Abu Dhabi, UAE: Today, the Utilities for Net Zero Alliance (UNEZA) unveiled a bold initiative at the 14th Assembly of the International Renewable Energy Agency (IRENA), aiming to significantly scale up renewable energy capacity. The alliance, comprising leading global utilities, announced their joint intent to increase renewable energy capacity within their portfolios to 749 GW by 2030, marking a substantial…
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Mari Petroleum Company Limited (MPCL) has announced a significant oil discovery at the Shawal-1 Well, located in the Mari Development & Production Lease (Mari D&PL) in Sindh Province. MPCL, operating with 100% working interest, successfully drilled the well to a depth of 1,136 meters into the Ghazij Formation. During testing, the Shawal-1 Well yielded 1,040 Barrels of ~30 deg API…
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Officials weigh the impact of the Iran-Pakistan gas pipeline on national energy security amidst mounting US pressure to abandon the plan The rooftop of Vaqar Zakaria’s home in Islamabad is strewn with photovoltaic panels that he says have lowered his electricity bill to virtually nothing. This is countered by the stark contrast in his rising gas costs. “From a steady…
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Albania, Bhutan, Nepal, Paraguay, Iceland, Ethiopia, and the Democratic Republic of Congo have each generated over 99.7% of their electricity from renewables Seven countries currently generate almost all of their electricity from renewable energy sources, according to newly compiled figures. Albania, Bhutan, Nepal, Paraguay, Iceland, Ethiopia, and the Democratic Republic of Congo have each generated over 99.7% of their consumed…
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ISLAMABAD: The federal government has finalised a draft of 10 years ‘Solar Panel Local Manufacturing and Allied Equipment’ policy envisaging incentives to the manufactures, including imposition of tariff on import of finished goods for the period to promote localisation, well-informed sources told Business Recorder. Sharing the details, sources said, the Special Investment Facilitation Council (SIFC) in its 5th Apex Committee meeting…
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ISLAMABAD: Chinese power firm Shanghai Electric has reportedly lodged a complaint against Central Power Purchasing Agency-Guaranteed (CPPA-G) to the Prime Minister for not making payments on time, well-informed sources told Business Recorder. Sharing the details, sources said M/s Thar Coal Block-1 Power Generation Company Pvt Ltd has informed Special Investment Facilitation Council (SIFC) that the company has achieved Commercial Operation Date…
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Pakistan hopes to agree the contours of a new International Monetary Fund (IMF) loan in May, Finance Minister Muhammad Aurangzeb told Reuters, and has kicked off talks with ratings agencies to lay the groundwork for a return to international debt markets. Pakistan’s current $3 billion arrangement with the Fund runs out in late April and the government is seeking a longer and bigger…
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ISLAMABAD: Amid warnings about supply chain challenges and retail prices increasing by up to Rs27 per litre in Gilgit-Baltistan, the major oil sector stakeholders — the regulator and the industry — have proposed gradual deregulation of petroleum prices over a period of two years to avoid the political pressure associated with pricing. The government has also been advised to end…
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In a significant legal development, RIAA Barker Gillette, in collaboration with a leading English Law Firm, has achieved a decisive victory in arbitration proceedings against the Government of Pakistan (GOP) on behalf of Star Hydro Power Limited (SHPL). The final award, issued by the London Court of International Arbitration (LCIA), mandates the GOP to pay substantial amounts to SHPL within…
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Longi Solar, a global leader in renewable energy technology, and Netline Group of Companies, a premier renewable energy solutions provider in Pakistan, have signed a groundbreaking Memorandum of Understanding (MOU) to introduce advanced green hydrogen technology in Pakistan. This strategic partnership, announced in Abu Dhabi on April 17, 2024, marks a significant step towards promoting sustainable energy solutions in the…
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