HOUSTON: Oil prices slipped on Friday and were bound for a weekly loss as investors digested waning Chinese demand and a possible slowing of the U.S. Federal Reserve’s interest rate cut path. Brent crude futures dropped 71 cents, or 0.98%, to $71.85 a barrel by 10:32 a.m. EDT. U.S. West Texas Intermediate crude futures were down 72 cents, or 1.05%,…
Read More
KARACHI: K-Electric (KE) has earned two distinguished honors at the 2024 Asian Power Awards, underscoring its role as a leader in energy efficiency and innovation. The company’s 560MW Bin Qasim Power Station II (BQPS-II) was awarded both the Gas Power Project of the Year – Pakistan and the Power Plant Upgrade of the Year – Pakistan, recognizing its advanced upgrades…
Read More
ISLAMABAD: The government is expediting consultations on deregulating the petroleum sector and establishing uniform gas prices across local and imported supplies for the processing industry, including wellhead gas, piped gas, and liquefied natural gas (LNG). Prime Minister Shehbaz Sharif has tasked the Petroleum Division with formulating proposals to achieve deregulation in the sector and consistent pricing across gas sources. A…
Read More
ISLAMABAD: The government has approved Rs23 billion in repairs for the compromised Headrace Tunnel (HRT) of the 969-megawatt Neelum-Jhelum Hydropower Project (NJHP), keeping it offline for an estimated eight more months. At a recent meeting chaired by Planning Minister Ahsan Iqbal, international consultant James Stevenson outlined that a full reconstruction of the HRT would exceed Rs222 billion and take years.…
Read More
KARACHI: The upcoming National Electric Vehicle Policy (NEVP) 2025-30 aims to reshape Pakistan’s automotive industry with a shift from fossil fuel vehicles to electric alternatives through notable tax breaks on imports. However, local EV assemblers are concerned that these liberal import measures will hinder domestic manufacturing efforts. A key feature of the policy draft offers reduced customs duties for imported…
Read More
ISLAMABAD: The government and the International Monetary Fund (IMF) are grappling with unresolved energy sector issues, raising concerns of potential defaults among major public-sector entities. These challenges are casting doubt on the stability of the $7 billion loan program signed just two months ago. The IMF, led by mission chief Nathan Porter, also expressed concern over missed provincial cash surplus…
Read More
Karachi, 14 November 2024 – FrieslandCampina Engro Pakistan Limited (FCEPL), a major player in Pakistan’s dairy industry, has partnered with Reon Energy to establish a 3.4 MW solar power system at FCEPL’s Sahiwal manufacturing facility. This initiative marks a substantial step toward sustainability, enabling FCEPL to generate 5,013.6 MWh of clean energy annually and reducing CO2 emissions by approximately 2,506…
Read More
HONG KONG SAR – amfori, a global leader in sustainable trade, successfully concluded its flagship event, the “amfori Asia Sustainability Summit 2024,” at Hotel ICON in Hong Kong SAR, China. The summit gathered over a hundred stakeholders from Asia and Europe, including policymakers, business leaders, and sustainability advocates, to explore Asia’s pivotal role in global trade resilience and sustainability. Under…
Read More
Karachi – In a groundbreaking webinar titled “Bridging the Gap: How COP29 and the Education Sector Can Drive Inclusive Climate Leadership,” the Pakistan Alliance for Girls Education (PAGE), in partnership with the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) central standing committee on Sustainable Development Goals (SDGs), highlighted the need for gender-responsive leadership to combat climate change. Held…
Read More
KARACHI — The Oil and Gas Development Company Limited (OGDCL) has announced the start of gas production from its Uch-35 development well. Drilled to a depth of 1,345 meters using in-house expertise, the well taps into the hydrocarbon-rich Sui Main Limestone (SML) formation, as disclosed in a statement to the Pakistan Stock Exchange on Wednesday. The Uch-35 well is producing…
Read More
