The government on Tuesday amended a policy in favour of Fauji Foundation to facilitate the acquisition of a stake in a power plant while revising its earlier decision to promote solar projects. The decision was taken by Finance Minister Ishaq Dar-led Economic Coordination Committee (ECC) of the cabinet. The ECC allowed equity investment of $4.9 million by Fauji Foundation for…
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With SBP reserves at approximately $4 billion, time is not far when there would be widespread shortages of essentials, if there are no inflows of dollars with IMF on board. On top of the list is energy products – especially petroleum. The country has stocks of around 30 days of diesel (HSD) and 18 days of petrol. Then there are…
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Petroleum Division has asked M/s Fauji Kabirwala Power Company Limited (FKPCL) to get consent of PPIB for supply of gas to its plant from Mari Petroleum Company Limited (MPCL). The decision was taken under the chairmanship of the Secretary, Petroleum Division, to deliberate the issues related to supply/ allocation of gas/RLNG to FKPCL’s power plant. The meeting was attended by…
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The Ex-Wapda Discos (XWDiscos) have caused a loss of Rs292 billion during financial year 2021-22 to the national exchequer on account of T&D losses and less recoveries, as NEPRA has termed the performance of power distribution companies throughout FY 2021-22, saying that under the given circumstances, the existing Discos set up would not be able to deliver. In its performance…
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The government has reportedly prepared three different financing structures to provide E-Bikes to interested persons, to be finalized after final approval of Economic Coordination Committee (ECC) and Federal Cabinet, well informed sources told Business Recorder. A high level meeting presided over by Prime Minister has directed Ministry of Industries and Production to finalize the policy for local manufacturing of E-Bikes latest…
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France will provide a loan of 28.5 billion rupees (120 million euros) for the Khayal Khor hydropower project, a 128 MW facility located in the city of Patan in Khyber Pakhtunkhwa (KPK). A press release issued by the French Embassy said that a financial agreement was signed between the two governments in Islamabad on Monday. The agreement was signed by…
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A high level panel has recommended transfer of powerhouses of hydropower projects to respective provinces on IPP mode and issuance of bonds/ promissory notes to offset liabilities of Wapda, well informed sources told Business Recorder. The meeting was held last year in January but its minutes could not be issued as the then Deputy Chairman Planning Commission misplaced papers. Dr Jehanzeb…
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Liu’s explicit pitch to global leaders gathered in Davos made it clear China wants international investors to play a key role in Beijing’s attempts to revive its slowing economy. “Foreign investments are welcome in China, and the door to China will only open up further,” Liu, a top economic tsar and confidant of President Xi Jinping, said. His speech to…
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Lahore University of Management Sciences (LUMS), held a two-day technology event in collaboration with Institute of Electrical and Electronics Engineers bracket (IEEE) Society, titled CodinGuru 5.0. in partnership with S&P Global Pakistan. This competition aimed to improve the tech quotient of the students and encourage ambitious and skilled coders to enhance their abilities. Senior Director Commercial S&P Global, Shafqaat H.…
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The monsoon season of 2022 brought forth the most devastating floods to Pakistan. Two of the country’s provinces received 8x more rain than their 30-year average, resulting in widespread destruction and loss of life. A study conducted by World Weather Attribution has found that human-caused climate change significantly increased the intensity of the monsoon rainfall that Sindh and Balochistan experienced…
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