KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad said on Friday using the renminbi (RMB) for settling cross-border trade and investment transactions with China can further strengthen the long-lasting economic and financial ties. Addressing a ceremony on promoting the use of RMB in cross-border settlement organised by ICBC Bank Ltd, Mr Ahmad said the SBP has put in place…
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Thar coal suitable for surface gasification, liquid and urea conversion, report says
KARACHI: Thar coal, a lignite coal found in Pakistan’s Thar desert, can be converted into gas, liquid and urea through surface gasification, according to a study by the Sindh Coal Authority (SCA). The study, which was initiated by the SCA to evaluate the viability of Thar coal for its conversion to gas, liquid and urea, collected coal samples from Thar…
Read MoreRs210bn RLNG to be diverted to domestic sector
ISLAMABAD: To ensure gas availability for eight hours to residential consumers in the current winter season, the government will divert the costly Re-Gasified Liquefied Natural Gas (RLNG) worth Rs210 billion to the domestic sector. Unlike the last four years, this time around the the Rs210 billion cost of RLNG diversion will be recovered from the consumers through the new pricing…
Read MorePak-China trade agreements to create employment, economic opportunities in GB: PM
ISLAMABAD: Caretaker Prime Minister Anwar-ul-Haq Kakar on Friday said the recently signed accords between Pakistan and China would open up new opportunities of employment and economic development for the people of Gilgit-Baltistan. The prime minister expressed the views in a meeting with Chief Minister GB Gulbar Khan at the PM House. They discussed the memorandum of understanding signed during the…
Read MoreNEECA asks Punjab, KP to establish their EE&C agencies
ISLAMABAD: National Energy Efficiency and Conservation Authority (NEECA) has urged Punjab and Khyber Pakhtunkhwa to expedite process to establish their own Energy Efficiency and Conservation (EE&C) Agencies to contribute in efforts to conserve energy. Managing Director, NEECA, Dr Sardar Mohazzam in separate letters to Chief Secretaries of Punjab and Khyber Pakhtunkhwa has stated that the National Energy Efficiency and Conservation…
Read MoreProposed increase in gas tariff not to affect 57% consumers, help stop increase in circular debt: Energy Minister
ISLAMABAD, Oct 26 (APP): Minister for Energy Muhammad Ali on Thursday said the proposed increase in gas tariff would not affect 57 percent of consumers across the country rather it would help control and end the ever-increasing circular debt of the petroleum sector.“It will be a big achievement,” the minister said in a media briefing on the gas prices’ revision…
Read MoreGas supply may be limited to eight hours a day in winter
ISLAMABAD: The recent surge in gas prices would be instrumental in curbing the gas sector’s circular debt, which has swelled to Rs2,100 billion, Caretaker Energy Minister Muhammad Ali said on Thursday but painted a bleak picture for the coming winter, with gas supply duration limited to just eight hours a day. Briefing the media, Mr Ali said that the current…
Read MoreFormer Chinese premier Li Keqiang dies at 68
Former Chinese premier Li Keqiang, a reform-minded bureaucrat once tipped as the country’s future leader only to be eclipsed by President Xi Jinping, died on Friday. He was 68. He had a heart attack on Thursday and passed away in Shanghai just after midnight, state-run news agency Xinhua said. Interim Prime Minister Anwaarul Haq Kakar said he was “deeply saddened and shocked”…
Read MoreEconomic crisis affected performance in FY23: KE
Company plans to add 2,272MW from renewable, indigenous sources KARACHI: The economic crisis, driven by factors like high inflation, increased policy rates and economic contraction, significantly affected the performance of K-Electric (KE) in financial year 2023 as the company recorded a loss of nearly Rs31 billion. It was observed during KE’s annual general meeting, chaired by Chief Executive Officer Moonis…
Read MorePower sector debt soars to Rs2.54tr
IMF review signals delays in energy deals, debt reduction measures ISLAMABAD: Despite an increase in electricity prices, Pakistan’s power sector circular debt reached Rs2.54 trillion by the end of September. However, this debt remains within the maximum ceiling agreed upon with the International Monetary Fund (IMF). The Ministry of Finance, on Thursday, conducted a review of the $3 billion Stand-By…
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