Oil prices tumbled by around $4 a barrel on Monday after Israel’s retaliatory strike against Iran at the weekend bypassed oil and nuclear facilities and did not disrupt energy supplies. Brent futures were down $4.13, or 5.43%, at $71.92 a barrel at 1445 GMT, while WTI U.S. crude futures lost $4.04, or 5.63%, to $67.74. Both Brent and U.S. West…
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Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that the apex body has briefed the group of personnel from Foreign Service of Pakistan (FSP) at its Head Office in Karachi – with the aim to orient them on macroeconomic issues & challenges; export promotion requirements of the business community; trade diplomacy and branding of a country’s export offerings on an…
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ISLAMABAD: Ten Independent Power Producers (IPPs) operating under the 2002 Generation Policy have requested Prime Minister Shehbaz Sharif’s intervention over the government’s plan to terminate existing “Take or Pay” contracts in favor of a “Take and Pay” framework. This shift could lead to severe financial instability for the power producers, sources revealed. In a joint letter to the Prime Minister,…
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ISLAMABAD: National Power Parks Management Company (NPPMCL), the operator of two RLNG-based power plants in Punjab, has expressed serious concerns over Sui Northern Gas Pipeline Company Limited‘s (SNGPL) recent move to resume international arbitration on a previously resolved claim of Rs 15.5 billion, according to well-informed sources. The dispute traces back to 2018 when SNGPL drew Rs 10.38 billion from…
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ISLAMABAD: A World Bank Implementation Support Mission will visit Islamabad and Lahore from October 28 to November 1, 2024, to address remaining obstacles in the CASA-1000 electricity Transmission and Trading Project, a $1.2 billion regional initiative connecting Kyrgyzstan, Tajikistan, Afghanistan, and Pakistan. The mission, led by Senior Energy Specialist Dmytro Glazkov and Pakistan Country Coordinator Ghulam Murtaza Uqaili, will collaborate…
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ISLAMABAD: In response to persistent external financing pressures, Pakistan has formally requested a 10 billion yuan ($1.4 billion) loan from China, following an extension of the existing $4.3 billion facility for three more years. Finance Minister Muhammad Aurangzeb made the request during a meeting with China’s Vice Minister of Finance, Liao Min, proposing to increase the Currency Swap Agreement (CSA)…
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ISLAMABAD: Prices for petrol and high-speed diesel (HSD) are expected to decrease by Rs2 to Rs3 per litre from November 1, due to a slight decline in global oil rates. According to informed sources, international market prices for petrol and HSD fell by approximately $1.5 and $2.5 per barrel over the past two weeks, potentially bringing local prices down by…
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Bluetti has introduced its latest residential energy storage solutions, the EP2000 and B700, designed to deliver secure, cost-effective, and efficient power independence for homeowners. Featuring up to 20kW output and 30kW solar input capacity, the EP2000 can achieve 100% energy self-sufficiency, helping users significantly reduce electricity costs and enhance energy reliability. The EP2000 offers customizable power configurations—10.5kW, 15.5kW, or 20kW—and…
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BEIRUT: Lebanese state media said the Israeli army dynamited houses in Lebanese border villages on Saturday, as Israel said it used 400 tonnes of explosives to destroy a Hezbollah tunnel, more than a month into an all-out war. The official National News Agency said “the army of the Israeli enemy has since dawn blown up and destroyed houses” in the border village…
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New Delhi: German Chancellor Olaf Scholz, in talks with Indian Prime Minister Narendra Modi, expressed Germany’s aim to deepen defence collaboration and enhance military ties with India. Traditionally distant in defence, Germany is now positioning itself as a partner in India’s effort to diversify from its historical reliance on Russian arms, aligning with broader Western efforts to counter China’s regional…
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