China is ready to work for a closer partnership with Russia in the energy sector, Chinese President Xi Jinping was quoted as saying on Tuesday, days before the EU embargo on seaborne imports of Russian crude oil and the G7-EU price cap on Russia’s oil are set to enter into force next week. “Energy cooperation is an important cornerstone of…
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Federal Power Minister, Khurram Dastgir Khan, has said that every new wind power project launched in the Gharo-Jhimpir corridor of Sindh is a step forward towards achieving the national goal of producing cheaper and clean electricity through indigenous energy sources.The Federal Power Minister stated this on Wednesday after formally inaugurating two new wind energy projects in the Jhimpir area i.e.…
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The National Electric Power Regulatory Authority (Nepra) on Tuesday indicated a power tariff reduction of Rs0.32 per unit on account of fuel cost adjustment for October 2022. The regulator conducted a public hearing to consider a proposed reduction in tariff and said that the consumers of all power distribution companies would get a relief of Rs3.3 billion. Nepra said that…
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Consumers of diesel are not likely to see any relief from the government as it may decide to increase the rate of the petroleum levy (PL) from December 1, 2022. Finance Minister Ishaq Dar is also expected to maintain the existing oil prices for the first two weeks of December 2022. With the recent increase in PL on petrol and…
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The government on Tuesday approved a subsidy of Rs3.6 per unit for agriculture tube wells but increased tariff rate by Rs3.21 per unit for K-Electric’s (KE) residential consumers, in a move that shows hard choices between populist measures and meeting International Monetary Fund’s (IMF) requirements. The Economic Coordination Committee (ECC) of the cabinet that took these decisions also allowed imposition…
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China-Pakistan Economic Corridor (CPEC) energy projects have improved the electricity sector in Pakistan and contributed to economic growth by increasing power supply with high efficiency and at lower cost, remarked Tauseef H Farooqi, said Chairman of National Electric Power Regulatory Authority (Nepra). According to Farooqui, total installed capacity of CPEC energy projects, including that of coal, wind, solar and hydroelectric…
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Engro Polymer & Chemicals Limited (EPCL) has entered into an interim agreement with Sui Southern Gas Company Limited (SSGC) for supply of gas till February 28, 2023, a statement said on Tuesday. The price would be charged to EPCL at a rate on industrial/commercial pricing notified by the Oil and Gas Regulatory Authority (OGRA), EPCL informed the Pakistan Stock Exchange…
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The country is likely to face a shortage of POL products as the import of essential chemicals — required by the refineries to process the crude oil — is in jeopardy due to the ongoing US dollar liquidity crisis. “The LC for the import of chemicals critical for refinery operations is not being opened and this situation may lead to…
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Europe’s campaign to quit Russian fuelis designed to punish Moscow for itsinvasion of Ukraine. It’s also wreakinghavoc thousands of miles away fromthe conflict, plunging Pakistan intodarkness, undermining one regime andthreatening the stability of thecountry’s new leadership.A decade ago, the world’s fifth-most populous country took specific steps toinsulate itself from the kinds of violent price spikes that are roiling the markettoday.…
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The Pakistan government has steeply hiked petroleum prices to implement the tough preconditions set by the International Monetary Fund (IMF) to revive the stalled USD 6 billion bailout package for the cash-strapped country. Prices of all petroleum products went up by about Rs14-19 per litre after the decision came into effect from midnight on Thursday. According to a notification issued…
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