ISLAMABAD: The Board of Private Power and Infrastructure Board (PPIB) has granted extension of four months to Turkish firm M/s Zorlu Solar Pakistan Limited (ZSPL) in financial close without doubling the Performance Guarantee (PG), well-informed sources told Business Recorder. ZSPL, in its letter of November 16, 2023 requested the PPIB for grant of four-month extension in the FC date under the…
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KARACHI: China’s Shanghai Electric Power Company Limited (SEP) has extended its deadline to buy a majority stake in K-Electric Limited (KEL) by 90 days, the brokerage house managing the deal said on Monday. SEP, which agreed to acquire 66.40 percent of KEL’s shares for $1.77 billion in 2016, has faced delays in obtaining regulatory approvals from both China and Pakistan.…
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ISLAMABAD: The tax collecting agency of the country is evasive from including the Turkmenistan–Afghanistan–Pakistan–India (TAPI) gas pipeline project in the Foreign Investment Promotion and Protection (FIPPA) Act 2022 as it would cost the tax exemption of $40-50 million which is not possible since the country is very much in the discipline of IMF, senior officials of the Energy Ministry told…
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ISLAMABAD, January 23, 2024: Oil & Gas Development Company Limited (OGDCL) is actively pursuing its production enhancement roadmap. We are pleased to share that the development well Sono-9 in Sono Development & Production Lease (D&P.L) has been successfully tested, completed, and brought into the production stream using OGDCL’s in-house expertise. The well was drilled to a depth of 2350 meters,…
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Jeddah, January 22, 2024: Saudia, the national flag carrier of Saudi Arabia, ranked 9th among global airlines in the On-Time Performance for the year 2023, according to the annual report by the independent aviation monitoring website Cirium. This follows outstanding performances throughout the year 2023, in which Saudia has secured a place in the top 10 for six consecutive months. Saudia’s…
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January 22, 2024: The President, Islamic Republic of Pakistan Dr. Arif Alvi conferred the PEC Excellence Award upon Chairman WAPDA Engr Lt Gen Sajjad Ghani (Retd) in recognition of his outstanding contribution in the field of civil engineering, leadership and dedication to the national cause. The excellence award was bestowed upon him in the category of ‘Lifetime Achievement Award’ for…
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ISLAMABAD – Iran’s foreign minister Hossein Amir Abdollahian will arrive in Pakistan on January 29 as Islamabad and Tehran decided to restore diplomatic ties, the Foreign Office (FO) said on Monday. The development comes amid the de-escalation of ties between the neighboring countries following an Iranian air raid in Balochistan, after which Islamabad hits back at Iran’s Sistan-Baluchestan province. In…
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Karachi: January 22, 2024: The Pakistan Petroleum Limited-financed Women Vocational Training Centre (WVTC) in District Okara, Punjab has commenced operations. An amount of Rs. 50 million has been allotted by PPL for the project over a five-year period with the first tranche of Rs. 10 million already handed over to Behbud Association of Pakistan (BAP), the implementing partner. The project will impart vocational training to around 3,000…
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OGRA to fully back launching of Green Hydrogen as new reliable alternative energy option in Pakistan The Oil & Gas Regulatory Authority (OGRA) has held out the firm assurance that it will fully support the introduction of green hydrogen to Pakistan’s energy supply chain to cut harmful hydrocarbon emissions and reduce fuel import bill for the improvement of the environment…
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ISLAMABAD: For the first time, Pakistan has initiated diplomatic endeavours to effectively persuade the Kingdom of Saudi Arabia (KSA) and Sinopec — one of the biggest Chinese companies known for installing refineries — to help materialise the dream of setting up $10 billion state-of-the-art and deep conversion refinery with the capacity to refine crude oil of 300,000 barrels per day…
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