SINGAPORE: Oil prices dropped by over $1 on Tuesday as traders took profits following a sharp rally driven by fears of escalating conflict in the Middle East. Brent crude fell $1.17, or 1.5%, to $79.76 per barrel, while US West Texas Intermediate (WTI) dropped $1.19, or 1.6%, to $75.95 per barrel around 0420 GMT. The market saw a 3% rise…
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ISLAMABAD: Pakistan and Chinese power companies are set to sign agreements on debt reprofiling and a moratorium on over $16 billion in payments during Chinese Premier Li Qiang’s upcoming visit, sources from the Private Power and Infrastructure Board (PPIB) have revealed. The agreements, involving nine power projects and one transmission line under the China-Pakistan Economic Corridor (CPEC), will aim to…
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ISLAMABAD: The federal government’s negotiations with several Independent Power Producers (IPPs) have started to yield results, with four IPPs—Atlas Power, Saba Power, Rousch Power, and Lalpir Power—agreeing to prematurely terminate their Power Purchase Agreements (PPAs). Hubco is expected to finalize a similar deal in the coming days, well-informed sources reported. The government’s Task Force on the Power Sector, consisting of…
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Karachi The government should extend foolproof protection to the foreign and Pakistani workers working on strategically vital power projects to ensure Pakistan’s energy security.In its latest statement, the Embassy of China in Islamabad called on Pakistan’s government to beef up the security for Chinese nationals, business organisations, and China-backed developed projects in the country.The statement was issued after an attack…
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