Day: August 19, 2020

Investigative team that saved Pakistan from $1.2bn penalty in Karkey case awarded Sitara e Imtiaz

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Sitara-e-Imtiaz, the highest civilian award, has been announced for the team comprising officers from the military whose efforts made the country proud internationally and saved the nation from a penalty of $1.2 billion. As per details, Brig Rana Arfan Shakeel Ramay, Lt Col Farooq Shahbaz, and International Dispute Unit Head Ahmed Irfan Aslam worked hard in gathering information from Swiss, Lebanese, and Dubai banks regarding the corruption of Turkish power rental company, Karkey. The officials also collected documents from Panama and the British Virgin Islands, which proved useful in winning…

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HUBCO’s Narowal Energy Limited signs MoU with govt

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The Narowal Energy Limited_ a wholly-owned subsidiary of The Hub Power Company Limited (Hubco) under the 2002 Power Policy and the Committee for Negotiations with Independent Power Producers- constituted by the Federal Government has executed a Memorandum of Understanding (MoU). HUBCO informed that under the terms of the MoU the ROE/ROEDC rate shall be changed from current 15pc in US$ to 17pc in PKR with no future US$ indexation. The US$ equity shall be converted to PKR using an exchange rate PKR/US$ of 148. Whereas, Late Payment Surcharge (LPS) will…

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RWE launches 2bn euro share issue to fund renewables drive

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BERLIN: German utility group RWE launched a bumper share issue to back its expansion into renewable energy, with part of the proceeds to pay for its $480 million purchase of wind turbine maker Nordex’s project development pipeline. The capital increase, representing an increase of 10% in RWE’s equity, will be placed with institutional investors via an accelerated bookbuilding process, RWE said in a statement issued after the Frankfurt market close. The bookrunner on the deal said investors had put in enough orders to sell the entire offering at 32.55 euros…

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Is solar power the right choice for Pakistan?

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KARACHI: Pakistan has achieved surplus power production and projects in the pipeline will be more than sufficient to meet future demand. Therefore, authorities may divert the investment allocated to solar power projects to the transmission and distribution infrastructure. “Pakistan’s power production has become surplus. However, the country is still facing hours-long outages due to the crippling transmission and distribution network,” remarked an industry official on condition of anonymity. “The government should ask investors to invest in the transmission and distribution network instead of solar power projects whose efficiency level is…

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Kick-starting economy a challenge for Pakistan

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Pakistan’s economy has passed through a rough patch in the outgoing fiscal year. Some media commentators and analysts are of the view that there are early signs of recovery in the economy. There is a lot of noise about the accountability drive and the government has been pressurising the mainstream political parties on and off. On the economic front, the government is under immense pressure to deal with high unemployment and inflation rates. The government has already fulfilled certain conditions to resume the Extended Fund Facility (EFF) of the International…

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