Day: July 6, 2023

UAE To Invest $45 Billion Through 2030 To Meet Its Growing Energy Demand

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UAE-To-Invest

The United Arab Emirates has announced plans to invest up to $54 billion over the next seven years to meet its growing energy demands and triple its supply of renewable energy. UAE and Saudi Arabia are the two GCC members leading in renewable energy investments and rapidly diversifying their energy portfolios in the Gulf region. Last year, the Emirates Nuclear Energy Corporation (ENEC) announced the commissioning of the country’s first-ever nuclear power plant–the Barakah unit 1. The 1,400-megawatt nuclear plant is the single largest electricity generator in the UAE since reaching 100% power…

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Govt disburses Rs142bn to settle IPPs’ dues

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IPPs-dues

ISLAMABAD: The federal government has disbursed Rs142 billion to over a hundred Independent Power Producers (IPPs) in order to settle their outstanding dues and lessen the burden of power sector circular debt. The payables to these power generators had reached a staggering Rs1.77 trillion by the end of May 2023, marking an increase of Rs420 billion since July 2022. Notably, according to the latest monthly figures released by the Ministry of Energy (Power Division), the country’s energy sector’s circular debt stock was at Rs2.646 trillion by the end of May…

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fuel oil PARCO issues fuel oil sales tender for July fuel oil

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fuel-oil

SINGAPORE: Pakistan’s Pak-Arab Refinery Limited (PARCO) has offered fuel oil for July loading in its latest tender, underlining an ongoing shift in market dynamics as the South Asian country turned to exporting instead of importing fuel oil this summer. The refinery is offering 50,000 metric tones of high sulphur fuel oil (HSFO) with maximum 3.5 percent sulphur content, for loading at Karachi port between July 15 and 17, based on its website and trade sources. The tender closes on July 5. PARCO had previously closed a HSFO sales tender in…

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Cooling demand fuels costly power crisis in Pakistan, expert warns

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power-crisis

LAHORE: Pakistan needs urgent steps to curb demand for cooling purposes in summer, which was one of the biggest reasons of costly power generation in the country, an energy expert said at a seminar on Wednesday. Experts speaking at the seminar organised by the LUMS Energy Institute (LEI), also explored solution-driven strategies and opportunities for innovation to overcome the energy sector’s challenges. The panellists called for confidence-building measures to encourage local and international investment in the sector through investment-friendly and consistent policies for long-term and sustainable impact. Speakers at a…

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COP28 president visits Pakistan today

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president-visits

ISLAMABAD: The Government of Pakistan will welcome Sultan Ahmed Al Jaber, the President of COP28 and UAE’s Minister of Industry and Advanced Technology today (Thursday), as a distinguished state guest for a daylong official visit. According to a press release, this is the outcome of an official invitation extended by Senator Sherry Rehman, Federal Minister for Climate Change & Environmental Coordination, to share Pakistan’s progress on climate and environmental goals ahead of the COP28 conference in the UAE and build common ground for the global stocktake ahead in the context…

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