Under the federal government-backed initiative ‘Decade of Dam’, the Water and Power Development Authority (WAPDA) is currently working on multiple dam projects. According to the initial planning and framework of the initiative, these dams are expected to be completed by 2028. Projects that are already in the works include Diamer-Bhasha Dam, Mohmand Dam, Dasu Hydropower Project, Sindh Barrage, Nai Gaj…
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Rs100bn cost overrun likely to hit Dasu hydropower project In a shocking development, the country’s most important project — Dasu hydropower project’s stage -1 with the capacity to generate 2160 MW hydel electricity — has got delayed by three years, and the cost overrun cost is feared to have gone up by Rs100 billion. The project earlier scheduled to come…
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Amid severe LNG shortfall in the international market, Pakistan has issued a two-part tender seeking bid prices from well-reputed international LNG trading companies for a six-year agreement. Since the five-year LNG term agreement with GUNVOR expired in July 2022, the country’s fully-owned company Pakistan LNG Limited (PLL) has now released the tender for a term agreement for six years. Bids…
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The United Arab Emirates (UAE) is planning to invest one billion dollars in Pakistan’s economic and investment sectors, quoting an official source in Abu Dhabi the state news agency has reported. The move aims at exploring new investment opportunities, expanding bilateral economic relations and to enhance mutual cooperation in projects covering various sectors of the economy. The UAE investment will…
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Europe’s imports of Russian-sourced diesel spiked 13% last month as the continent struggled to wean itself off Moscow’s fuel in response to the war in Ukraine. Russian-sourced diesel to Europe outpaced non-Russian-sourced diesel by nearly 200,000 barrels a day, according to a report published Tuesday from Vortexa, which tracks energy commodities. Overall, Europe’s imports of Russian diesel increased a staggering…
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ISPR confirms Gen Bajwa received a telephone call from UAE President Sheikh Mohamed bin Zayed al-Nahyan Days after speaking to the US deputy secretary of state, army chief General Qamar Javed Bajwa has now reached out to Saudi Arabia and the United Arab Emirates (UAE) as part of efforts to ensure financial assistance for Pakistan. As the Executive Board of…
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Power Division is reportedly adopting stopgap arrangement strategy to retain the services of long-associated Managing Director, Private Power & Infrastructure Board (PPIB), Shah Jahan Mirza for at least six more months, well informed sources told Business Recorder. Shah Jahan Mirza was appointed as Managing Director, PPIB with effect from September 21, 2015 for a period of three years. He was granted…
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London Court of International Arbitration (LCIA) has validated Sui Northern Gas Pipeline Limited (SNGPL) stance against Quaid e Azam Thermal Power (Private) Ltd. (QATPL) over latter’s failure to offtake the take-or-pay quantities of Regasified Liquefied Natural Gas (RLNG) as per Gas Supply Agreement (GSA). A senior official of the company said on Friday the LCIA Arbitrator delivered its arbitral award…
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Local refinery sector has been expecting to post huge profit for the year ended June 30, 2022 due to high gross refinery margins (GRMs), which rose to $25 per barrel in the last quarter of the fiscal. However, these profits would not be translated into dividends for shareholders of these refineries listed on the stock market, The News learnt on…
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Pursuing a revenue target of Rs121 billion for the current financial year, the Water and Power Development Authority (Wapda) has requested the National Electric Power Regulatory Authority (Nepra) to increase the tariff of hydroelectric power by Rs0.47 per unit During a meeting held in this regard, Wapda requested that the average tariff of 21 plants should be increased from Rs3.68…
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