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Day: June 13, 2024

500 MW Floating Solar Energy Project To Be Setup At Keenjhar LakeGO Energy and Sindh Transmission & Dispatch Company (STDC) sign MoU

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mou

Karachi 13 June 2024: GO Energy and Sindh Transmission & Dispatch Company (STDC) today signed a MoU for the transmission evacuation of a 500 MW Floating Solar Project at Keenjhar Lake, Sindh, Pakistan. The Honourable Syed Nasir Hussain Shah, Minister for Energy, Government of Sindh was the Chief Guest at the signing ceremony held in Karachi today. Other dignitaries present…

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Dargai Rehabilitation Project: WAPDA awards Rs. 10.6 billion contract for civil, electro-mechanical works

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Dargai-Hydel

June 13, 2024: WAPDA awarded the contract for civil and electro-mechanical works for rehabilitation of Dargai Hydel Power Station worth Rs. 10.6 billion to a Joint Venture (JV), comprising two Chinese and a Pakistani firm.   General Manager (Hydel Development) WAPDA Ihsan Ullah and authorized representative of the JV Nabeel Tahir signed the contract on behalf of their organizations. Chairman…

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OGDCL Celebrates Victory in President’s Trophy Grade-II as its Cricket Team Qualifies for First-Class Cricket

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New-OGDCL

ISLAMABAD, June 13, 2024: Oil and Gas Development Company Limited (OGDCL) on Thursday celebrated its cricket team’s victory in the President’s Trophy Grade-II 2023-24. The OGDCL cricket team has won the President’s Trophy Grade-II 2023-24 and qualified for first-class cricket. In the final four-day match, played at Abbottabad Cricket Stadium, OGDCL defeated Eshaal Associates.OGDCL organized a special event at its…

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A delegation from US Treasury Department meets Minister for Power Awais Leghari

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US-Treasury

A delegation of the US Department of Treasury met Federal Minister for Power Sardar Awais Leghari. The US delegation was led by Assistant Secretary Brent Neiman. The meeting aimed to explore potential collaborations in the energy sector. Federal Minister for Power Sardar Awais Leghari said that the reform plan has been made to remove the deficiencies in the power sector.…

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CPEC’s Second Phase to Prioritize ML-1, Industrial Cooperation, Agriculture, and Energy

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CPEC-Project

ISLAMABAD: The government has approved the annual plan for the budget 2024-25, marking the commencement of the second phase of the China-Pakistan Economic Corridor (CPEC). This phase will emphasize industrial cooperation, agricultural modernization, socioeconomic development, and scientific collaboration, alongside ongoing infrastructure and energy projects. Key initiatives in infrastructure include the strategic Mainline-1 (ML-1) railway project, which is set to achieve…

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Pakistan Unlikely to Purchase Spot LNG Until Winter, Says Petroleum Minister

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LNG-chain

KARACHI: Pakistan is unlikely to purchase liquefied natural gas (LNG) cargoes on the spot market until at least the beginning of winter in November due to an oversupply and high prices, according to the country’s petroleum minister. Extreme temperatures across Asia have driven countries to seek more LNG cargoes to meet higher power demand, pushing spot prices to their highest…

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World Bank Threatens to Cancel $450m Loan Over KP Hydropower Project Dispute

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Karot-Hydropower

PESHAWAR: The dispute between the Khyber Pakhtunkhwa government and the World Bank regarding the Gabral Kalam hydropower project has escalated. The PTI government has decided to cancel the bidding process for the 88 MW project and initiate re-bidding. In response, the World Bank has warned that ignoring the lowest bidder could result in misprocurement, leading to the potential cancellation of…

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Concessions on Solar Panel Import and Manufacturing Welcomed by Industry

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solar-energy

LAHORE: Renewable energy stakeholders have applauded the federal budget’s concessions on the import and local manufacturing of solar panels, urging the government to promptly release detailed information on these incentives. “Perhaps the government has recognized that renewable energy sources like solar and wind are the only sustainable solutions to mitigate the high costs associated with traditional energy sources like thermal…

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Budget 2024-25: Business and Industry Deem It ‘More IMF-Friendly’

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Budget-2024-25

KARACHI/ISLAMABAD/LAHORE: Businessmen and industrialists expressed dissatisfaction on Wednesday with the budgetary measures proposed for 2024-25, criticizing it as anti-industry and overly aligned with IMF directives. Trade and industry leaders have labeled the budget a burden on existing taxpayers, with no substantial efforts made to broaden the tax base or promote industrial production and commerce. During a press conference at the…

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Govt Targets Rs1.28 Trillion in Petroleum Development Levy Collection

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petroleum-group

ISLAMABAD: The federal government has set an ambitious target to collect Rs1.28 trillion through the petroleum levy for the fiscal year 2024-25, marking a 47.4% increase over the previous year’s goal. In the outgoing fiscal year, the government collected Rs960 billion from the petroleum levy, surpassing the original target of Rs869 billion. The upcoming fiscal year projects an additional Rs321…

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