ISLAMABAD: Pakistan and China have reaffirmed their commitment to high-quality development of the China-Pakistan Economic Corridor (CPEC) 2.0, with emphasis on industrialisation, Special Economic Zones (SEZs), clean energy, agriculture and livelihood projects. This was agreed between the two sides in the 5th meeting of the CPEC Joint Working Group on International Cooperation and Coordination (JWG-ICC) held in Beijing, the Foreign…
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In a bid to improve electric vehicle (EV) charging infrastructure in Pakistan, the government has decided to cut the tariff for EV charging stations by 45%, announced Federal Minister for Energy Awais Ahmad Leghari on Wednesday. “We are striving to make EVs accessible to the masses. In this regard, the Power Division has taken a significant step. “The government has…
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Oil & Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) company, commenced production of oil and gas from its Kharo-1 well located in Khairpur district, Sindh. The E&P shared this development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. “We are pleased to announce that Kharo-1 well has been successfully brought into production,” said…
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Islamabad: Under the leadership of Prime Minister Mian Muhammad Shehbaz Sharif, the government has announced a special discounted electricity tariff for electric vehicle (EV) charging stations. The tariff for these stations has been reduced from the current rate of 71 PKR per unit to 39.70 PKR per unit, marking a 44% reduction in electricity rates for EVs for the first…
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KARACHI: Shell Pakistan Limited has officially rebranded as Wafi Energy Pakistan Limited, effective January 13, 2025. The name change follows the successful acquisition of a majority stake by Wafi Energy Holding Limited. The Securities and Exchange Commission of Pakistan (SECP) issued a certificate of incorporation to formalize the name change, as disclosed by the company to the Pakistan Stock Exchange…
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KARACHI: The Oil & Gas Regulatory Authority (OGRA) has proposed measures to mitigate operational losses faced by refineries due to the sales tax exemption on petroleum products and suggested extending the deadline for signing upgrade agreements under the Brownfield Refinery Policy 2023. In a letter to the Petroleum Division’s Director General (Oil), OGRA highlighted that refineries have hesitated to finalize…
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ISLAMABAD: Federal Minister for Energy, Sardar Awais Ahmed Leghari, underscored significant advancements in Pakistan’s power sector during a recent video message, emphasizing reforms in agreements with Independent Power Producers (IPPs) and steps toward affordable electricity. Revised Agreements with IPPsThe Power Division has presented proposals to the federal cabinet for revising agreements with 18 additional IPPs. These amendments aim to enhance…
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ISLAMABAD: The federal government is exploring a proposal to rebase electricity tariffs annually from January 1 instead of July, aiming to mitigate public discontent during peak summer months when fuel charges adjustments (FCAs) and quarterly tariff adjustments (QTAs) amplify electricity costs. The proposal, advanced by the Power Division, seeks to streamline tariff adjustments during winter when electricity consumption is lower,…
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RIYADH: Saudi Arabian mining giant Manara Minerals is poised to make a significant investment in Pakistan’s Reko Diq mine within the next two quarters, according to Pakistan’s Petroleum Minister, Musadik Malik. Speaking at the Future Minerals Forum in Riyadh, Malik expressed optimism about forthcoming developments, particularly in copper mining. Manara Minerals, a joint venture between Saudi state-controlled miner Ma’aden and…
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ISLAMABAD: In a significant move to accelerate electric vehicle (EV) adoption in Pakistan, the Ministry of Commerce has proposed eliminating the 25% sales tax on EVs priced above Rs4 million and lifting the cap on EV batteries for cars, vans, and SUVs. The recommendations were discussed during a recent steering committee meeting on EV policies. The Ministry of Industries and…
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