ISLAMABAD: Pakistan has been negotiating with the Kingdom of Saudi Arabia (KSA) for the provision of an additional $1 billion Saudi Oil Facility (SOF) on deferred payment for the ongoing calendar year 2024. Islamabad has also made a request to the United Arab Emirates (UAE) for the rollover of $2 billion deposits to avert depletion in foreign exchange reserves (FER)…
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ISLAMABAD: The Private Power and Infrastructure Board (PPIB) has sought details of Letters of Intent (LoIs) of wind and solar projects issued by the gvernments of Punjab and Sindh, well-informed sources told Business Recorder. Managing Director, PPIB, Shah Jahan Mirza, in letters to Secretary Energy Department, Sindh and Secretary Energy Department, Punjab, has cited the reference to the Cabinet Committee on…
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ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is to allow allocation of United Energy Pakistan’s (UEP’s) 35 mmcfd gas to Mohar Field to Sui Southern Gas Company Limited (SSGCL), well-informed sources told Business Recorder. Mohar Field is located in Latif Block, district Khairpur, Sindh province and the field is being operated by United Energy Pakistan (UEP) Beta GmbH with…
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ISLAMABAD: The Power Division has constituted a two-member committee to probe reasons for recent power breakdowns across the country including explosion at Guddu 500 kV switchyard, well-informed sources told Business Recorder. On January 1, 2024, the Power Division, in an official statement said due to dense fog, the NTDC faced tripping of 500 kV and 220 kV Transmission Lines in the…
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ISLAMABAD: The Working Group (WG) of the Special Investment Facilitation Council (SIFC) has decided to hold a meeting with the Commerce Ministry, the FBR and Industries Ministry for final recommendations for Tariff Policy Board (TPB) aimed at extending incentives to PV solar manufacturing, well-informed sources in Commerce Ministry told Business Recorder. The decision was taken at a meeting held under the…
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Islamabad, January 9, 2024 – Following the resounding success of the event held at the Pakistan Engineering Council (PEC) on January 8, 2024, PEC continues to showcase its efforts in revolutionizing the construction industry. The event, which garnered significant attention, served as a platform to share innovative approaches and strategies to meet international standards.Mr. Amir Ul Islam, CEO of New…
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KARACHI: Ambassador of European Union (EU) Raina Kionka has said that rather than staying confined to exporting textiles only, the business community of Karachi should broaden and diversify their exports to EU so as to take maximum advantage of EU’s GSP Plus for Pakistan which has recently been rolled over for four more years up to 2027.“GSP Plus is tremendously…
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In a high-voltage move, Finnish tech powerhouse Wärtsilä has sealed the deal for a 12-year extension on its Operation & Maintenance (O&M) agreement with Sindh Nooriabad Power Company (SNPC), a game-changing independent power producer (IPP) in Pakistan. The pact covers the SNPC 1 and 2 power plants in Sindh, showcasing a leap forward in sustainable energy solutions. Fueled by innovation,…
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KARACHI: The refining sector is struggling to finalize agreements with the government for upgrading their facilities to produce cleaner fuels under a new policy, as a dispute over taxation remains unresolved, sources told The News on Monday. As the deadline for the signing of agreements will expire on January 16, 2024, both sides have to resolve the issue of taxation…
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Saudi Arabia is seeking to attract SR63.7bn worth of investment in mining industry by 2030 to help country capitalize on its wealth of mineral resources ISLAMABAD: Pakistan and Saudi Arabia are expected to make progress on a potential investment deal in the Reko Diq copper and gold project during a three-day mineral forum that began on Tuesday in Riyadh, an…
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