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Year: 2024

SHAKE PROGRAMME SECURES £845K FOR NEXT COHORT OF CLIMATE-TACKLING ENTREPRENEURS

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Unique combination of investment and mentorship for agri-tech start-ups attracts new funding partners. The SHAKE Climate Change entrepreneurship programme has secured £845K to invest in new projects that will help deliver the next generation of climate friendly farming. Based on a unique funding model, SHAKE helps entrepreneurs and start-ups who are combating climate change with science or tech-based ideas in…

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Climate Finance Accelerator Showcases Innovative Pakistani Climate Projects at Investor Roadshow

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Sarah-Mooney

The UK-funded Climate Finance Accelerator (CFA) Pakistan kicked off its two-day InvestorRoadshow in Karachi today, bringing together seven innovative climate mitigation projects spanningsectors such as power, e-mobility, healthcare, food, agriculture, and technology.The CFA, implemented by DAI Pakistan on behalf of the UK Government, has provided the projectswith technical, financial, and gender inclusion expertise to help ready them for investment. The…

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Oil and Gas Output Declines in Q1 Amid Field Disruptions

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oil-discovery

KARACHI: Pakistan’s oil and gas production experienced a notable decline in the first quarter of the current fiscal year, with oil output falling by 8% and gas by 7%. The downturn was primarily due to annual turnarounds (ATAs) and forced curtailments at major fields, according to a report by Arif Habib Limited (AHL). Key oil fields like Nashpa, Mela, Adhi,…

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Pakistan’s Gains from Shanghai Cooperation Organisation (SCO) Membership: A Comprehensive Overview

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SCO-Project

Since becoming a full member of the Shanghai Cooperation Organisation (SCO) on June 9, 2017, Pakistan has reaped significant benefits across multiple sectors, particularly in trade, security, and regional diplomacy. Pakistan’s involvement in the SCO has strengthened its trade potential, enhanced security cooperation, and bolstered its geopolitical standing within Central Asia. In terms of trade, Pakistan’s exchange with SCO members,…

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Restrictions Hamper Progress on Dasu Hydropower Project: World Bank Cites Transportation Challenges

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Dasu-Hydropower

ISLAMABAD: The World Bank has reported significant slowdowns in the 4,320 MW Dasu Hydropower Project due to restrictions on ground transportation for international workers and experts from Islamabad to the project site, as well as a shortage of armored vehicles for their movement within the project area. A recent World Bank mission to Pakistan noted that while construction is ongoing,…

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Chinese Firm to Invest $1 Billion in PRL Upgrade, Doubling Refinery Output

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PRL-Project

A Chinese investment corporation has committed $1 billion to Pakistan Refinery Limited (PRL) for a major upgrade aimed at doubling its production capacity. The agreement, however, comes with a condition: the Chinese firm seeks full independence from government control, ensuring that PRL repays the investment in dollars without any government intervention. Currently, Pakistan’s State Bank allows the private sector, including…

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IEA Predicts ‘Age of Electricity’ as Fossil Fuel Demand Set to Peak by 2030

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clean-energy

The world is rapidly transitioning toward a future dominated by low-emission energy sources, with more than half of global electricity expected to come from clean energy by 2030, according to the International Energy Agency’s (IEA) latest World Energy Outlook report. The IEA projects that demand for oil, gas, and coal will peak by the decade’s end, potentially leaving an excess…

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SCO Backs China’s Belt & Road Initiative Amid Diverging Views on Regional Security

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New-SCO

PM Shehbaz chairs summit; eight key documents on bloc’s budget, secretariat, and counterterrorism efforts signedSCO members reject Western sanctions, call for the use of national currencies in tradeJoint communique urges closer cooperation in politics, security, and the establishment of an SCO Development BankIndia expresses concerns over cross-border terrorism, affecting trade and connectivity effortsISLAMABAD: Leaders of the Shanghai Cooperation Organisation (SCO)…

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OMAP Criticizes Proposed OMC Margin as ‘Inadequate’

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Oil-Price

LAHORE: The Oil Marketing Association of Pakistan (OMAP) has called on the Ministry of Petroleum to intervene regarding the Oil and Gas Regulatory Authority’s (Ogra) proposed revisions to oil marketing companies’ (OMCs) margins, which it deems insufficient for the industry’s sustainability. OMAP Chairperson Tariq Wazir Ali expressed concern over the proposed margin increase, stating that it does not account for…

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PSO Board Enforces Code to Prevent Corruption

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PSO-Head

ISLAMABAD: In accordance with the State-Owned Enterprises (SOE) Act 2023, Pakistan State Oil’s (PSO) Board of Management (BoM) has implemented a stringent code of conduct aimed at curbing corrupt practices, accepting gifts, and leaking sensitive information, a senior Petroleum Division official informed The News. All bureaucrats serving on the PSO board have signed the code, and violations could lead to…

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