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Day: February 11, 2025

Pakistan urges global support for its $100 billion energy transition at World Governments Summit in UAE

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$100 billion energy transition

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday called for global support to meet Pakistan’s $100 billion energy transition needs as he addressed participants at the World Governments Summit (WGS) in the United Arab Emirates (UAE).The summit, being held in Dubai on Feb. 11-13 under the theme ‘Shaping Future Governments’, brings together a large number of heads of state/government, global policymakers,…

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Bangladesh seeking long-term LNG deals, energy official says

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. NEW DELHI: Bangladesh is looking for long-term liquefied natural gas (LNG) deals with exporting nations like Brunei, an advisor to the South Asian nation’s energy ministry said at the India Energy Week conference on Tuesday. Global LNG: Asian spot LNG slips on tepid demand, ample supply Muhammad Fouzul Kabir Khan also said the country is almost finalising its list…

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OPEC takes long-term view of global oil markets, aims for stability

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global oil markets,

NEW DELHI: Decisions from oil producer group OPEC+ take a long-term view of the global markets and are aimed at providing price stability, Secretary General Haitham Al-Ghais said at the India Energy Week conference on Tuesday. The comments came after U.S. President Donald Trump repeatedly called on the producer group to increase oil production to help reduce prices. Iran urges…

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Dr. Zeelaf Munir Elected Chairperson of Pakistan Business Council

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Zeelaf-Munir

KARACHI: The Pakistan Business Council (PBC) has elected Dr. Zeelaf Munir as its new chairperson for an 18-month tenure, succeeding Shabbir Diwan, CEO of Gatron (Industries) Limited. Ziad Bashir, CEO of Gul Ahmed Textiles, has been elected as vice chairman. Dr. Zeelaf, who previously served as Vice Chairperson of PBC, is also the Managing Director & CEO of English Biscuit…

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Lesco Cracks Down on 87 Defaulting Furnaces: Bank Accounts Frozen, SIMs Blocked

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Power-sector

ISLAMABAD: The Lahore Electric Supply Company (Lesco) has launched a major crackdown on 87 defaulting steel furnaces, freezing their bank accounts and blocking mobile SIMs to recover outstanding dues, sources told Business Recorder. Lesco has already disconnected these defaulters and conducted thorough site inspections, documenting all locations with photographic evidence. Awareness campaigns, including banners and wall chalking, have been carried…

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SNGPL Faces Severe Liquidity Crisis as Power Sector Dues Hit Rs148.5bn

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SNGPL-Office

ISLAMABAD: Sui Northern Gas Pipelines Limited (SNGPL) is grappling with a severe liquidity crisis due to outstanding dues from the power sector, which have surged to Rs148.5 billion. The company has warned that the alarming situation threatens its financial stability and ability to meet commitments to upstream gas suppliers. According to SNGPL, key receivables include Rs29.4 billion from Guddu Power,…

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Tariff Subsidy Dispute Drags On as Mediation Faces Delays

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K-Electric-3

ISLAMABAD: The tariff differential subsidy dispute involving K-Electric (KE), the government, and state-owned enterprises (SOEs) remains unresolved, as mediation efforts continue to face hurdles. The Karachi Water and Sewerage Board (KWSB) has refused to cooperate, further delaying the resolution process. The government had appointed a mediator to address KE’s claims for tariff differential subsidies and payables from entities such as…

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PM Shehbaz to Meet IMF Chief in Dubai Ahead of $1 Billion Loan Review

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Shahbaz-Sharif1

ISLAMABAD: Prime Minister Shehbaz Sharif will meet International Monetary Fund (IMF) Managing Director Kristalina Georgieva today (Tuesday) in Dubai, just weeks before the March 3 review talks for Pakistan’s $1 billion second loan tranche. The high-stakes meeting will take place on the sidelines of the World Governments Summit, where global leaders, policymakers, and private sector figures are gathering to discuss…

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Business Leaders Oppose Security Deposit Hike, Urge NEPRA to Reject Proposal

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Nepra-KE-1

KARACHI: Business leaders have strongly opposed the proposed hike in security deposit rates by electricity distribution companies (DISCOs), urging the National Electric Power Regulatory Authority (NEPRA) to reject the move, which they argue would severely impact industrial growth and economic competitiveness. Karachi Chamber of Commerce and Industry (KCCI) President Muhammad Jawed Bilwani warned that the proposed increase—such as the rise…

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Oil Prices Rise Amid US Tariff Concerns

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Oil-Price

SINGAPORE: Oil prices edged higher on Monday despite investor concerns over US President Donald Trump’s latest tariff threat on steel and aluminium imports, which could slow global economic growth and energy demand. Brent crude futures rose 51 cents (0.7%) to $75.17 per barrel by 0444 GMT, while US West Texas Intermediate (WTI) crude climbed 45 cents (0.6%) to $71.45 per…

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