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Day: October 2, 2024

Gas suspension to CPPs under IMF’s agreement to trigger widespread closure of industries, warns Bilwani

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Gas-tariff

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani, while expressing sheer dismay over the government’s decision to suspend gas supply to Captive Power Plants (CPPs) by 2025, warned that this decision taken under IMF’s agreement would lead to widespread closure of medium and large-scale industries as significant investments made in these plants would go down the…

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PPIB Approves Three-Year Extension for Kohala Hydropower Project’s Financial Close

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Hydropower

ISLAMABAD: The Board of the Private Power and Infrastructure Board (PPIB) has granted a three-year extension to the financial closing deadline for the 1,124 MW Kohala Hydropower Project, a key China-Pakistan Economic Corridor (CPEC) initiative. The extension, which spans from October 1, 2024, to September 30, 2027, comes without an extension fee, recognizing the project’s strategic importance and significant foreign…

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Denmark to Support Pakistan’s Green Energy Transition: Envoy Discusses Tech Transfer and Sustainability

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climate

ISLAMABAD: Denmark’s Ambassador Jakob Linulf met with Coordinator to the Prime Minister on Climate Change, Romina Khurshid Alam, on Tuesday to discuss support for Pakistan’s transition to green energy, climate resilience, and environmental sustainability. Ambassador Linulf emphasized Denmark’s expertise in renewable energy, offering knowledge-sharing and technology transfer to assist Pakistan’s sustainability goals. He also highlighted ongoing and future collaborations to…

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Massive Fire Engulfs Solar Panel and Cosmetics Warehouses in Karachi

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solar-panel

KARACHI: A massive fire broke out in two warehouses storing solar panels and cosmetics in Karachi’s Hawkesbay area on Tuesday. Officials reported that the blaze at the solar panel warehouse was controlled after 12 hours, but efforts continued late into the night to extinguish the fire at the cosmetics warehouse. DIG-South Syed Asad Raza stated that the cause of the…

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Oil Prices Surge 4% Amid Escalating Middle East Tensions

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oil-discovery

LONDON: Oil prices surged by about 4% on Tuesday following reports that Iran was preparing a missile attack on Israel, heightening concerns of broader conflict in the Middle East. Brent crude rose by $2.50, or 3.5%, to $74.20 a barrel, while US West Texas Intermediate (WTI) crude increased by $2.54, or 3.7%, to $70.71. The rise came as Israel launched…

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Petroleum Sales Surge by 5% in September Despite High Prices

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petrol-price

KARACHI: Pakistan’s overall oil sales saw a 5% increase in September, reaching 1.27 million tonnes, marking a 20% year-on-year (YoY) rise, according to Arif Habib Ltd (AHL). Petrol sales edged up by 2% month-on-month (MoM) to 0.63 million tonnes, reflecting a 22% YoY jump. High-speed diesel (HSD) sales also climbed 8% MoM to 0.49 million tonnes, surging by 25% YoY.…

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Record Growth in Renewables Jobs Reaches 16.2 Million in 2023, Highlighting Need for Holistic Workforce Policies

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Renewable-Capacity

Abu Dhabi, UAE/Geneva, Switzerland, 01 October 2024 – A new report from the International Renewable Energy Agency (IRENA) and the International Labour Organization (ILO) reveals a historic increase in renewable energy jobs in 2023, climbing from 13.7 million in 2022 to 16.2 million, an 18% rise. This surge reflects growing renewable capacities and expanding manufacturing in the sector. China led…

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