ISLAMABAD – Prime Minister Shehbaz Sharif said the signing of Memorandum of Understanding (MoU) for 1200 Megawatt Chashma-V Nuclear Power Plant was a great step forward of economic cooperation between Pakistan and China.Addressing the MoU signing ceremony in the federal capital, he said the project would be started without any further delay.He said under difficult economic situation, Pakistan was up…
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June 19, 2023: Neelum Jhelum Hydel Power Station is likely to resume electricity generation by the end of next month as hectic efforts are underway to complete the remedial works being carried out in tail race tunnel of the project. This was crux of the briefing given to Chairman WAPDA Engr Lt Gen Sajjad Ghani (Retd) by the management during his…
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Vienna, Austria, 19 June 2023 – The OPEC Fund for International Development (the OPEC Fund) today signed an agreement with the International Renewable Energy Agency (IRENA) to join the Energy Transition Accelerator Financing (ETAF) platform, a global initiative that seeks to mobilise funds for renewable energy investments. The OPEC Fund plans to support the platform with up to USD 250 million financing until…
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ISLAMABAD: The government has decided to commemorate decade of China Pakistan Economic Corridor (CPEC) early next month both in Pakistan and Beijing, well-informed sources told Business Recorder. China has invested billions of dollars in the CPEC projects in first phase across the country, especially in power sector and infrastructure. The Ministry of Planning, Development and Special Initiatives (PD&SI) has prepared a…
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ISLAMABAD: Turkish firm M/s Zorlu has shown interest in acquiring stakes in power Distribution Companies (Discos) especially in Lahore Electric Power Company (Lesco), well-informed sources told Business Recorder. The federal government is already developing bidding documents of Discos, aimed at handing over to the respective provinces which have already conveyed their intentions to take them over with come conditions. Privatisation Commission…
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June 19, 2023 (MLN): Pertaining to Shell PLC’s announcement to exit Pakistan, intense speculation has been sparked about the potential buyer who will acquire Shell PLC’s stake in the country. Amidst the uncertainty, all eyes are now focused on Saudi Wafi Energy Co., which made headlines with its agreement to enter the Saudi mobility market via trademark licensing with Shell Global…
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ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, announced the signing of an Engineering, Procurement, and Construction (EPC) contract with Energy China Group Corporation (CEEC) for a solar photovoltaic (PV) project in Tashkent, Uzbekistan. The Power Purchase Agreement of the project has been signed earlier in March 2023, between…
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ISLAMABAD: Efforts are underway at the Neelum Jhelum hydel power station to complete the necessary remedial works in the tail race tunnel, with the aim of resuming electricity generation by the end of next month. Chairman of the Water and Power Development Authority (WAPDA), Lt Gen Sajjad Ghani (Retd), was briefed on the progress during his visit to the project…
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ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has proposed a rigorous imprisonment of up to 10 years or a fine of Rs10 million on the oil marketing companies or private parties which commit the unauthorised storage and handling of petroleum for the purpose of sale, resale, transport or distribution to any consumer. The Pakistan Penal Code (Amendment) Act 2023,…
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ISLAMABAD: The government has constituted a committee to negotiate the draft Framework Agreement between UAE and Pakistan under Inter-Governmental Commercial Transaction Act 2022 for operating Pakistan International Container Terminal (PICT). The Cabinet Committee on Inter-Governmental Commercial Transactions (CCOIGUI ) also considered the summary of the Ministry of Maritime Affairs about the management of operations of the PICT and was informed…
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