KARACHI — The Federation of Pakistan Chambers of Commerce and Industry (FPCCI), through its Acting President Qurrat Ul Ain, has urged the government to extend its winter electricity relief package to small and medium enterprises (SMEs) without the 100,000-unit consumption condition from the prior year. Qurrat Ul Ain suggested that the Rs26/kWh rate apply to all incremental units consumed beyond…
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ISLAMABAD — The federal government is expected to increase petroleum product prices by up to Rs5.90 per litre for the upcoming fortnight, effective November 16. Sources indicate that the ex-depot price of petrol may rise by Rs2.58 per litre, from Rs248.38 to Rs250.96. High-speed diesel (HSD) could see a more substantial increase of Rs5.91 per litre, moving from Rs255.14 to…
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BAKU — The COP29 summit received a promising early boost as major development banks, including the World Bank, pledged to increase climate finance to $120 billion by 2030. This commitment represents a 60% rise from 2023 funding levels, aimed at supporting developing and middle-income countries grappling with the impacts of global warming. “This is a positive step,” noted Irish Climate…
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Karachi: Qurrat Ul Ain, Acting President, FPCCI, has demanded that – while the apex body appreciates the announcement of winter package – the relief in the electricity tariff announced under it should be made available to small & medium enterprises (SMEs) as well through withdrawing the condition of 100,000 units consumption in the corresponding period of last year; and, resultantly,…
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KARACHI (Nov 13): Sindh Chief Minister Syed Murad Ali Shah and Federal Minister for Maritime Qaiser Shaikh, during their meeting, discussed addressing fishermen’s issues, tackling sea pollution and plans to develop Keti Bandar as a new port. The meeting was held at CM House and was attended by Secretary to CM Raheem Shaikh and Chairman Port Qasim Rear Admiral Nasir…
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ISLAMABAD: Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) company, has launched natural gas production from the Uch-35 development well in Dera Bugti, Balochistan. The announcement, made to the Pakistan Stock Exchange (PSX) on Wednesday, marks a key step in the company’s strategic growth. OGDCL reported that the Uch-35 well was drilled to a depth…
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ISLAMABAD: The Power Division has reportedly fallen behind on a majority of tasks assigned by the Prime Minister’s Office (PMO) through the Task Management System (TMS), including the critical establishment of a competitive electricity market. Of the 147 tasks assigned, only 53 have been completed, with 77 overdue and 17 still in progress, according to PMO sources. The review highlighted…
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ISLAMABAD: Development Finance Institutions (DFIs) with financial stakes in Independent Power Producers (IPPs) have approached the National Electric Power Regulatory Authority (NEPRA) Chairman to revise tariff determinations, adjusting the benchmark interest rate from the London Interbank Offered Rate (LIBOR) to Term SOFR (Secured Overnight Financing Rate) plus Credit Adjustment Spread (CAS), sources in NEPRA report. DFIs, including the Asian Development…
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ISLAMABAD: The Sustainable Development Policy Institute (SDPI) and the Embassy of Denmark in Pakistan have commenced the second phase of their initiative, Unlocking the Potential of Carbon Markets in Pakistan, aimed at enhancing industry and SME access to carbon markets. At a reception attended by diplomats, policymakers, and industry leaders, Danish Ambassador Jakob Linulf highlighted the project’s achievements in bridging…
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At the COP29 World Leaders Climate Action Summit in Baku, Azerbaijan, Prime Minister Shehbaz Sharif called for a global overhaul in climate financing, urging that debt-based funding should no longer be the norm. Addressing the Climate Finance Round Table Conference, organized by Pakistan, PM Shehbaz highlighted the need for innovative, debt-free financing solutions to support developing countries in combating climate…
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