Pakistan is making a case for a US waiver regarding the Iran-Pakistan (IP) gas pipeline to address its pressing energy requirements and avoid potential penalties amounting to $18 billion if Iran opts for arbitration through a France-based mechanism. In a letter addressed to President Joseph R. Biden, an energy and water consultant and adviser to the Centre for Research and…
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During President Ebrahim Raisi’s visit to Pakistan, both countries emphasized enhancing economic cooperation and addressing regional challenges. The visit resulted in a joint statement outlining key areas of collaboration and mutual understanding. One significant outcome is the commitment to expedite the Free Trade Agreement (FTA) between Pakistan and Iran, highlighting the importance of economic integration and trade facilitation. Additionally, cooperation…
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LONDON, April 25 (Reuters): According to the International Energy Agency (IEA), the anticipated significant decline in battery costs for energy storage in the coming years will hasten the global shift towards renewable energy and away from fossil fuels. The IEA’s Batteries and Secure Energy Transitions report highlights the crucial role of energy storage in ensuring the reliability of renewable sources…
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A recent report by Norwegian risk assessment firm DNV suggests that China’s coal consumption, although expected to decline by one-third by 2040, will still remain a significant part of its energy mix. This outlook contradicts global climate goals that aim to phase out coal power capacity by 2040 to limit temperature rises. According to the report, China’s coal consumption will…
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The International Energy Agency (IEA) predicts that global electric car sales will reach 17 million by the end of 2024, marking a significant surge in demand. According to the IEA’s Global EV Outlook, this growth trend is set to reshape the automotive industry and significantly reduce oil consumption for road transport. China is leading the electric car revolution, with projections…
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Reports from Business Recorder suggest that the government is contemplating reducing the buyback rates for net metering electricity from Rs 21 per unit to Rs 11 per unit. This move comes as the surge in net metering installations has disrupted the government’s capacity charge payment plans, sources reveal. The Power Division is concerned that affluent consumers are shifting to net…
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The TEVTA-Pakistan Solar Association MOU signing ceremony took place at TEVTA Secretariat, Lahore. Chairman TEVTA Brig. Muhammad Sajid Khokhar, SI(M) Retd., and Chairman PSA Amir Parvez Chaudhry signed the documents. COO TEVTA Qurat-ul-Ain Memon noted that the collaboration spans two years initially, aiming for further expansion. TEVTA commits to enhancing its ties with the solar industry, updating syllabi, conducting trainer…
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The 7th Edition of the LEADERS IN ISLAMABAD BUSINESS SUMMIT (LIIBS) 2024 continued its momentum in Islamabad, showcasing a dynamic blend of collaboration and innovation. Co-hosted by Nutshell Group and Unity Foods Limited, in partnership with OICCI and Faysal Bank Limited, the summit underscored the theme of ‘Collaborating for Growth.’ Air Chief Marshal Sohail Aman (Rtd) emphasized the pivotal role…
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Karachi, April 24, 2024: The National Electric Power Regulatory Authority (NEPRA) has given decision on the utility’s Transmission & Distribution Investment Plan till FY 2030 which will catalyze the company’s efforts to reduce losses in transmission and distribution, drive growth in its customer base, and bolster the power utility’s infrastructure to meet current demands and future needs.
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Prime Minister Shehbaz Sharif, after listening to the grievances highlighted by the Karachi Chamber, immediately directed all the relevant Federal Ministers and Secretaries to hold meeting with KCCI so that the issues being faced by business community could be extensively discussed to agree upon solutions whereas he himself would personally review the outcome of discussions and, accordingly, announce relief on 1st May.
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