Pakistan and Kuwait have signed a $25 million loan agreement aimed at funding the Mohmand Dam during the 5th session of the Pakistan-Kuwait Joint Ministerial Commission (JMC) in Kuwait, held from May 28 to May 30, 2024. The formal signing of the loan agreement will take place on June 3. This session marked significant progress in strengthening bilateral ties, with…
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In a significant policy shift, the government has proposed a record Rs1.22 trillion for the federal Public Sector Development Programme (PSDP) for the next budget, with a substantial 59% allocation for infrastructure projects. This proposal marks a 64% increase from this year’s downward revised PSDP and a 30% rise from the original budget of the current fiscal year. The Annual…
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The federal government on Friday reduced the petrol price by Rs4.74, taking the new rate to Rs268.36 per litre and The price of high-speed diesel (HSD) has also been slashed by Rs3.86 per litre to Rs270.22. According to the notification, the petrol price has been reduced by Rs. 15.40 per litre, while the price of high-speed diesel (HSD) has been slashed…
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KARACHI (May 31): Sindh Energy Minister Syed Nasir Hussain Shah has said that 172 public sector buildings will initially be provided with 47 MW of electricity through solarization in three different phases. He expressed these views today at the Energy Department during a meeting with a delegation of the World Bank’s technical mission. The World Bank mission was led by…
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Karachi The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has called upon the government to immediately take full advantage of 12 operational clean energy projects in the Jhimpir-Gharo wind corridor in Sindh so that end-consumers of electricity get uninterrupted power supply at the cheapest rates in peak summer.In a statement issued to the media, FPCCI President Atif Ikram…
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• Investment signals further progress in Aramco’s global retail expansion• Strategic partnership aims to unlock new opportunities for value creation and growth DHAHRAN|MAY 31, 2024 Aramco, one of the world’s leading integrated energy and chemicals companies, has made further progress in its global retail expansion by completing the acquisition of a 40% equity stake in Gas & Oil Pakistan Ltd.…
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ISLAMABAD: The government is considering maintaining the natural gas sale price from July 1, 2024, contrary to the 10% reduction in system gas prices recommended by the Oil and Gas Regulatory Authority (OGRA). This move aims to reduce the prior years’ shortfall, which has reached Rs1,500 billion, by Rs100 billion in a staggered manner. Maintaining the gas prices is also…
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ISLAMABAD: Pakistan’s junk credit rating has become a major obstacle in securing $3.5 billion in debt for the Diamer Basha dam project. In response, the government is simultaneously trying to sell its stake in another power project and persuade Beijing to include the Diamer Basha dam in the China-Pakistan Economic Corridor (CPEC). The Water and Power Development Authority (WAPDA), the…
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KARACHI: Despite uncertain economic conditions, Dewan Farooque Motors Ltd (DFML) has announced plans to start rolling out electric vehicles (EVs) in August. The company has entered into a toll manufacturing agreement with ECO-Green Motors Ltd (EGML) for the production of EGML’s Honri-VE, offering ranges of 200km and 300km.
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ISLAMABAD: The Central Power Purchasing Agency (CPPA) is seeking an additional Fuel Cost Adjustment (FCA) of Rs3.49 per unit in June’s bills, admitting that “consumers don’t want electricity from the system” as evidenced by a 14-17% drop in consumption in April.
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