Global benchmark Brent crude oil futures fell 0.3% to $77.38 barrel. US WTI crude futures fell 10 cents to $72.14 barrel NEW YORK: Oil prices fell on Wednesday after a surprise jump in US crude stockpiles raised worries about demand in the largest oil market. Global benchmark Brent crude oil futures fell 21 cents, or 0.3 percent, to $77.38 a…
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ISLAMABAD: Pakistan’s water woes are unlikely to be over even after construction of Diamer Bhasha Dam (DBD) in 2030 as till that time water requirements of agriculture would have increased further due to traditional ways of farming. Background interviews with the water sector experts and officials suggest that the government needs to divert financial resources for development of water reservoirs,…
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KARACHI (Jan 10): Caretaker Sindh Chief Minister, Justice (retd) Maqbool Baqar, added another 80 buses to the Peoples Bus Service fleet in a simple ceremony, the new buses include 30 hybrid and 50 electric vehicles. With the addition of 80 new buses, the city’s fleet now comprises 300 buses, including 18 Pink Buses. This he said while speaking at the…
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Nestlé announced its commitment to reduce its emissions by 20% (versus a 2018 baseline) by 2025| Nestlé, as part of its PKR 2 billion investment in renewable energy in Pakistan, inaugurated a 2.6 megawatt solar power plant at its Sheikhupura Factory. The solar power plant, completed with an investment of PKR 500 million, aims to reduce 1,857 tCO2e of greenhouse…
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ISLAMABAD: Pakistan has been negotiating with the Kingdom of Saudi Arabia (KSA) for the provision of an additional $1 billion Saudi Oil Facility (SOF) on deferred payment for the ongoing calendar year 2024. Islamabad has also made a request to the United Arab Emirates (UAE) for the rollover of $2 billion deposits to avert depletion in foreign exchange reserves (FER)…
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ISLAMABAD: The Private Power and Infrastructure Board (PPIB) has sought details of Letters of Intent (LoIs) of wind and solar projects issued by the gvernments of Punjab and Sindh, well-informed sources told Business Recorder. Managing Director, PPIB, Shah Jahan Mirza, in letters to Secretary Energy Department, Sindh and Secretary Energy Department, Punjab, has cited the reference to the Cabinet Committee on…
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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is to allow allocation of United Energy Pakistan’s (UEP’s) 35 mmcfd gas to Mohar Field to Sui Southern Gas Company Limited (SSGCL), well-informed sources told Business Recorder. Mohar Field is located in Latif Block, district Khairpur, Sindh province and the field is being operated by United Energy Pakistan (UEP) Beta GmbH with…
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ISLAMABAD: The Power Division has constituted a two-member committee to probe reasons for recent power breakdowns across the country including explosion at Guddu 500 kV switchyard, well-informed sources told Business Recorder. On January 1, 2024, the Power Division, in an official statement said due to dense fog, the NTDC faced tripping of 500 kV and 220 kV Transmission Lines in the…
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ISLAMABAD: The Working Group (WG) of the Special Investment Facilitation Council (SIFC) has decided to hold a meeting with the Commerce Ministry, the FBR and Industries Ministry for final recommendations for Tariff Policy Board (TPB) aimed at extending incentives to PV solar manufacturing, well-informed sources in Commerce Ministry told Business Recorder. The decision was taken at a meeting held under the…
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Islamabad, January 9, 2024 – Following the resounding success of the event held at the Pakistan Engineering Council (PEC) on January 8, 2024, PEC continues to showcase its efforts in revolutionizing the construction industry. The event, which garnered significant attention, served as a platform to share innovative approaches and strategies to meet international standards.Mr. Amir Ul Islam, CEO of New…
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