ISLAMABAD: In a significant move, the Pakistan State Oil (PSO) board has approved up to $3 million for a market study to evaluate the feasibility of a $10 billion green refinery or crude-to-petrochemical complex project. Pakistani authorities have already announced a new green refinery policy, offering substantial incentives such as a 7.5% deemed duty for 25 years and a 20-year…
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BEIJING: Nearly two-thirds of the world’s large wind and solar plants under construction are in China, significantly reducing coal’s share in power generation, according to a report by US-based think tank Global Energy Monitor (GEM) released on Thursday. China is building 339 gigawatts (GW) of utility-scale wind and solar, accounting for 64% of the global total, dwarfing the second-place United…
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ISLAMABAD: In the face of rising electricity prices and criticism over governance issues in the power sector, Power Minister Awais Ahmad Khan Leghari directed blame towards the Federal Board of Revenue (FBR) during a Senate Standing Committee on Power session on Friday. Addressing the committee, chaired by PTI Senator Mohsin Aziz, Leghari highlighted the FBR’s failure, which he claims has…
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ISLAMABAD: Petrol and high-speed diesel (HSD) prices are projected to rise significantly in the upcoming review on July 16, mainly due to increasing global oil prices. Petrol is expected to increase by over Rs7.60 per litre, while HSD may see a hike of Rs3.50 per litre. Sources report that international market prices for petrol and HSD have risen by approximately…
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KARACHI: Pakistan has secured a three-year, $7 billion aid package from the International Monetary Fund (IMF), offering much-needed relief to the struggling economy. The Washington-based institution announced the agreement on Saturday morning, stating that the deal, pending approval by the IMF’s Executive Board, aims to enhance macroeconomic stability and foster stronger, more inclusive, and resilient growth. Pakistan’s economy has been…
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