Consumers suffer amid K-Electric, SSGC tiff

KARACHI: Pakistan’s hub of economic activities, Karachi, continued to face prolonged power outages on Wednesday that badly crippled industrial output at a time when the economy is poised to recover from the historic Covid-19 depression. K-Electric, the sole power production, transmission and distribution firm responsible to supply power across the city of ports and other parts of Sindh and Balochistan, failed to meet the energy needs as it cited low gas pressure as reason for the outages.  It has held the Sui Southern Gas Company (SSSGC) responsible for the power…

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PTI govt waives guarantee fee on Chinese loans taken to build nuclear plants in Karachi

The federal government has waived the guarantee fee on the Chinese loans being taken to construct two nuclear power plants in Karachi and also sought a report on the total outstanding employee-related liabilities of the Pakistan Steel Mills (PSM).  The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved to write off 0.5% guarantee fee on the foreign loans of the K2/K3 projects. The decision will help reducing the power projects construction cost by Rs12 billion, said a handout of the Ministry of Finance.  Adviser to the Prime Minister…

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Visualizing the Importance of Environmental Management in Mining

A mine will always impact the environment, but the question is to what degree? The responsible management of natural resources and ecosystems such as soils, plants, animals, water and air, and the services they provide, is central to the efforts of any society seeking to become more sustainable. The Intergovernmental Forum on Mining “IGF” has identified four issues that governments could effectively manage to reach sustainability goals. Water Management Biodiversity and Ecosystem Services Mine Waste Management Emergency Preparedness These four key issues are critical for governments and communities to consider to ensure…

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India Topped Its Strategic Petroleum Reserves With $19 A Barrel Oil

India used the ultra-low crude oil prices earlier this year to top its strategic petroleum reserves with oil at $19 a barrel, saving nearly US$700 million in the process, India’s Ministry of Petroleum and Natural Gas said on Monday. “Taking advantage of the low crude oil prices in international market, India purchased 16.71 million barrels (mbbl) of crude in April – May, 2020 and filled all the three Strategic Petroleum Reserves created at Vishakhapatnam, Mangalore and Padur,” the ministry said in a statement, quoting Oil Minister Dharmendra Pradhan as telling…

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Mission accomplished; Basha dam finally being built

The signing of the contract and the Prime Minister’s visit to the site, is of great satisfaction to me since I have been struggling for hydroelectric development and dams on the Indus  since 1975. What is reprehensible is that its construction could have been started after 1984, when its feasibility had been prepared. There have been several impediments as well as opportunities lost in these 36 years. These will be explained in this article. The West Pakistan Water and Power Development Authority was established in 1958, recognizing that Pakistan had…

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The Taliban, at Least, Are Striking Gold in Afghanistan

For decades, Afghanistan’s untapped mineral wealth has been touted as the country’s trillion-dollar El Dorado. But while the Afghan government has never been able to monetize mountains of copper, iron ore, gold, and gemstones, the Taliban have—and are ramping up their mining operations as just-started peace talks aim to shape the future of a postwar Afghanistan. In recent years, the Taliban have deliberately moved to secure control over regions of Afghanistan rich in mineral deposits, from lapis lazuli mines in northern Badakhshan to gold, lead, and zinc in Helmand and…

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Organised Exploitation

LAHORE: Though Pakistan is operating under the principle of open market economy the consumers at large, however, always remain at the receiving end due to weak regulations and unholy cartels that thrive in such environments. The absence of state writ has given free hands to the price manipulators. Consumer exploitation by the entrenched entrepreneurs has reached a level that rates of most items do not retreat even during extreme recessions in the country when supplies are higher than demand. The principle of supply and demand no longer applies. When demand…

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AGP recovers Rs5.66bn in July, August

The Auditor General of Pakistan (AGP) has recovered Rs5.66 billion during the first two months of the current fiscal year ending June 30, 2021.  According to the data available with this scribe, the recoveries from federal government departments stood at Rs5.411 billion while that from provincial and district offices were recorded at Rs243.9 million.  According to break-up figures, the highest recovery during the period under review was made by Lahore director general audit (petroleum and natural resource) that recovered Rs3.757 billion followed by Lahore director general audit (postal & telecommunication)…

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Punjab Govt To Welcome Investment For Solar Panels Manufacturing

MULTAN, (APP – UrduPoint / Pakistan Point News – 22nd Sep, 2020 ) :Provincial Minister for Energy Dr. Akhtar Malik said on Tuesday that the Punjab government would welcome investment for manufacturing of solar panels in the country. He expressed these view in a meeting with officials of two Chinese companies including China Machinery Engineering Company (CMEC) and Zhunergy, said an official release issued here. CMEC branch manager Saman and Zhunergy general manager Gordon Gao expressed interest in investment in alternate sources of energy. Alternate sources of energy could serve as game changer for Pakistan and different companies were showing interest in…

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Time to go back to import substitution

Globalization has lost its shine for the rich countries which in the first place had been its promoters as they went around the world looking for cheap labour in the 1980s. East Asia and then in a big way China became their sweatshops. The result was, not only millions were lifted out of poverty in these regions, but the transfer of manufacturing to these regions had brought them stunning economic advancement bringing in the process China almost at par economically with these rich countries. Now China is seriously challenging the…

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