Affordable, Clean Energy Vital For Poverty Reduction, Economic Growth: VC NEPRA

Vice Chairman National Electric Power Regulatory Authority (NEPRA) Bahadur Shah on Tuesday said that provision of clean, affordable and reliable electricity was vital for poverty reduction, sustainable development and economic growth ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 25th Feb, 2020 ) :Vice Chairman National Electric Power Regulatory Authority (NEPRA) Bahadur Shah on Tuesday said that provision of clean, affordable and reliable electricity was vital for poverty reduction, sustainable development and economic growth. “We urgently need a long-term solution to Pakistan‘s energy needs and this can only be achieved through working…

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PTI govt defers decision on halting OGDC stake sale

ISLAMABAD: The government on Tuesday deferred decision on a proposal that sought a halt to the privatisation of Oil and Gas Development Company (OGDC) amid concern whether authorities could achieve the revised Rs1.5 trillion non-tax revenue target. The Petroleum Division had proposed the Cabinet Committee on Privatisation (CCOP) to stop the OGDC divestment process due to a steep fall in share price of the blue-chip company. OGDC’s share price dropped nearly 2% to Rs124.7 per share at the close of Tuesday’s trading session, which was 42.2% below the 2014 level of…

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PPL earnings drop 19% to Rs24.4 billion

KARACHI: Pakistan Petroleum Limited’s (PPL) profit dropped 19% to Rs24.4 billion in the half year ended December 31, 2019, dented by higher operating and exploration expenses. PPL reported lower-than-expected earnings during the outgoing quarter. This deviation from our estimates was mainly on account of higher-than-expected exploration expenses,” said Topline Securities’ analyst Fawad Basir. Revenue depicted an uptrend as it increased from Rs79.1 billion to Rs85.6 billion in the half year on the back of 14% year-on-year rupee devaluation against the greenback. “However, oil and gas production witnessed 2% and 13% year-on-year…

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Pakistan LNG Mulls Axing Supply Deals as Cheap Options Arise

Pakistan’s main buyer of liquefied natural gas is considering canceling two long-term contracts as a slump in spot prices and abundant production create opportunities for cheaper supply, according to people familiar with the situation. State-owned Pakistan LNG Ltd. is weighing the possibility of exercising termination clauses in contracts it signed with Eni SpA and Gunvor Group Ltd. in 2017, according to the people, who asked not to be identified because the matter is private. No final decision has been made and the company is seeking input from the Ministry of Energy, said…

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Singapore Has a S$100 Billion Plan to Survive in a Far Hotter World Than Experts Predicted

Singapore has a reputation for planning ahead. When it comes to climate change, it’s planning for the worst. While governments around the world are struggling to meet the goals of the Paris agreement — keeping the global temperature increase to about 1.5 degrees Celsius and the rise in sea levels to less than 0.5 meters — Singapore is devising a S$100 billion ($72 billion) plan to safeguard the city against temperatures and floodwaters several times those levels. Analysis by the Meteorological Service Singapore’s Centre for Climate Research Singapore suggests that in a worst case scenario, floods…

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Iran flights halted as coronavirus spreads across Middle East

Dubai International Airport, the world’s busiest for international travel, said Tuesday that the United Arab Emirates is limiting flights to Iran over the outbreak of the new coronavirus, just a day after it spread across multiple Middle East nations from the Islamic Republic. The airport’s announcement came after Bahrain said it would suspend all flights from Dubai and Sharjah for 48 hours over the virus as an infected passenger transited Dubai to the island nation. The airport said that “all flights to and from the Islamic Republic of Iran, with…

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Fears mount as coronavirus outbreak worsens in sanctions-hit Iran

As coronavirus cases and deaths spike in Iran, experts have warned the outbreak in the Islamic Republic could be far worse than officially reported, and emergency aid will be needed to help the sanctions-hit country avoid a humanitarian crisis.Fifty people have died from the new coronavirus in the Shiite Muslim holy city of Qom this month, a local official was quoted as saying by Iran’s semi-official ILNA news agency on Monday. The new figure, which has yet to be confirmed by the government, is significantly higher than the official tally, which…

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Recent slide in global oil prices will benefit Pakistan’s economy

KARACHI: As the number of coronavirus cases rose outside China, oil slid more than five per cent at its session low on Monday, falling into bear market territory, amidst fear regarding a slowdown in the global economy. With the virus still present in China- the world largest importer and consumer of oil- and  dampened oil demand, WTI, Brent and Arab light went down by 15.8pc, 16.3pc and 14.5pc respectively in the last two months or so. As the situation is getting worse with the outbreak spreading across South Korea, Italy, Iran,…

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