ISLAMABAD: Pakistan Refinery Limited (PRL) and Saudi Arabia’s ED Investment Group are in advanced discussions to establish a joint project, according to sources informed by Business Recorder. This development follows the Prime Minister’s visit to Saudi Arabia in April 2024. At a recent meeting chaired by Federal Minister for Petroleum Dr. Musadik Masood Malik, updates on the progress of the…
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ISLAMABAD: The World Bank is set to restructure the Tarbela Fourth Extension Hydropower Project (T4HP) to extend the closing date of the $390 million International Bank for Reconstruction and Development (IBRD) loan to September 30, 2027. This loan is also financing the Tarbela Fifth Extension Hydropower Project (T5HP). According to official documents, the results framework has been updated to incorporate…
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ISLAMABAD: President Asif Ali Zardari emphasized that Pakistan is one of the countries most severely impacted by climate change. In his message on World Environment Day, Zardari highlighted the country’s exposure to various climate phenomena such as floods, droughts, heatwaves, and forest fires. “Today, we commemorate World Environment Day to raise awareness about land degradation, desertification, and droughts,” said Zardari.…
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KARACHI: Sindh Investment Department (SID) and Swiss Business Council (SBC) have signed an MoU to promote trade and investment in the province. SID, Government of Sindh’s primary investment has been active in facilitating investments and this partnership with Swiss Business Council aims to create the requisite nexuses crucial to further tap the trade and investment opportunities in Pakistan and Switzerland…
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ISLAMABAD: As Prime Minister Shehbaz Sharif embarks on a four-day official visit to China, Chinese power generation and transmission companies are intensifying their demands for the payment of overdue amounts. The Central Power Purchasing Agency–Guaranteed (CPPA-G) recently paid Rs 70 billion to Chinese Independent Power Producers (IPPs) and plans another installment soon, aiming to clear substantial dues before June 30,…
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LONDON/DUBAI: In a move to stabilize the oil market, OPEC+ has decided to extend its substantial oil output cuts well into 2025. This decision, announced on Sunday, comes amid concerns over sluggish demand growth, particularly from top oil importer China, high interest rates, and increasing competition from U.S. production. Recently, Brent crude oil prices have hovered around $80 per barrel,…
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BEIJING: The world’s biggest solar plant, a 5-gigawatt (GW) facility spanning 200,000 acres in northwestern Xinjiang, has been successfully connected to the grid. This monumental project, located in the desert area of Urumqi, the capital of Xinjiang, was developed by the Power Construction Corp of China and was announced operational on Monday by the Chinese state asset regulator. This vast…
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QUETTA: Tragedy struck in the Sanjdi area, about 50 km from Quetta, as at least 11 individuals died from methane gas inhalation inside a coal mine on Monday. The victims included nine coal miners, a coal company manager, and a contractor. The incident occurred approximately 1,500 feet deep inside the mine when methane gas erupted and rapidly spread, rendering all…
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ISLAMABAD: On Monday, the National Electric Power Regulatory Authority (NEPRA) announced an additional Rs1.90 per unit cost to consumers nationwide for June, with further increases of 93 paise each for July and August. Concurrently, K-Electric (KE) has filed another fuel cost adjustment (FCA) claim for April, adding to its existing Rs18.6 per unit petition for the past nine months. In…
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ISLAMABAD, June 03, 2024: Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest Exploration and Production company, has announced the commencement of production from the Chanda-7 well in Kohat, Khyber Pakhtunkhwa, and successful revitalization of the Kunnar-8 well located in Hyderabad, Sindh to enhance oil and gas production.Chanda-7, a new development well, has been successfully tested, completed, and brought into…
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