As Pakistan eagerly awaits the delayed IMF review, it is almost certain that it won’t come without the authorities agreeing on revised targets on petroleum tax revenues for the rest of the year. With the petroleum demand going down by 20 percent year-on-year in 1HFY23, largely due to increased retail prices, the tax collection on HSD and petrol is expected…
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A three-member official delegation of the petroleum division headed by State Minister Musadik Malik has left for Saudi Arabia to attend the Future Mineral Forum (FMF), which will be held on January 10–12 in Riyadh. The petroleum secretary is also part of the delegation, a senior official of the energy ministry told The News, here on Monday. Saudi Arabia is…
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National Electric Power Regulatory Authority (Nepra) on Monday witnessed a heated debate on Request for Proposals (RFP) for establishment of 600-MW solar power plant by the federal government at Muzaffargarh and Sindh government; Nepra feared that the period of 25 years for the project life is too long. Both the hearings were officiated by Chairman NEPRA, Tauseef H Farooqi; Member…
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Depending on who you ask, pumped hydro energy storage is either the future of the clean energy industry and the key to decarbonizing the global economy, or it’s an ecological disaster that needs to be stopped. The truth, of course, lies somewhere in between – but friends and enemies of pumped hydro tend to espouse either one narrative or the…
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The digitalization of oil and gas has been well documented, with pretty much all energy majors adopting AI, machine learning, and other innovative technologies to improve their operations. But what role does artificial intelligence play in renewables? Just as in oil and gas, AI is being adopted for use in wind, solar, and other green energy projects to improve efficiency…
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US investment bank Goldman Sachs expects Brent crude to trade at $105 a barrel by the fourth quarter of 2023, driven by a “solid” growth in global oil demand. It expects oil demand to grow by 2.7 million barrels per day this year and said the market would be back in a deficit in the second half of 2023. This should allow the Opec+…
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The value-added textile exporters on Monday slammed the coalition government of Pakistan Democratic Movement (PDM) for permitting the import of “luxury BMW cars” amid economic crisis, saying that the government’s inattention has brought the export sector to a disaster. The incumbent government lacks a clear direction and its “casual” conduct has brought a disaster to the industrial sector and sabotaged…
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Prince Mohammad bin Salman also direct to increase the deposit in Pakistan central bank Saudi Arabia working on plan to invest $10 billion in Pakistan Prince Salman also asked to increase deposit to $5 billion Already Saudi Arabia has rollover $3 billion for Pakistan till December 2023 Fresh inflows of $2 billion expected from Saudi Development Fund Geneva announcement Yesterday…
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Several reservations were expressed by representatives of the Punjab and Khyber- Pakhtunkhwa (KP) provinces on Monday, over the federal government’s plans to float bids for 6,000MW solar-powered projects. The federal government had recently approved a document to start the bidding process. These objections were raised at a public hearing organised by the National Electric and Power Regulatory Authority (NEPRA) on…
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Experts at the launch of the Sustainable Development Goal-7 (SDG-7) Roadmap for Pakistan stressed the need for decarbonising the energy sector by reducing emissions, increasing energy efficiency, and also the share of renewable energy possible through vigorous advocacy and awareness campaigns across the country. The launch was jointly organised here by the UN Economic and Social Commission for Asia and…
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