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Year: 2024

Pakistan and Indonesia Sign $10.7 Million Trade Agreements Across Multiple Sectors

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Pakistan-Indonesia

ISLAMABAD: Pakistan and Indonesia have strengthened their trade relations by signing business-to-business agreements and Memorandums of Understanding (MoUs) worth $10.7 million during the recent Trade Expo Indonesia. The deals, facilitated by the Special Investment Facilitation Council (SIFC), cover a wide range of sectors, including coconut products, gum, copal, cocoa, dried coconut, ginger, spices, consumer goods, and auto parts. The agreements…

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EU Subsidies for Fossil-Fuel Cars Reach €42 Billion, Study Calls for Shift to EV Support

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electric-car

LONDON: The European Union’s five largest economies collectively spend €42 billion ($45.6 billion) each year subsidizing fossil-fuel-powered company cars, according to a recent study by Transport and Environment (T&E). The report urges a redirection of these funds toward electric vehicle (EV) subsidies to align with the EU’s green transition goals. Company cars account for about 60% of new vehicle sales…

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PSO Waives Interest for Five IPPs, Receives Rs14.8 Billion Principal Payment from Power Purchaser

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PSO-Head

ISLAMABAD: In a significant move aimed at restructuring the power sector, Pakistan State Oil (PSO) has waived late payment interest charges on fuel supply debts owed by five Independent Power Plants (IPPs) whose agreements with the government have been terminated. These IPPs include HUBCO, Lalpir, Saba Power, ROUSCH, and Atlas Power. The settlement agreements, known as Negotiated Settlement Agreements (NSAs),…

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Ahsan hopes Pakistan economy volume to reach $3 trillion in 23 years

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ahsan-iqbal

ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives, Ahsan Iqbal on Monday hoped that the annual volume of Pakistan’s economy will be $ 3 trillion and the country will be counted among the top 10 economies of the world in 100 years of independence in 1947. In the current era, data-driven, knowledge economies are ruling the world, and data…

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Prime Minister of Kazakhstan Welcomes WPC Energy President as Preparations Begin for 2028 Energy Congress in Astana

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Kazakhstan-01

In preparation for the 26th WPC Energy Congress set to take place in Astana in 2028, Mr. Pedro Miras, President of WPC Energy, paid a working visit to Kazakhstan’s capital. Organized by the Kazakhstan National Committee of WPC Energy, represented by the KAZENERGY Association, the visit included meetings with Prime Minister Olzhas Bektenov and a tour of the EXPO International…

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“Pakistan’s Solar Panel Imports Drop, Prices Set to Rise Soon”

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Solar-Power

Due to a dramatic drop in solar panel prices, residential, commercial, and industrial consumers had been installing panels at an increasing rate. However, after a prolonged period of price decreases, market experts now suggest that the reduced volume of imports could either stabilize prices or lead to an increase in the coming months. According to a report, the sharp drop…

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Ogra Seeks Clarification from SSGC Over Geyser Charges in Gas Bills

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OGRA

KARACHI: The Oil and Gas Regulatory Authority (Ogra) has requested an official explanation from the Sui Southern Gas Company (SSGC) regarding charges related to geysers appearing on consumers’ gas bills. Ogra has asked SSGC to provide a detailed written response concerning the pricing of geysers and associated installation fees. The authority emphasized that consumers are not required to use SSGC’s…

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World Bank, ADB, and IsDB Express Willingness to Finance NTDC Projects

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Asian-bank

ISLAMABAD: The World Bank (WB), Asian Development Bank (ADB), and Islamic Development Bank (IsDB) have conveyed their readiness to finance three key projects of the National Transmission and Despatch Company (NTDC), while advising private sector participation for the Ghazi Brotha to Faisalabad West Transmission Line, sources from the Economic Affairs Division (EAD) informed Business Recorder. During a meeting chaired by…

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K-Electric Reluctant to Proceed with Thar Block-II Project Without IGCEP Inclusion

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K-Electric

ISLAMABAD: K-Electric (KE) has expressed its unwillingness to move forward with the 300-MW coal-fired project at Thar Block-II unless it is included in the Indicative Generation Capacity Expansion Plan (IGCEP), sources informed Business Recorder. In a communication with Managing Director of Private Power and Infrastructure Board (PPIB), Shah Jahan Mirza, KE’s Chief Strategy Officer, Shahab Qader Khan, emphasized the need…

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PPL and BME Focus on Sustainable Growth of Balochistan Mining Projects

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PPL-Pak

Karachi, October 18, 2024: The 49th Annual Management Committee meeting of Bolan Mining Enterprises (BME) took place on October 17, 2024, in Quetta. The meeting brought together joint venture (JV) partners Pakistan Petroleum Limited (PPL) and the Government of Balochistan (GoB). Managing Director and CEO of PPL, Mr. Imran Abbasy, along with senior officials, represented PPL, while the GoB delegation…

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