ISLAMABAD: Pakistan has won the arbitration initiated by Tuwairqi Steel against the federation at the Permanent Court of Arbitration in The Hague, Netherlands, the government said in a statement on Tuesday. The claim was brought by the Saudi investors, namely Dr Hilal Hussain Al Tuwairqi and Al Ittefaq Steel Products Company Ltd, under the Organisation of Islamic Cooperation (OIC) investment…
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ISLAMABAD: Despite a record 83 per cent power generation from cheaper domestic fuels, the Central Power Purchasing Agency (CPPA) on Tuesday sought a massive Rs4.66 per unit additional fuel cost adjustment (FCA) for ex-Wapda distribution companies (Discos) — almost 100pc higher than target — to generate another Rs34 billion in January 2024. This increase in FCA is on top of…
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ISLAMABAD: Karachi Port Trust (KPT) has accused Sui Southern Gas Company Limited (SSGCL) of impeding ‘Energy Hub’ process as the gas utility company is not cooperating on the intake pipeline, well-informed sources told Business Recorder. Sources said the Special Investment Facilitation Council (SIFC) shared an MoU signed between Ministry of Investment of the United Arab Emirates (UAE) and the Ministry of…
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ISLAMABAD: Caretaker Prime Minister Anwar-ul-Haq Kakar has directed the Power Division to coordinate with SkyPower Global Group which has shown an interest in direct investment of $ 800 million in Pakistan’s 1000 MW solar power initiative, well informed sources told Business Recorder. M/s SkyPower was established in 2003 in Toronto – Canada and has +18 years of operation experience. The company…
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ISLAMABAD: The China Three Gorges South Asia Investment Ltd (CSAIL) launched its “ESG Performance Report 2023” outlining its contribution to Pakistan’s national grid from hydel, solar and wind power projects under the China-Pakistan Economic Corridor (CPEC), a flagship project of Belt and Road Initiative (BRI). The launching ceremony was held at a seminar titled, “Development Experience of Hyrdo, Wind Farm…
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Additional increase draws criticism from industries KARACHI: In a bid to offset a staggering shortfall of Rs47.77 billion in its revenue from the sale of indigenous gas during the current fiscal year 2023-24, Sui Southern Gas Company Limited (SSGC) has approached the Oil and Gas Regulatory Authority (Ogra), seeking approval for an additional increase of Rs266.18 per mmbtu in end-consumer…
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KARACHI: Troubled oil marketing company Hascol Petroleum Ltd said on Monday that Millat Energy Group is interested in buying 76 per cent of its “fully diluted share capital” through a subscription of new shares. Fully diluted share capital reflects the total number of shares a company would have if all outstanding options and other rights to subscribe for — or…
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December 18, 2023 (MLN): The Green Presidency of Pakistan is a flagship initiative that is expected to lead to a 42.5% reduction in energy usage at Aiwan-e-Sadr, equivalent to a decrease of 3,144 tonnes of greenhouse gases or the planting of 142,090 mature trees, the president, Arif Alvi said while addressing an event at Aiwan-e-Sadr. The president highlighted that transitioning to…
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Islamabad: Islamabad is gearing up to host the 3rd International Conference on Pakistan Hydropower, a global gathering of energy experts organized by The Energy Update in collaboration with the Private Power Infrastructure Board (PPIB) and the International Hydropower Association (IHA). Scheduled for December 20, the conference carries the theme “Hydropower: A Renewable Energy Source for a Sustainable Future,” promising pivotal…
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ISLAMABAD: The Ministry of Science and Technology (MoST) has prepared a plan to abolish Pakistan Council of Renewable Energy Technologies (PCRET) as an entity and transfer all its assets, budget and resources to National University of Sciences and Technology (NUST), official sources told Business Recorder. Sharing the details sources said in pursuance of the decision of the 5th meeting of the…
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