid transformation of farmlands nearby cities into housing schemes poses serious environmental challenge’ Karachi The rapid transformation of the farmland nearby cities particularly that in the vicinity of Karachi into urban housing schemes has emerged as one of the biggest environmental challenges in Pakistan.The issue of fast shrinking farmlands nearby urban centres of the country was raised by the concerned…
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LONGi Green Energy Technology Co., Ltd (hereinafter LONGi) has noted that BloombergNEF, a global third-party research provider, stated in its Q2 2022 Global PV Market Outlook that “the world’s largest module maker, LONGi, is […] off the list for Q2 2022 because it has a debt record from May 15, 2022.” The company feels it necessary to clarify the circumstances…
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Argentina, home to the world’s second-largest shale gas deposit, cannot help gas-starved Europe, which is scrambling to obtain non-Russian natural gas after Russia’s invasion of Ukraine. In fact, Argentina cannot even help wean itself off its energy import dependence in the short term despite the huge resources at the Vaca Muerte shale. The development of Vaca Muerta has hit various…
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The new windfall tax on profits of oil and gas companies in the UK is expected to cost the medium-sized North Sea-focused companies a total of $3.3 billion through 2025, according to investment bank Jefferies. Following months of rumors and indecision, the UK government announced last week a 25% Energy Profits Levy, commonly referred to as a “windfall tax”, as part…
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Secretary Energy and Electronics Syed Imtiaz Hussain Shah Wednesday said that timely completion of energy projects is a big challenge and Matiltan Hydropower Project 84MW would be completed in 2023. The Department of Energy, through its subsidiary PEDO, is working on several hydropower projects in Swat, of which 37 MW Daral Khuar Power House has been successfully completed, while Matiltan…
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China Power Hub Generation Company (Private) Limited (CPHGC) has approached Secretary to Prime Minister for resolution of issues of overdue receivables, revolving account and tariff adjustment/true-up. CPHGC is a 2X660MW (1320MW) coal based IPP established under the China Pakistan Economic Corridor (CPEC), located at Hub, Balochistan. The project achieved its Commercial Operations Date (COD) on August 17, 2019. The company…
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K-Electric may consider resuming load-shedding across its consumer network including the industrial zones, and may increase the duration of outages in the already affected areas to help people avoid default on monthly bill payments. “The cost of power production has gone beyond peoples’ affordability,” K-Electric’s Chief Marketing Officer Sadia Dada said while briefing media on Wednesday. “K-Electric may consider power…
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The power shortfall on Wednesday rose to an unprecedented level of 7,500 MW, triggering massive loadshedding of over 10 hours in urban areas and up to 18 hours in rural areas. Despite several claims made by the incumbent government to permanently solve the problem, the duration of power outages are yet to be curtailed. Instead, with every passing day, it…
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