KARACHI: The State Bank of Pakistan (SBP) has received $500 million from the Asian Development Bank (ADB) under the Climate Change and Disaster Resilience Enhancement Program (CDREP). The inflow, confirmed by the SBP on Friday, will strengthen Pakistan’s foreign exchange reserves. “These funds will be reflected in SBP’s reserves for the week ending November 29, 2024,” the central bank stated,…
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KARACHI: In a significant step towards inclusive energy policy-making, Sindh’s Minister for Energy, Syed Nasir Hussain Shah, emphasized the need for government collaboration with civil society to shape climate-resilient energy policies. Speaking at the Sindh Energy Dialogue, jointly organized by The Knowledge Forum and NED University of Engineering and Technology, the minister outlined the province’s ambitious renewable energy initiatives, including…
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Crude production from Iraq, Kazakhstan, and Russia has declined in compliance with OPEC+ production cuts, supporting a modest near term upside to Brent prices, Goldman Sachs said. Saudi Arabia is more likely to extend oil production cuts because of the recent price drop and we now think that oil production cuts will last until April 2025 instead of January, the…
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Pakistan Petroleum Limited (PPL) has registered a notable increase in hydrocarbon production from its wells located across the country. The exploration and production (E&P) company on Wednesday shared the details of its production enhancement registered during the period between April 2024 and November 2024 via notice to the Pakistan Stock Exchange (PSX). “The company is pleased to announce its contribution…
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Oil prices edged lower on Wednesday as a large, surprise build in U.S. gasoline stocks outweighed easing supply concerns from a ceasefire deal between Israel and Hezbollah. Brent crude futures fell 12 cents, or 0.2%, to $723.69 a barrel by 10:40 a.m. ET (1540 GMT) and U.S. West Texas Intermediate crude eased 15 cents, or 0.2%, to $68.64. U.S. gasoline…
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Dubai, UAE – Dubai is gearing up to celebrate Eid Al Etihad 53 with a spectacular array of experiences that promise to make the long weekend unforgettable. From 28 November to 3 December, Dubai will come alive with dazzling fireworks, cultural celebrations, thrilling live entertainment, exclusive offers at leading hotels and attractions, and a feast of local cuisine. Top Experiences…
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BAKU – The COP29 climate summit in Azerbaijan concluded with agreements on climate finance and carbon market frameworks, but lingering uncertainties leave businesses seeking more concrete details. While the summit pledged $300 billion annually in climate finance by 2035 and advanced rules for carbon offset trading, the outcomes remain insufficient for many developing nations and private sector stakeholders. Key Outcomes…
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ISLAMABAD: A potential fuel shortage looms over Lahore, Islamabad, and Rawalpindi as restrictions on city access are hindering the transportation of fuel tankers. Oil Contractors Association said that when contacted with the Oil and Gas Regulatory Authority (OGRA), the authority also expressed concern over the situation, warning that it could lead to disruptions in the supply of petroleum products. Oil…
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Power utility K-Electric (KE) received the lowest tariff bid from Kot Addu Power Company Limited (KAPCO) for its 120-megawatt (MW) solar project in Karachi. KAPCO shared the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. “We are pleased to inform you that the company’s bid for the proposed K-Electric solar project to be set-up at Deh…
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HOUSTON: Oil prices rose on Tuesday as investors eyed OPEC+ discussions on output and weighed the potential impact of U.S. President-elect Donald Trump’s planned trade tariffs on Mexico and Canada. Brent crude futures were up 66 cents, or 0.9%, at $73.67 a barrel as of 10:35 a.m. ET (1535 GMT). U.S. West Texas Intermediate crude futures were at $69.60 a…
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