CAIRO (Egypt): The Apex Committee of the Special Investment Facilitation Council (SIFC) has approved an energy tariff of nine cents for the industrial sector against the current rate of 14 cents and the matter will be taken in the next Cabinet meeting. This was stated by caretaker Federal Minister for Commerce and Industry Dr Gohar Ejaz while talking to Business…
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ISLAMABAD: In a major setback, no bid was received for setting up a 600-megawatt solar power project at Muzaffargarh despite multiple revisions in incentives and extensions in deadlines given by the Private Power & Infrastructure Board (PPIB) — a one-window power sector entity of the federal government. This was the first pilot project for the acquisition of renewable energy through…
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WASHINGTON: In a significant development, the Executive Board of the International Monetary Fund (IMF) announced on Thursday that it had successfully concluded the first review of Pakistan’s economic reform programme, backed by the Stand-By Arrangement (SBA), paving the way for an immediate disbursement of SDR 528 million, equivalent to approximately $700m. This latest disbursement brings the cumulative total under the arrangement to…
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Karachi Atif Ikram Sheikh, President FPCCI, has stressed that the 27-country economic alliance of European Union – with a cumulative GDP of almost $20 trillion – can help Pakistan steer out of the chronically dilapidated state of the economy of Pakistan; and, enhancing our exports to the EU nations should be the cornerstone of broader economic relations. Pakistan has achieved…
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Mari Petroleum Company Limited (MARI), one of the largest producers of natural gas in the country, has discovered gas reserves at Shewa-2 well, located in North Waziristan district Khyber Pakhtunkhwa. The development was shared by the company in its notice to the Pakistan Stock Exchange (PSX) on Thursday. “We are pleased to inform that Mari Petroleum Company Limited (MARI) has…
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KARACHI: Pakistan State Oil (PSO), the country’s largest oil marketing company, has received approval from the government to exclusively import high speed diesel (HSD) to meet the domestic demand, an official document showed. The Petroleum Division of the Ministry of Energy has agreed to PSO’s proposal, made in September last year, to import HSD on behalf of all oil marketing…
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ISLAMABAD: The 969 MW Neelum-Jhelum Hydropower project (NJHPP) was closed down on Wednesday night till the first week of March 2024 for inspection of its 3.5-km Tail Race Tunnel and maintenance of turbines. This will aggravate the ongoing electricity load-shedding. However, the period of closure will be revisited after the inspection of the tunnel, a senior official of Wapda told…
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Renewable energy output needs to increase three-fold by 2030 to help prevent global warming exceeding 1.5°C, with governments being urged to step up rapid action. The United Arab Emirates’ COP28 presidency, along with two renewable energy organisations, the International Renewable Energy Agency (IRENA) and the Global Renewables Alliance, have released a joint report which revealed capacity for renewable energy has to “reach more than…
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Call for clear industrial policy, prioritising domestic investment over foreign investment KARACHI: Leading industrialists in Sindh have labelled 2023 as lacklustre and troublesome, plagued by energy crises, economic meltdown, strikes, and a lack of government support. Despite these challenges, they maintain an optimistic approach in 2024 and hope for the best. “2023 was tumultuous, with industrialists facing numerous challenges, including…
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Seeks to reverse industry exodus, boost local production ISLAMABAD: The interim government has decided to make major changes in Pakistan’s two gas exploration and production policies, aiming to reverse an exodus of foreign firms and lessen reliance on expensive imported fuels that have consumed more than $23 billion in less than a decade. A meeting of the Council of Common…
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