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Month: May 2024

Deal signed under 20-year BOOT model: Burj, PCL to develop and finance first wind power project

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Wind-Solar

KARACHI: Burj Solar and Power Cement Limited (PCL) have signed an agreement to develop and finance the country’s first distributed generation wind power project of 9.6 megawatts (MW). Under the 20-year Build-Own-Operate-Transfer (BOOT) model, Burj Solar will install two 4.8 MW wind turbines at PCL’s premises, with Orient Energy serving as the contractor. This project builds on the successful partnership…

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IPP payments, Gwadar power plant: MoFA asks PD to address Chinese concerns

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ISLAMABAD: The Ministry of Foreign Affairs (MoFA) has asked Power Division to develop concrete measures to address Chinese concerns, especially those related to the delayed IPP payments, Gwadar power plant and return on investment to the stakeholders in CPEC projects, well informed sources told Business Recorder. The overdue amount of CPEC power projects has reached Rs 526 billion, mainly due…

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PPIB urges S Arabia to finalise G2G framework pact

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Power-generation

ISLAMABAD: The Private Power & Infrastructure Board (PPIB) has asked Saudi Arabia to expedite finalization of Government to Government (G2G) framework agreement, enabling both countries to proceed towards commercial agreements and tariffs on about a dozen projects, well-informed sources told Business Recorder. A high-level Saudi delegation led by the Foreign Minister visited Pakistan during the third week of April and…

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Carbon markets new opportunity for Pakistan to improve economic situation, reduce carbon emissions: Linulf

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Jakob-Linulf

ISLAMABAD: Ambassador of Denmark, Jakob Linulf on Thursday said carbon markets are a new opportunity for Pakistan to improve its economic situation and reduce carbon emissions for a green development through sustainable and environment friendly practices. He was addressing to the one-day capacity building workshop for journalists on Climate-Smart Reporting: Carbon Market and Equitable Development jointly organized by the Sustainable…

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Exploration firm targets major fields OGDCL aims to enhance hydrocarbon output, tackle crisis with new technology

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ogdcl

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL), the largest hydrocarbon explorer in Pakistan, has targeted 20 major fields, mainly in the north and south, to enhance production and contribute to overcoming the energy crisis in the country. Owing to the rising demand for gas, Pakistan is relying more on the imported liquefied natural gas (LNG) as its share has…

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Safety concerns prompt shutdown of Neelum-Jhelum power plant

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neelum-jhelum

ISLAMABAD: The Water and Power Development Authority (Wapda) announced on Thursday that the 969-megawatt Neelum-Jhelum Hydro­power Project, valued at over Rs500 billion, has been completely shut down for inspection. The decision follows a major operational issue detected a month ago, leading to significant pressure fluctuations in the project’s headrace tunnel, Wapda said in a statement. It said that a comprehensive…

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NFEH seminar on enrolling out-of-school children in Pakistan & CSR Award ceremony

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CSR-Karachi

Call to use 2,50,000 mosques in Pakistan in daytime as special literacy centres to impart primary schooling Karachi: Over 2,50,000 mosques in the country should be used during the day hours as special literacy centres to impart primary-level school education as part of the accelerated drive to educate a record 26.2 million out-of-school children in Pakistan.Former Caretaker Federal Minister for…

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Pakistan Urged to Negotiate Settlement with Star Hydro to Mitigate MIGA Guarantee Risks

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green-hydrogen

The Attorney General’s Office has advised Pakistan’s Power Division and National Transmission and Despatch Company (NTDC) to engage in negotiations with M/s Star Hydro to resolve an arbitration award issue, reducing the risk of a Multilateral Investment Guarantee Agency (MIGA) guarantee being called upon. Following discussions at the Prime Minister’s Office and recent communications from the World Bank, emphasizing the…

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Sindh govt will provide free solar panels to deserving people in two phases

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Solar-Penel

CM Sindh & EU Ambassador discuss projects of solar panels, school constructions KARACHI (April 30): Sindh Chief Minister Syed Murad Ali Shah in his meeting and European Union Ambassador Dr. Riina Kionka discussed two new projects aimed at helping those affected by the flood.One project involves the reconstruction of school buildings damaged by the flood, while the other project aims…

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Barrick Gold in Talks to Raise $2 Billion for Pakistan’s Reko Diq Project

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Reko-Diq

Canadian mining company Barrick Gold is engaged in discussions with the International Finance Corporation and other agencies to secure at least $2 billion for the initial phase of Pakistan’s Reko Diq copper project, CEO Mark Bristow informed Reuters. The Reko Diq project, in which Barrick holds a 50% stake, is anticipated to cost $5.5 billion for its first phase. This…

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