Prime Minister Shehbaz Sharif has approved reconstitution of Board of Directors (BoD) of National Engineering Services Pakistan (NESPAK) with the direction to Power Division to place the summary before the Federal Cabinet for approval, well informed sources told Business Recorder. The composition of reconstituted BoD of NESPAK will be as follows: (i) Secretary, Power Division/ Chairman/ Member (ex-officio ); (ii) Chairman…
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Auditor General of Pakistan (AGP) has unearthed 282 cases of misappropriation, irregularities in contracts/ procurement, internal rules, violations of regulatory laws and financial mismanagement, etc., worth Rs 3.27 trillion in water and power sectors, during audit year 2021-22. According to audit report on the accounts of Power Division and its attached entities, the AGP has detected 66 cases of procurement/…
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The sale of a large part of the controlling stake in Karachi Electric (KE) held by KES Power outside Pakistan appears to be in advanced stages, awaiting approval from a Cayman Islands court, but the government of Pakistan is not aware of the deal as it kept completely secret, according to trusted inside information. The sale of these interests, which control KE,…
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In the backdrop of the US sanctions against Tehran, Pakistan has renewed its commitment to execute the much-awaited Iran-Pakistan (IP) gas pipeline project. Prime Minister Shehbaz Sharif reinforced his commitment to execute the IP gas pipeline project during his meeting with the Iranian head-of-state on the side lines of the Shanghai Cooperation Organisation (SCO) meeting in Samarkand. This was his…
Read MoreBangladesh, Pakistan and India have been significantly affected by the changes to the LNG market in 2022. “Europe is trying to grab every molecule of gas wherever it is available,” he said. “They are purchasing everything from current to future gas. And their purchasing power is much higher than that of developing countries. So obviously, countries like Bangladesh, India, and…
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To alleviate the tragic impact of recent floods across Pakistan, Associated Group though its companies including Pakistan GasPort Limited and PGPCL (PGPL and PGPCL own Pakistan’s largest LNG regasification and storage terminal) has donated Rs. 10,000,000 (Ten Million Rupees) to the Pakistan ‘Army Relief Fund for Flood Affectees.’ The monies will be spent on relief work and supply of provisions…
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Not many saw that coming. Not even the traditionally most bullish takers on oil market. Observers have termed the latest moved by Saudi led Opec Plus cartel nothing short of a slap on Biden administration. Saudi Arabia and Russia have got uncomfortably close for the West’s likings, especially as the US made attempts to persuade the Kingdom to stay clear…
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When choosing a solar power plant, individuals and businesses pay the most attention to its power – after all, this will determine how much electricity will be produced. Other equipment, systems and sensors that allow monitoring and analysis of the operation of the power plant are often underestimated. But they shouldn’t be: the solar power plant will be used for…
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The Strategic Petroleum Reserve’s (SPR) oil is sold competitively when the President of the United States of America finds, pursuant to the conditions set forth in the Energy Policy and Conservation Act (EPCA), that a sale is required. In the past, oil resources were withdrawn from the SPR to meet domestic oil requirements – such as Emergency Drawdowns, Non-Emergency Sales, SPR Modernization…
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Prime Minister Shehbaz Sharif said on Monday that cheaper energy production from Thar coalfields would be a game changer for national development. Speaking at the inauguration of the commercial operations of the second phase of coal mining by Sindh Engro Coal Mining Company (SECMC), the prime minister said the Thar coal project would help the government save up to $6…
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