China races to alleviate drought, power cuts amid record heatwave

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China is taking emergency action to bring more water to the drought-hit basin of the Yangtze River, deploying relief funds, seeding clouds and developing new supply sources as a record-breaking heatwave damages crops and livestock. The Ministry of Water Resources said in a notice on Wednesday that drought throughout the Yangtze River basin was “adversely affecting drinking water security of…

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Investors from Oman have expressed their keen interest in investment in Pakistan’s Railway Infrastructure Development and Power projects.

A delegation of Omani investors, under the chairmanship of Al Anvwar Asian Investments, Dr. Anwar Al Balushi, met with Minister for Board of Investment Chaudhary Salik Hussain in Islamabad and informed him about their possible investment. The delegation expressed their interest in the construction of a 1,087-kilometer-long rail track from Gwadar to Jacobabad, Sindh. Anvwar Asia Investment Company, which is…

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Oil industry gears up to tap U.S. climate bill for carbon capture projects

Tax credits in the $430 billion U.S. climate and tax bill set to be signed into law this week will kickstart carbon sequestration projects, say oil and gas proponents, offsetting startup costs for some of the anti-pollution initiatives. Carbon capture and storage hubs that take gases from chemical, power and gas producers and oil refineries have become the energy industry’s…

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Descon records high growth in revenues

Pakistan’s leading large-scale engineering company, Descon Engineering Limited (DEL), recorded significantly high growth in revenues on the back of major projects in domestic and overseas geographies as per its FY 2021-22 performance indicators. DEL engineered equipment for the Oil and Gas sector in Qatar, Iraq, Bahrain, UAE, Oman, Eastern Europe and Pakistan. It also engineered equipment for refineries in Saudi…

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Pakistan’s coal crisis looms large amid pending payments to Chinese plants

Even after clear orders by Pakistani Prime Minister Shehbaz Sharif, the country’s government is unable to resolve the key issues being faced by Chinese imported-coal fired power companies as over Rs 350 billion overdue bills for these plants are an obstacle in coal purchase for Islamabad. This comes at a time when coal prices have increased manifold. Business Recorder quoting…

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Beware of the subsidy trap!

Despite visible green shoots in the economy, the mounting political pressure seems to have pushed the government to the brink of once again falling in the subsidy trap and reversing all the gains, so painstakingly made, in the many last months. Things went out of control during the first three months of this regime for obvious reasons. The outgoing government,…

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