ISLAMABAD: The Central Power Purchasing Agency-Guaranteed (CPPA-G) has made payments of Rs 205 billion to different power producers, including government-owned power plants just two days before the end of 2023. According to sources, Rs131 billion has been paid to government-owned power plants recently approved by the government whereas Rs 74 billion has been released to other power producers. Of Rs74…
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ISLAMABAD: The Ministry of Planning, Development and Special Initiatives (MoPD&SI) has warned the government that any delay in evacuation of power from $2 billion 884-MW Suki Kinari hydel project being established under CPEC will attract Liquidity Damages (LDs), well informed sources told Business Recorder. Secretary Planning, Development and Special Initiatives Awais Manzur Sumra sent this unambiguous message to Secretary Power Division.…
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ISLAMABAD: The Apex Committee (AC) of the Special Investment Facilitation Council (SIFC) has directed Pakistan’s ambassador to Saudi Arabia to approach Saudi Aramco Refinery Project regarding current status of their interest in the refinery project, well informed sources told Business Recorder. The AC also directed the Petroleum Division to assess the investment interest of other parties also in the project. Regarding…
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ISLAMABAD: The caretaker government decided to keep the prices of petrol and high-speed diesel (HSD) unchanged for the first fortnight of the new year. According to a statement issued by the finance ministry, the per-litre price of petrol will remain at Rs267.34 and that of HSD at Rs276.21 until mid-January. The ministry said the government had left the prices unchanged…
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Every United Nations Climate Change Conference – or COP – carries the weight of expectation, the pressure to inch closer to a sustainable and climate-resilient future. COP27 delivered the Loss and Damage Fund, a vital lifeline for communities already bearing the brunt of a changing climate. COP28, which came at the heels of the warmest year recorded in human history,…
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LONDON: Crude futures lost over 10 percent in 2023 in a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major producers around the world. Brent crude on Friday, the last trading day of the year, settled at $77.04 a barrel, down 11 cents or 0.14 percent. U.S. West Texas Intermediate crude settled…
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ISLAMABAD: The World Bank has rated the overall implementation progress of the “Karachi Mobility Project” worth $382 million, as moderately unsatisfactory. The bank’s official documents revealed that the effective date of the project was November 26, 2019, however, only $18.88 million i.e. 4.9 per cent of the total $382 million was disbursed so far. The implementation of the project has…
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KARACHI: Majority of candidates nominated by United Business Group (UBG) and Businessmen Panel Progressive (BMP) succeeded in the elections of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) for the term of 2024-25. According to unofficial results issued on Saturday late night, the UBG and BMP Progressive bagged all the leading seats including the slots of the president…
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ISLAMABAD: The sacked Managing Director, National Telecommunication Corporation (NTC) is to face disciplinary proceedings for allegedly violating prescribed laws before assuming charge as Chairman NTC, well-informed sources told Business Recorder. The Ministry of Information Technology & Telecommunication (MoI-T&T) submitted a summary to the Cabinet stating that National Telecommunication Corporation (NTC) was established under Section 41 of the Pakistan Telecommunication (Re-Organization) Act,…
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ISLAMABAD: M/s Lucky Commodities is said to have lodged a complaint with caretaker Minister for Power and Petroleum, Muhammad Ali on coal procurement process for Sahiwal imported coal-fired power plant, In a letter to caretaker Minister, the company referred to a bidding document dated November, 2023, floated by Huaneng Shandong Ruyi (Pakistan) Energy (Private) Limited for procurement of coal for…
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