ISLAMABAD: The government’s deals with 47 Independent Power Producers (IPPs), which are yet to be translated into binding agreements, will have a financial impact of Rs 836 billion based on 5 per cent rupee depreciation per annum in 28 years, well-informed sources in Power Division told Business Recorder. In return the government has to clear overdue receivables of IPPs of…
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ISLAMABAD: The Petroleum Division is in the process of formulating a vibrant policy to exploit massive shale gas and oil reserves by attracting multinational companies in the exploration sector of the country. According to a latest official document available with APP, the Shale Gas Policy will attract many multinational companies to come to Pakistan for undertaking exploration to discover Shale gas…
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Elon Musk said he “feels a bit bad” about hating on the oil and gas industry through the years, saying that many oil companies built their business of producing and burning fossil fuels before it became clear that oil and gas contribute to climate change. In a wide-ranging conversation on the Sway with Kara Swisher of The New York Times,…
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The submarine world is now undergoing some of the fundamental changes it has seen in the last 40 years and there are signs that those changes may be the biggest, since the order was first given to “take her down.” New technologies are producing capabilities long known to be possible, but not practical. However, with the introduction of superior weapons…
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Trials of a hydrogen-powered train are underway in the U.K. with an initial journey successfully completed between the locations of Long Marston and Evesham in the West Midlands region of England. The HydroFLEX train — which has been developed by a team from the University of Birmingham and Porterbrook, a rolling stock firm — uses a fuel-cell which combines hydrogen…
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ISLAMABAD: The Power Division on Tuesday took the Federal Cabinet in confidence over a string of measures to contain pace of increase in the circular debt and suggested some unpopular proposals for curtailing capacity payments to independent power producers (IPPs). The cabinet meeting chaired by Prime Minister Imran Khan took a special briefing from Planning and Development Minister Asad Umar…
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On her first foray into tree planting, Laiba Atika forgot a key item — a shovel, which her mom later fetched. But the 17-year-old is clear about why she is leading volunteers in the northern Pakistani city of Mardan to plant dozens of pine trees in a scrubby park. “It’s our duty as citizens,” she says in formal English, “to…
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ISLAMABAD: Prime Minister Imran Khan has said that his government is committed to the global efforts for biodiversity conservation and protection and has, therefore, undertaken many initiatives to protect green areas in the country. According to a press statement issued here on Monday by the Ministry of Climate Change, the prime minister said: “In fact today the global biodiversity is…
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ISLAMABAD: Amid increasing gas deficit, the government is reviving an underground gas storage project shelved almost a decade ago to plan higher imports in summers and bridge higher demand-supply gap in winters. The Asian Development Bank (ADB) has agreed to undertake a technical study through its $575,000 financing with the support of a consortium of European oil and gas equipment…
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ISLAMABAD: The Board of Directors of the Oil and Gas Development Company Limited (OGDCL) announced the financial results for the year ended 30th June, 2020. The company’s net sales revenue clocked at Rs244.856 billion, with profit after tax at Rs100.081 billion. This translated into earnings per share of Rs23.27. The Board of Directors announced final cash dividend of Rs2.50 per…
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