Deputy Prime Minister And Foreign Minister Mohammad Ishaq Dar says Pakistan and China are committed to the expeditious completion of CPEC-2. Addressing China’s Development And Global Leadership Conference, Ishaq Qar said CPEC is a gift for Pakistan from China and the mega project has transformed Pakistan’s economy by enhancing infrastructure. He said Pakistan and China have stood with each other…
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October 29, 2024 Lahore, Pakistan – Aramco, the world’s leading integrated energy and chemicals company, has inaugurated its first fuel retail station in Pakistan. This milestone follows Aramco’s acquisition of a 40% stake in Gas & Oil Pakistan (GO), a major downstream sector player with over 1,200 nationwide fuel retail stations. Key Highlights Yasser M. Mufti, Aramco’s Executive Vice President…
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ISLAMABAD: Domestic gas consumers in Pakistan are set to face a significant financial impact as Sui Northern Gas Pipeline Limited (SNGPL) seeks an increase in gas prices by Rs64.16 per MMBTU for FY2024-25. In its recent petition to the Oil and Gas Regulatory Authority (OGRA), SNGPL requested a revised prescribed tariff of Rs1,711.73 per MMBTU, citing an estimated revenue shortfall…
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ISLAMABAD: Following confirmation to the IMF regarding an oil facility, Saudi Arabia is set to send a high-level delegation to Pakistan in December 2024 to finalize details for a $1.2 billion Saudi Oil Facility (SOF). This facility will support Pakistan’s bid for a $7 billion Extended Fund Facility (EFF) from the IMF, with Pakistan also requesting an additional $1 billion…
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ISLAMABAD: The Central Power Purchasing Agency-Guaranteed (CPPA-G) has requested Pakistan Railways to increase the number of freight trains to secure a steady supply of imported coal for the 1,320 MW Sahiwal coal-fired power plant, sources reported. CPPA-G referenced previous communications highlighting a critical coal shortage reported by Huaneng Shandong Ruyi (HSR), the plant’s operator. Transportation delays by Pakistan Railways have…
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ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has reportedly dismissed proposed amendments to the NEPRA Act aimed at implementing economic load management, asserting that these changes would contravene existing laws and consumer rights. Sources indicate that the Power Division had submitted a summary seeking specific modifications to the NEPRA Act, including: Defining “load shedding” within the Act as the…
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ISLAMABAD: Federal Minister for Energy (Power Division) Sardar Awais Ahmad Khan Leghari informed the National Assembly that Pakistan currently operates 93 Independent Power Producers (IPPs) with a total power generation capacity of 22,671 MW. In response to MNA Muhammad Atif’s question, Minister Leghari outlined the breakdown, noting 50 IPPs are locally funded, 17 are foreign-funded, and 26 are funded through…
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ISLAMABAD: The Special Investment Facilitation Council (SIFC) has requested that the Power Division present a list of ten investible projects by October 31, 2024, for potential investment from Saudi Arabia, following the recent visit of Saudi Investment Minister Khalid bin Abdulaziz Al-Falih and a delegation of over 30 Saudi companies. Amid economic challenges like a high import bill and foreign…
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HOUSTON: Oil prices plummeted by nearly 5% on Monday after Israel’s recent military action against Iran over the weekend spared oil and nuclear sites, maintaining energy supply stability. By 11:37 a.m. CDT (1637 GMT), Brent crude futures dropped $4.20, or 5.52%, to $71.83 a barrel, and U.S. West Texas Intermediate (WTI) crude slid $4.08, or 5.68%, to $67.70—a low unseen…
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The rise in demand for electric vehicles (EVs) worldwide, driven by governments’ rebates to curb carbon emissions, has spurred advancements in battery technology. Significant research funding has gone into the EV battery to achieve the objectives of a high number of charge cycles, distance, and low weight and volume, with Chinese companies, CATL and BYD are leading the way. These developments and the economies of scale have…
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