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Month: June 2024

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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Power Sector Receives Major Share of Rs1.36 Trillion in Subsidies

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power-subsidy

ISLAMABAD: The federal government has significantly increased subsidies for the merged districts of former FATA in Khyber Pakhtunkhwa and enhanced food subsidies for the Gilgit-Baltistan region. In the upcoming federal budget for 2024-25, Rs86 billion has been allocated for power subsidy arrears in erstwhile FATA, with an additional Rs65 billion set aside for power subsidies. This marks a notable increase…

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CETC-Red Solar to Unveil Advanced Photovoltaic Innovations at SNEC 2024

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CETC-Red Solar, a leading solar manufacturer in the photovoltaic industry, is set to showcase its cutting-edge smart photovoltaic cells and customized modules, flexible photovoltaic components, Turnkey solution and production lines, and comprehensive EPC services at the much-anticipated SNEC 2024 in Shanghai. Join us from June 13 to June 15, 2024, at Booth D790, Hall 3, located in the prestigious National…

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