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Day: October 14, 2024

Eyes on SCO & CPECHigh-Profile B2B Delegation Engages FPCCI

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SCO-CPEC

Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that a high-profile delegation of The China Asia Economic Development Association (CAEDA) has visited FPCCI to explore investment, joint ventures and trade opportunities in mines & mineral; information technology and IT-enabled services (ITeS); agriculture & livestock; food processing & storage; infrastructure development and renewable & alternative energy sources. Mr. Atif Ikram Sheikh…

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Chinese PM Li Qiang in Pakistan on four-day visit

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Chinese-PM

A red carpet welcome was accorded to Chinese Premier Li Qiang on arrival in Islamabad today for a four-day visit to Pakistan. Prime Minister Shehbaz Sharif received the Chinese Premier at Nur Khan Airbase. A twenty-one-gun salute was presented to the visiting dignitary as he alighted from the plane. This is the first visit of any Chinese Premier to Pakistan…

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Fuel Prices Set for Significant Hike Starting October 16

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Petroleum-prices

ISLAMABAD: Consumers may experience a sharp rise in fuel prices, with high-speed diesel (HSD) potentially increasing by up to Rs10.25 per liter starting October 16, 2024. Preliminary estimates suggest petrol prices could increase by Rs3.95 per liter, kerosene oil by Rs7.85 per liter, and light diesel oil (LDO) by Rs8.33 per liter. Pakistan State Oil (PSO) is finalizing a working…

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Govt to Split NTDC into Two Separate Entities Amid Performance Concerns

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NTDC-House

ISLAMABAD: In response to the ongoing inefficiencies and mismanagement at the National Transmission and Despatch Company (NTDC), the federal government has decided to divide the entity into two distinct companies: National Grid Company Projects (Projects) and National Grid Company Assets (NGC Assets), sources revealed. NTDC, which has faced repeated criticism for outdated processes, corruption allegations, and delays in project execution,…

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Govt Halts Payments to 18 IPPs Ahead of Negotiations for Contract Revisions

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Govt-Halts

ISLAMABAD: The government has temporarily suspended payments to 18 Independent Power Producers (IPPs), totaling a capacity of 4,267 megawatts (MW), as it prepares to renegotiate their Power Purchase Agreements (PPAs). These power plants, established under Pakistan’s Power Generation Policies of 1994 and 2002, were initially contracted under a “take-or-pay” model. The upcoming discussions aim to transition their contracts to a…

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Siemens Pakistan to Sell Energy Portfolio to Siemens Gamesa for Rs17.8bn

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Siemens-Pakistan

ISLAMABAD: Siemens (Pakistan) Engineering Co. Ltd. (SIEM) has announced the sale of its energy portfolio to Siemens Gamesa Renewable Energy (Private) Limited for approximately Rs17.82 billion (~$64 million). The decision was approved by the company’s Board of Directors during a meeting held on October 11, 2024. In a notice to the Pakistan Stock Exchange (PSX) on Monday, SIEM disclosed that…

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Chinese Firms Face Business Challenges in Pakistan, Survey Reveals

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Survey-Reveals

ISLAMABAD: A newly released survey by the China Chamber of Commerce in Pakistan (CCCPK) highlights significant challenges faced by Chinese companies operating in Pakistan. The survey, titled the “Business Climate Index of Chinese Companies in Pakistan,” recorded a score of 49.63, just below the 50-point mark that separates optimism from pessimism. The findings, launched with support from the Chinese embassy,…

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Foreign Dignitaries Arrive in Islamabad for SCO Summit Preparations

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SCO-Summit

Over 10,000 security personnel deployed; public offices, markets, schools, and metro bus service shut Finance Minister Dar urges PTI to cancel planned protest Bilateral talks with multiple countries scheduledISLAMABAD: Foreign dignitaries have begun arriving in Islamabad for preparatory meetings ahead of the 23rd Shanghai Cooperation Organisation (SCO) Summit, set to take place on October 15-16. In anticipation of the event,…

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Chinese Premier’s Visit Likely to Include Soft Launch of Gwadar Airport and Key Agreements

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Gawadar-china

The Ministry of Finance and the Ministry of Planning have finalized preparations for the upcoming visit of Chinese Premier Li Qiang, marking his first visit to Pakistan in 11 years. Several important agreements are expected during the visit, including the soft launch of the New Gwadar International Airport and a $2 billion loan agreement for the reconstruction of the Karakoram…

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