Day: August 21, 2023

PEC’s Transformative Initiatives Pave the Way for Pakistan’s Advancement: Engr. Najeeb Haroon

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Najeeb-Haroon

Quetta: Pakistan Engineering Council (PEC) is a national apex regulatory body constituted through an enactment of the Parliament (PEC Act 1976) to regulate the engineering profession. The Council as per its Act has also special mandate to act as a “Think Tank to the Federal Government” to aid in all matters pertaining to engineering profession and policies required for the socio-economic development of the country. Engr Mir Masood Rashid highlighted on the PEC PPDC initiatives of 1st Engineer Parliamentarians Caucus for advocacy in policy making being intellectual backbone of society,…

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Circular debt forecast to jump by Rs545b

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Circular-debt

Only tariff hike targeted under foreign loans-linked reforms, other critical issues ignored ISLAMABAD: The circular debt is projected to increase by another Rs545 billion by March next year despite a surge in electricity prices as foreign loans pegged with the so-called power sector reforms are limited to only increasing prices and ignore other critical issues. Pakistan eyes another loan of $600 million from the World Bank for power sector reforms in the current fiscal year and the sector also remains in focus of the International Monetary Fund (IMF) under a…

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Planning Commission wants LPG replaced by LNG

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LPG-tankers

• Calls for higher natural gas prices, steps to implement cross-border pipelines• Insists new terminal will be needed by 2025 to store imported LNG ISLAMABAD: The Planning Commission has asked the government to replace the expensive liquefied petroleum gas (LPG) with relatively cheaper liquefied natural gas (LNG), increase domestic natural gas prices and take immediate steps to implement cross-border gas pipelines — like Iran-Pakistan, and Turkmenistan-Afghanistan-Pakistan-India (Tapi) projects — to achieve energy sustainability. In a detailed policy advice, the Energy Planning and Resource Centre (EPRC) of the Planning Commission has…

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HASCOL’s losses keep mounting

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Hascol-Petroleum

2021 was a better year for Hascol Petroleum Limited (PSX: HASCOL) as the company had witnessed slowdown in losses. However, 2022 has been lethal for the oil marketing company, as its losses increased staggeringly. With 90 percent year-on-year rise, the company incurred over Rs14 billion unconsolidated loss after tax in CY22, though the losses in 2022 were less than the all-time high loss for HASCOL in 2020 of Rs23 billion. The oil marketing industry faces an extremely challenging time amid steep devaluation of the currency and diminishing reserves, curtailment of…

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Oil-rich Gulf bets on ‘green’ hydrogen

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Oil-rich

DUBAI: After riding a fossil-fuel boom for decades, Gulf Arab states are eyeing “green” hydrogen as they try to transition their economies and ease the climate crisis at a stroke. Oil producers Saudi Arabia, the United Arab Emirates and Oman are investing heavily in the climate-friendly fuel in a search for alternative revenues to crude and gas. Green hydrogen, which is the hydrogen created when renewable energy electrolyses water, appears to solve many problems: it is low-polluting and has widespread potential uses, which could make it lucrative and planet-saving at…

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