Month: June 2020

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June 15, 2020: Besides initiating construction work on the Main Dam of Diamer Basha Dam Project, Pakistan Water and Power Development Authority (WAPDA) is also gearing up for implementation of a Cultural Heritage Management Plan in the Project area with a view to fulfilling its national and international obligations for construction of water and hydropower projects. The Plan aims at preservation of pre-historic rock carvings and inscriptions to be submerged in water reservoir of Diamer Basha Dam, setting up a museum and promotion of cultural tourism in Gilgit-Baltistan, particularly in Chilas…

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Karachi: Ismail Suttar, President of the Apex Body of Manufacturers, The Employers Federation of Pakistan (EFP), has said that the root cause of the burgeoning circular debt is the sovereign guarantees of Rate of Return (ROR) to IPPs (Independent Power Plants) in tenns of US$ and not Rupees. With a weakening Rupee against US Dollar, the cumulative 13 years’ loss amounted to an astounding Rs. 4,802 billion, which calls for full-fiedged forensic auditing, and take and pay policy, without any possibility for negotiations lice Statement, he said that The inquiry…

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The small-scale storage, regasification and distribution facility will be ready “in a few months”, according to Gas & Heat, the Italian engineering company that is the EPC contractor for the project. London-based Avenir LNG, a joint venture consisting of Stolt-Nielsen, Hoegh LNG and Golar LNG, owns Higas with a 80 per cent stake while its local partners Gas & Heat and CPL Concordia hold 10 per cent share, each. Higas started building the facility in the Port of Oristano in Sardinia back in 2018 and previously expected to launch the terminal in…

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KARACHI: Well-known economist Dr Kasier Bengali has said that Pakistan’s economic policies are being made in Washington and the International Monetary Fund (IMF) has sent its people to sit in major institutions, which is why there is no mention of the China-Pakistan Economic Corridor (CPEC) in the budget 2020-21. Speaking during a webinar organised by the Pakistan Institute of Labour Education and Research (Piler) on Sunday, he said due to the influence from the West the government had placed CPEC in cold storage. “Pakistan’s economy is mainly relying on foreign…

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