Japan has publicly pledged its support for overseas LNG project finance as it sees LNG as a transitional energy source that can supplement renewables and help replace coal in its efforts towards 2050 carbon neutrality goals, just days ahead of the climate change summit to be hosted by US President Joe Biden. State-owned Japan Oil, Gas and Metals National Corporation…
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The Irving oil major warned, however, that developing a so-called Houston CCS Innovation Zone — billed as the biggest carbon sequestration project in the world — would require a public-private partnership and government funding. “We believe the time is right for a large-scale collaboration in the United States between government at every level, private industry, academia and local communities to…
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The Cabinet has constituted a 10-member inter-ministerial committee to rationalize processes and develop cross-cutting strategies to reduce time and costs across the entire logistics chain, official sources told Business Recorder. Secretary, Maritime Affairs Division, in his presentation to the Cabinet on rationalization of port charges said that in order to appreciate the issue of the charges at the port in…
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As oil marketing companies (OMCs) have refused to bear operational losses in the transportation of petrol through a pipeline, the government is likely to pass on these losses to the oil consumers. High-speed diesel and petrol are among the widely used fuels in the country, with diesel being utilised by the transport and agriculture sectors. The main source of transportation…
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Karachi: The National Forum for Environment and Health (NFEH) has demanded the federal and provincial governments to adopt the tree plantation drive in the country as an integral part of the national agenda while setting aside all their mutual political differences.The NFEH President, Naeem Qureshi, stated this in a press statement issued on Wednesday on the eve of Earth Day…
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Independent Power Producer (IPP) PakGen Power Limited and the Central Power Purchasing Agency (Guarantee) Limited have signed the “PPA Amendment Agreement”. The government and around two-dozen IPPs are said to have initialled the agreements. PakGen Power Limited, a public listed company, informed this to Pakistan Stock Exchange (PSX) on Tuesday. Different arbitration disputes have been resolved through the signing of…
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Pakistan on Tuesday shared with the World Bank a revised outline of the Circular Debt Management Plan that seeks rationalisation of taxes, negotiated takeover of old independent power plants (IPPs) and closure of all old public sector plants to increase electricity tariffs, but slightly lower than that committed with the lenders under the IMF programme. This was the takeaway of…
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Someone must have been telling lies about Joseph K., for without having done anything wrong he was arrested one fine morning.” Thus begins Franz Kafka’s novel The Trial, one of the most important works of European literature. There are days when the Byco management and shareholders must find themselves relating well with the tribulations of the fictional Joseph K. In recent…
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Pakistan has not yet made any formal request to the IMF for re-negotiating conditions of the IMF programme or extending the time-frame beyond September 2022 under the $6 billion Extended Fund Facility (EFF). The IMF’s Resident Chief in Pakistan, Teresa Daban Sanchez, stated this during a webinar organized by the Pakistan Institute of Development Economics here on Monday. The IMF…
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In a public hearing organised by Oil and Gas Regulatory Authority (Ogra) on petitions for grant of licences for construction and establishment of two LNG re-gasification terminals at Port Qasim Karachi, all the stakeholders have supported the issuance of licences and unanimously asked the authority to expedite the process of grant of licences to private investors. Oil and Gas Regulatory…
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