Engro Corporation’s profit contracted 26.7% to Rs11.4 billion during the quarter ended September 30, 2021 owing to a spike in other expenses and finance cost. According to a notice sent by the company to the Pakistan Stock Exchange (PSX) on Friday, it had posted a profit of Rs15.5 billion in the same quarter of previous year. Earnings per share of…
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RIYADH: Top crude exporter Saudi Arabia will aim to achieve net zero car-bon emissions by 2060, its de facto ruler said on Saturday, days before the COP26 global climate summit. The kingdom, one of the world’s biggest polluters, said it would also join a global effort to cut methane emissions by 30 percent by 2030. The UN says more than…
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China-Pakistan Economic Corridor (CPEC) Authority czar Khalid Mansoor came out on Saturday swinging at the United States for hatching plots against the multibillion-dollar project. Addressing the CPEC Summit at the Institute of Business Administration (IBA), the special assistant to the prime minister (SAPM) on CPEC affairs accused the United States of conniving in cahoots with India against the economic lifeline…
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MOU Signing Ceremony for 400MW Green Hydrogen Project in Sindh was held at Energy Department, Karachi. Ms. Naheed Memon Chief Executive Officer (CEO) of Oracle Power, a UK listed company and Mr Yang Jianduo Chief representative in Pakistan of Power China International, signed the MoU for the joint development of the first green hydrogen project in Pakistan. The MOU signing…
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Plans to pilot an innovative all-Australian made hydrogen hybrid battery storage solution across tens of sub-5MW solar farms across regional Victoria and NSW have been underwritten by the Commonwealth Bank. Green investment firm Providence Asset Group said on Thursday that it had signed a $33 million project finance agreement with the CBA to bankroll 10 operational solar farms in regional…
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Sindh Chief Minister has approved Phase-III Coal Mine expansion project in Thar at an estimated cost of Rs15.8 billion to excavate 12.2 Mt coal per annum which is bound to save $420 million forex annually against the imported coal.“The third phase would reduce coal price to $27 per ton, making it the cheapest base load fuel in the country and…
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Islamabad: Today, 100 trees were planted in Islamabad by the Private Power and Infrastructure Board (PPIB) to follow the vision of the Prime Minister of Pakistan for creating a positive image of the country by making it clean and green. The Managing Director PPIB Mr. Shah Jahan Mirza inaugurated the event by planting a tree and thereafter all the PPIB…
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Oil and Gas Development Company Limited (OGDCL) on Thursday announced the discovery of a gas reservoir in Kohlu District of Balochistan. In a statement, the OGDCL said it had made a gas discovery at Jandran West X-1 well which is located in Kohlu District, Balochistan Province, Pakistan. Jandran West X-1 well was spudded in on 19th May 2021 as an…
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The government is set to increase the local gas tariff by 10-22 percent by November 1, 2021 as per the undertaking extended to the IMF. The Fund wants the government to reduce the circular debt in local gas sector, which has risen to Rs554 billion. In case the amount of Rs104 billion is added, which has not been recovered from…
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Awaidha Murshed Al Marar, Chairman of the Abu Dhabi Department of Energy (DoE), has said that the energy sector in the Emirate of Abu Dhabi is moving towards developing its potential, thanks to the support and directives of the wise leadership. “We aim to increase the efficiency of the energy system, secure the supplies, and contribute to preserving the environment…
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