ISLAMABAD: Minority shareholders of Shell Pakistan have expressed outrage over the recent sale of the company’s majority shares to Saudi Wafi Energy, alleging significant financial losses and unfair treatment. The shareholders claim that around 77.4% of Shell Pakistan shares were sold at a price far below two competing bids, without proper price evaluation. In formal complaints to Shell Pakistan and…
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ISLAMABAD: In a move to bolster bilateral relations, Pakistan and Russia signed a Memorandum of Understanding (MoU) on Thursday, paving the way for enhanced cooperation in key sectors including trade, energy, connectivity, and defence. The MoU was formalized by Russian Deputy Prime Minister Alexei Overchuk and Pakistan’s Deputy Prime Minister Ishaq Dar, following a high-level meeting between Overchuk and Prime…
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Abu Dhabi, United Arab Emirates, 19 September 2024 – The International Renewable Energy Agency (IRENA), COP29 Presidency and Ministry of Energy of Azerbaijan announced today that the first Energy Transition Investment Forum for Central Asia will be hosted in Baku, Azerbaijan, on 15-16 November 2024. The event is strategically aligned with the COP29 priorities and action agenda outlined by President Designate…
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ISLAMABAD: Pakistan Atomic Energy Commission (PAEC) Chairman Dr. Raja Ali Raza Anwar announced the construction of a 1,200MW nuclear power plant at the Chashma site, in collaboration with China. He shared this during an event organized by China to celebrate its 40-year partnership with the International Atomic Energy Agency (IAEA). Speaking alongside IAEA Director General Rafael Grossi, Dr. Raja highlighted…
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ISLAMABAD: In a groundbreaking move to modernize the nation’s oil distribution infrastructure, Pakistan has approved the construction of the White Oil Pipeline Project, led by the Special Investment Facilitation Council (SIFC). The agreement for the Machike-Thallian-Tarujabba White Oil Pipeline was signed on Wednesday, marking a major milestone in completing Pakistan’s oil pipeline network from Karachi to Peshawar. The 477-kilometer pipeline…
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KARACHI: Moonis Alvi, CEO of K-Electric, has endorsed the entry of other electricity distribution companies (Discos) into Karachi, emphasizing that competition would enable a fair evaluation of performance. Speaking at the Korangi Association of Trade and Industry (KATI), Alvi also advocated for K-Electric’s expansion beyond Karachi, allowing the utility to serve other cities in Pakistan. Alvi highlighted KE’s efforts to…
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ISLAMABAD: The Water and Power Development Authority (WAPDA) has formally approached the Power Division, seeking approval for the closure of Tunnel No. 1 (units 1 and 2) at the Mangla power house for 18 months to undergo refurbishment. The project aims to enhance the power house’s capacity by 310 MW, increasing it from 1,000 MW to 1,310 MW. The refurbishment…
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ISLAMABAD: Public sector power companies have proposed a 57-paise-per-unit negative fuel cost adjustment (FCA) in electricity bills to refund Rs7.2 billion overcharged to consumers last month. This marks the second consecutive month of negative FCA, driven by robust fuel allowances approved by the National Electric Power Regulatory Authority (Nepra) following a 20% base tariff increase, effective July 1, 2023. In…
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Pakistan’s oil and gas sector is facing a major financial crisis, with companies owing the federal government billions in unpaid dues. Prime Minister Shehbaz Sharif has taken notice of the situation, instructing the Petroleum Division to take immediate steps to recover the outstanding amounts. As of last year, over PKR 44.39 billion in royalties is owed by various companies. Key…
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Since May 2023, solar electricity generation has overtaken wind as the leading utility-scale renewable energy source. Higher solar output during the summer months has extended this dominance, with solar generating 9.57 terawatt hours (TWh) more than wind in June alone, according to energy think tank Ember. While this trend is expected to continue through August, wind power is projected to…
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