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Month: June 2023

Lesco tops the list: Zorlu eyes stakes in Discos

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Lahore-Electric

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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Saudi Wafi Energy Co: Potential front-runner to acquire Shell PLC’s stake in Pakistan?

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Shell-PLC

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 and Energy China Signs EPC Contract for Solar PV Project

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Energy-China

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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NJ station to resume generation by end-July

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power-sector

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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Rs10m fine sought for illegal oil storage

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oil-storage

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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Panel formed to discuss Pak-UAE draft deal for running container terminal

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Pak-UAE

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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IRSA negligence reduces chances of Mangla Dam reaching optimum level

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Mangla-Dam

LAHORE: The chances of Mangla Dam filling up to its optimum level have diminished following the Indus River System Authority’s (IRSA) inaction, an official said on Monday. Punjab’s reliance on Mangla Dam for meeting its irrigation requirements have resulted in lesser water storage in the dam. Referring to an assessment made by the Punjab Irrigation Department, the official said that…

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Tax Incentives To Supercharge U.S. Clean Energy Transition

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Clean-Energy

The U.S. Department of the Treasury and the IRS have released guidance on tax credits as part of the Inflation Reduction Act (IRA), which allows tax-exempt entities to engage directly in clean energy projects. The new guidance allows businesses without sufficient tax liability to sell their clean energy credits to a third party, thereby simplifying the financing for clean energy…

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13 energy projects cleared amid poor bidding response

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power-sector

ISLAMABAD: The federal government has cleared for implementation 13 old renewable energy (RE) projects of about 700 megawatts — commonly called Category-III projects — and has referred the matter to the Council of Common Interests (CCI) for formal approval as bidding for a lot of 600MW solar project at Muzaffargarh recei­ved poor investor response. Informed sources said a special cabinet…

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No ‘special discount’ on fuel purchase, says Russian minister

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musadik-malik

ISLAMABAD: Petroleum Minister Musadik Malik has said that despite the increased yield of furnace oil during the refining as well as high operational costs of the import, the Russian fuel would be significantly beneficial for Pakistan, even as a Russian minister ruled out any sort of exclusive discount for Islamabad on the purchase of ‘Urals’ crude from Moscow. “Oil deliveries…

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