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Month: July 2024

Türkiye to Enhance Naval Presence in Somali Waters for Oil and Gas Exploration

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Turkiye-Project

ANKARA: Türkiye is set to strengthen its naval presence in Somali waters, following a recent agreement granting Ankara exclusive rights to explore and produce hydrocarbons in three offshore blocks. President Tayyip Erdogan submitted a motion to the Turkish parliament on Friday, seeking authorization for the deployment of Turkish military forces, including naval support, to Somalia’s territorial waters, according to the…

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Industrialists Call for Reduced Tariffs on IPPs

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power-subsidy

LAHORE: Prominent business leaders, under the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), have rejected costly contracts with Independent Power Producers (IPPs) and demanded an independent energy tariff assessment by an international auditing firm of high repute. Terming the current energy tariffs unacceptable and detrimental to the country’s industry, they emphasized the need for revision. “I am ready…

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High Power Tariffs Crippling Pakistan’s Textile Exports

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Textile-Project

ISLAMABAD: Amid a decline in textile exports in June, industry leaders have urged the government to renegotiate agreements with Independent Power Producers (IPPs) to rescue the struggling sector. They argue that the exorbitant cost of electricity, driven by capacity charges, is unsustainable. Former caretaker minister for Commerce and Industry, Gohar Ejaz, criticized the government for imposing Rs24 per unit in…

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KCCI urges govt to revisit, rationalize anti-business taxation measures, energy tariffs

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KCCI-Import

Stop pleasing IMF by compromising exports: Iftikhar Sheikh KARACHI: Keeping in view the perpetually intensifying hardships being suffered by small traders, industrialists, exporters, salaried class, daily wagers and many other segments due to harsh taxation measures, unbridled discretionary powers to FBR and unbearably high energy tariffs, President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh vociferously appealed the…

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CM Sindh orders scrutiny of SHS, solar parks plan for free electricity to low-income consumers

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New-Project

KARACHI (July 19): Sindh Chief Minister Syed Murad Ali Shah, presiding over a meeting, has decided to implement the PPP Chairman Bilawal Bhutto’s program to provide free-of-cost electricity to consumers living off-grid and to those using 50 to 100 MW electricity by implementing the solar energy solution. This decision was taken in a meeting held at the CM House in…

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Lack of Interest in Offshore Oil and Gas Drilling by Foreign Firms

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oil-gas

ISLAMABAD: The National Assembly’s Standing Committee on Energy (Petroleum Division) was informed on Thursday about the dwindling interest of international companies in offshore oil and gas exploration in Pakistan. This follows the dry well result of Kekra-1 in 2019. Chaired by Syed Mustafa Mehmood, the committee session focused on understanding the reasons behind this decline. Petroleum Minister Musadik Malik explained…

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Ahsan Iqbal Urges Swift Action on CPEC 2.0

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New-CPEC

ISLAMABAD: Minister for Planning, Development, and Special Initiatives, Professor Ahsan Iqbal, chaired a meeting on Thursday to review the progress of China-Pakistan Economic Corridor (CPEC) projects, particularly the decisions made during Prime Minister Shehbaz Sharif’s recent visit to China. “There is complete agreement between the leaderships of China and Pakistan on the second phase of CPEC, also known as CPEC…

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Govt to Consult UAE on $1.3 Billion PARCO Investment for Hydrocracker Unit

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PARCO-Project

ISLAMABAD: The Cabinet Committee on Energy (CCOE) has decided to engage with the United Arab Emirates (UAE) regarding a planned $1.3 billion investment in Pak Arab Refinery Limited (PARCO). The investment aims to establish a hydrocracker unit to convert furnace oil into petrol and diesel. During a recent CCOE meeting, economic managers emphasized the importance of sending a delegation to…

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Karachi Endures Severe Heatwave and Prolonged Power Outages

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New-Project

KARACHI: Amid an unprecedented heatwave, Karachi residents are facing severe power outages, with temperatures soaring to a scorching 50°C and sea breezes coming to a halt. The intense heat has exacerbated breathing difficulties and added to the distress caused by prolonged power load-shedding. Despite directives from the Sindh government and the Karachi commissioner to reduce load-shedding during the heatwave, K-Electric…

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Govt Likely to Adjust Net Metering Buyback Rate to Average Energy Cost

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solar-energy

ISLAMABAD: The government is considering setting the buyback rate of net metering at the average energy cost, aiming to extend the payback period from three to five years. This was discussed in an online seminar titled “Net Metered Distributed Generation: Challenges, Solutions, and Way Forward,” organized by The Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ), the main German development agency.…

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